Jindi'S Industry Dream

Probably no housing firm is at the helm of the company. It is like the chairman of the golden group, Ling Ke, who is so concerned about the industry that it brings home the world's industrial transformation and development in China.

In December 3rd, Ling Ke carried the core management of Jindi group, including President Huang Juncan, senior vice president Xu Jiajun, Chen Changchun, general manager of Jiaodong company, Wang Weijun and others, and rarely appeared together in Qingdao.

They came for the new West Coast new area of Qingdao. Jindi Group signed a strategic cooperation agreement with the New District Management Committee, and will develop three projects here, all of which are industrial parks.

Jindi will import sports, education, health care, medical resources and other resources for the west coast, promote artificial intelligence, intelligent manufacturing, bio medicine and other industries landing, the total investment is expected to exceed 50 billion.

A few years ago, Jindi entered the field of industrial real estate. So far, it has operated 20 industrial parks. The developer, once known as "one of the four leading companies in Wanbao", did not fall into a mere dispute of scale, but put the vision in the far future.

From Shenzhen, Shanghai, to Qingdao and even the United States, Jindi has deducted a story of China's housing enterprises exploring industrial changes, actively drawing industrial transfer, and exploring the integration of industry and finance, and developing and operating industrial parks.

In 2019, November, according to the Kerri rankings, gold sold 175 billion 200 million, ranking 15. The question of "whether the speed of gold land is slow" is not appreciated by Lingke. His concern is more in the incremental market.

In Lingke's view, the essence of the industrial park is still an office building. It is an extension of the real estate development business. "Office is the second largest business besides real estate in addition to housing."

Second big businesses

Shenzhen Nanshan High tech Zone, Jindi Weixin Industrial Park, is a busy scene.

There are 6 world top 500 and 17 listed companies, including Intel, Amazon, Panasonic, Alibaba, Dajiang innovation and other famous companies. In 2018, tax revenue grew 19%, reaching 600 million yuan.

This is the first industrial park in Jindi, and now it has become a model for the operation of the industrial park. "Intel, Amazon's R & D center and Southern China headquarters are here," said Ling Ke to the twenty-first Century economic report. "There are many medium-sized companies besides these well-known companies."

Outside Shenzhen is Shanghai. According to Ling Ke, in Shanghai, Jindi has already landed in the Minhang production Park, Hongqiao Science Park, Jiading Zhi garden, Bao Shanzhi garden and other production integration projects. There are also two major industrial parks, Shanghai 8 bridge and three neighboring bridge project.

In 2018, Jindi's production city project landed in Nanjing and won the Nanjing Yuhua science and technology center project located in Nanjing's national software industry R & D base.

The fall of Qingdao is another major breakthrough in the development and operation of the gold industry. Ling Ke disclosed that in Qingdao projects can be sold in a very small area, are holding operations, and will introduce industrial companies in the future.

The gold industry park is also overseas, especially in the United States, where high-tech is concentrated.

7 years ago, Vanke judged that the scale of housing development was about to reach the top, and then transformed the city's supporting service providers to find the "second curve" of growth. In the past 7 years, the real estate industry has been flourishing, almost all developers are looking for their new path.

Gold is no exception. The path that Lingke finds is real estate related diversification, from residential to office.

Ling Ke believes that "the industrial park is essentially an office building, but the format is different. The office building is the second largest business in the real estate business, the first is the housing, the second is the office building, the office building is divided into two kinds, the first is the pure office building, and the second is the industrial office building."

So far, nearly 20 industrial projects have been developed and operated by Jindi group, with a total area of about 2000000 square meters. The layout area covers the Yangtze River Delta, the Pearl River Delta, the Bohai rim, and New York, Boston, San Francisco, Losangeles, San Jose and Santiago in the United States.

However, a problem that can not be solved is that over the past 4 years, under the high currency, the housing market has experienced a super big bull market. A number of high turnover black horses have emerged, such as Biguiyuan, Rong Chong, Xu Hui and Xincheng. The scale and growth rate have gone beyond the old property companies such as Vanke, poly, China shipping, Huarun, and Jindi.

