Linck: Multiple regulation makes the market more rational

Our correspondent Zhang Xiaoling in Shenzhen in 2001, the Golden Land Group as the first batch of pilot three real estate companies, the first approved listing, since then, opened the Golden Land "financial + Real Estate" unique mode of the door.　　As one of the leading real estate industry in the mainland in the 10, Kim has experienced all the fluctuations, risks and opportunities brought about by the market and regulation.　　All of this is condensed in the LINCK chairman of the gold. "Real estate finance" has become an absolutely determined goal in the eyes of the public and industry in the housing market.　　2004, the bank restructuring requirements of the divestiture disposal, gold and Morgan Stanley cooperation to jointly deal with the non-performing assets of CCB, the first foray into the financial sector.　　2008, gold and UBS jointly set up a fund management company, launched a foreign dollar fund, the first issue has been completed in 2009, and Ping An trust formally signed a strategic framework agreement on cooperation investment, but also with a number of offshore banks to carry out project financing, to become the first real estate fund crab-eating.　　Market volatility is a challenge that must be faced. 2008 can be said to be one of the most stressful periods of gold, the company's sales fell very badly, many small companies in the financial crisis disappeared, the entire industry has been ready for the winter. At the beginning of 2009, Gold felt the signs of a warmer market, the company management immediately rushed to the national inspection market, March ran 11 cities.　　After careful market research, Kim believed that the market did show signs of recovery, and quickly changed the business strategy from defensive to aggressive.　　Linck is lucky, because this walk in front of the industry, access to a lot of high-quality land resources, accelerate the transfer of money into land assets replacement speed. In the past 10 years, the real estate industry has undergone several rounds of regulation, and the land of gold has been affected.　　The resignation of three senior executives this July cannot be said to be irrelevant.　　Linck that the real estate industry is a cyclical industry, there will inevitably be some fluctuations, whether it is policy regulation, or the impact of the financial crisis, will make these fluctuations more intense, and real estate companies face one of the challenges, is how to deal with these short-term fluctuations. "Review of the Gold land has gone through the past more than 20 years, experienced a number of rounds of policy regulation and industry cycle fluctuations, as real estate developers, to do is to do a good job of market judgment, respect for the market."　　Linck said that in the long run, the rising trend of China's real estate industry is still no doubt, the short-term fluctuations in the market will not reverse the direction of the big trend, but the golden land can not simply "with the big flow", sometimes, reverse thinking may find greater opportunities. With Ren Zhiqiang and so on the regulation of some of the opposing views, Linck that the government's every round of regulation, is to guide the real estate market to a healthier direction, experienced a few rounds of volatility, developers and consumers are more mature, the current government in increasing the protection of housing, increase market supply, to combat speculative demand and other aspects of the policy is gradually implemented,　　The whole market will be more rational. No one can fully dominate who is leading theThe evolution of real estate structure, pattern and trend? Is it a property developer or a bank or a government?　　Linck appears to be well-organized: the development of the entire industry is not determined by the power of a single force, each subject needs to perform their own duties, through coordination to promote the development of the entire industry.　　He said that the real estate industry and the people's livelihood is very close, the government will be more macro-level to guide the development of the entire industry, as a capital-intensive industry, the smooth financing channel is an important factor to protect the development of the industry.　　As one of the real estate industry developers, is to follow the market rules of the operating body, if the policy is the macro-command, then the developer's operating production is specific implementation of, in addition, in the market conditions, the development of the entire industry will be regulated by the market law. Is it because of the recognition that the developer cannot dominate the development of the industry, so that he chooses the grafting of real estate + finance to try to make himself more free?　　Or is it that the things that Jindi do make the financial thing freer and more independent? "As I said before, there is no independent factor that