Is gold missing the window of opportunity for residential development? Is the scale growth too slow? Is Ling Ke worried?

Ling Ke immediately responded to such a question, "sales in Jindi are not bad. We should not just look at scale, but also look at indicators such as net assets, total assets, profits and so on.

He did not pay much attention to the sales of Jindi. In the long run, he thought that several large businesses in the real estate industry had to be done. "We will do all the houses, office buildings and apartments, and we will do it all over the world. This is Jindi company."

Lingke said that the real estate developed by Jindi is very successful. "The industry that first introduced is a relatively high technology industry. Second, the operation of these companies is very good, and it also creates a good tax for the local government."

Go to the industry

A few years ago, Zhong Wei, a finance professor at Beijing Normal University, pointed out: "Real Estate Company should think about how to load the industry, and the future operators will" eat "developers.

When the real estate enters the stock age, the development turns to operation, and the logic is simple and clear, but the actual operation is much more difficult.

Loading the industry means that developers are going to enter and immerse themselves in a completely unfamiliar field.

At present, many of the so-called industrial projects in the market are still real estate, and the property is sold back to the property. The pioneer of China's industrial real estate is happy, and most of its revenue sources are sales.

Ling Ke has been in many cities in China and America in recent years. He believed that the operation of the industrial park must understand the industry, and the core of it is to understand the law of industrial change and development.

In his observations, there are probably three kinds of migration: the first is in accordance with talent migration. Take the United States as an example, "in the United States, life engineering, medical treatment, pushing forward twenty years is Boston, but today it is more than enough. There are also many life engineering companies beside San Francisco, San Diego and Austen, because the medical department of San Francisco and San Diego is relatively good, which is the change of talents brought about by industry."

The second is to migrate according to the gradient of industries, such as from Shenzhen to Dongguan, and then to inland cities; third, there are some special big companies that bring out a city's industrial change, such as Amazon in Seattle, Alibaba in Hangzhou.

Ling Ke believes that the industry is always moving away from expensive places to cheaper places. "Migration is still regular. Finally, R & D centers will be in the central city, such as San Francisco, all of which are the headquarters of the company and the R & D center. The high cost of Shenzhen will be expensive to go to a production workshop. A small number of R & D centers and production bases will come to cities like Feinikesi, Dezhou and Qingdao."

The layout of Jindi Industrial Park is also in line with such a path, from Shenzhen, Shanghai to Nanjing, Qingdao and other places. The main investment industries are artificial intelligence, biomedicine, intelligent manufacturing and so on.

Lingke told reporters that when the selected industry entered the park, it still preferred the high-end industry. "High-end office and headquarters R & D office building is the most competitive, they are more stable and the rent is high." But it will also do a complete set of industrial chains and match some factories. "

The three projects in Qingdao are located in the bridgehead International Business District, the traffic business district and the hidden Pearl Street. Jindi will invest in supporting projects and import different industrial resources, such as Kang Yang, style and so on, to create a city's integration ecosystem.

Under the background of diversified development of Housing enterprises, many housing enterprises have chosen to enter the frontier of science and technology, such as Biguiyuan spending tens of billions of R & D intelligent robots, Hengda investment in new energy vehicles and so on.

Gold location is very clear, or developers, operators, rather than to do their own industrial entities. Although it also has intelligent software companies, Jindi will not aggressively enter frontier technology, and will only invest or cooperate. Lingke regrets, "today's electric cars are hard to sell?"

Closed loop of profit

Every business has its profit model. Housing development is to sell the house and sell it, and earn the price difference of land appreciation, which is a mode of immediate sale.

The industrial park is different. It needs to hold operations. Ling Ke believes that the profits of industrial real estate mainly come from rental income and asset appreciation.

One of the signs of the success of the industry is the rental yield. The average rent yield of the real estate in Jindi is at 7%-8%; if we develop a pure office building, we only need 5%-6%. Because the price of the buyer is often higher when he wants to sell it. " Ling Ke said.

The main factors that cause this difference are mobility and occupancy rate. He explains that office buildings are easier to move, and industrial real estate is less.

Finally, the business of the industrial park is unsuccessful. For the developer, it is to see the rent yield or the premium to sell it.

In the period of operation, we need to deposit a large amount of capital, and must combine production with finance. Jindi has already set up a real estate investment fund, which can invest in industrial projects. Jin Di's employees and investors have invested in the industry, which can have 2 times leverage.

In addition, Jindi also has equity cooperation with a number of external investors. Ling Ke disclosed that the introduction of the US Apollo fund in Qingdao investment, the two sides each held 50%.

Gold also invested in four industrial funds, namely AMINO Capital (Fengyuan venture capital), Yuan Wo Gu Feng, Mission Bay Capital, Qingyuan venture capital, involving artificial intelligence, big data, cloud computing, chip research and development, biotechnology, synthetic drugs, genetic testing and other fields.

Lingke said that as the developer, the ultimate goal of the real estate industry is not to hold operations, but also to sell all the properties.

Prior to selling, Lingke agreed that the higher the asset value of higher operating value, the better the rent performance and the better the selling price.

Lingke disclosed that gold was sold to Google in the industrial park developed by San Jose, and the yield of its own funds was estimated to be 25%.

In China, it is difficult to resell industrial real estate at present. Lingke pointed out that there is a kind of person who makes asset management. They want to hold high quality assets, such as insurance companies for a long time. They are the right providers.

In the past, insurance companies were only willing to invest and take over the assets of the first tier cities such as the north and Guangzhou. Now the situation is changing, and the yields of the north and the Chengdu are decreasing. The scale of the industrial economy in cities such as Chengdu, Wuhan and Hangzhou has been expanding, and the willingness of insurance companies to take over assets has also become stronger.

He also looked forward to the REITS mode of "sell" and exit. The big companies of American industrial real estate end up doing REITS. Office buildings, industrial real estate, hotels and apartments are all REITS. "Sooner or later, China will have this."

Ling Ke believes that REITS needs to control the debt ratio and risk. REITS is the division of assets into financial products, sold to ordinary people, so do not allow excessive high turnover, because the high turnover means high leverage, high debt, then the company's risk is large.

New competitiveness

The business and style of a company are closely related to the founders and leaders. Ling Ke advocates a steady way. The operation of Jindi also takes the "crossing the business cycle" as the core.

When Biguiyuan hit 800 billion this year, Vanke, Hengda 600 billion, and financial innovation also reached 500 billion, Lingke did not want to blindly hit the scale.

To measure a company's long-term competitiveness, it is more necessary to look at ROE, net profit, and new profit models and capabilities.

For developers, the core resources are still land and capital. Expanding the scope of vision to the whole industry, the increment of land in the second tier cities has shrunk, and public bidding and auction has been linked to high land prices. Several large housing giants have been acquiring sustainable land resources through various means.

For example, Vanke spent a lot of energy on large complex projects represented by old reform and TOD, trying to bring new growth curve to traditional development business.

For example, Biguiyuan should be an intelligent robot and a science and technology town. Hengda will take advantage of the new energy vehicle to build a large factory area.

Similar to the central enterprises such as Shekou, Huarun, and China real estate, they can cooperate with local companies to get large projects through their parent company's background and long-term operation capacity.

In other words, the acquisition of future housing prices in mainstream cities will be non auction, or even monopoly. "In the future, a company can run ahead of several super large projects every year." A large developer in Shenzhen said.

Can Jin Di get the project resources through the industrial park, can it become the new competitiveness of the company? Let it break through in the second half of the real estate competition?

For this reason, Ling Ke said that there are many accidental factors. Gold has educational, medical, cultural, sports and other industrial capabilities. It can go to different places, provide supporting services in some large development zones, and import industrial resources. The starting point is "solving problems for local governments" rather than taking places.

"We do not have such high expectations that we always have to provide comprehensive products. In this way, it is probably 30% or 70%.

But obviously, through many years of operation of the industrial park, Jindi already has more competitiveness for the future. Finally, Ling Ke believes that the goal of Chinese developers is to become Cade. Under the development + asset management mode, "the market value of apartments and office buildings REITS is larger than that of residential buildings, and the assets of management are about 130000000000 new currencies." Ling Ke said.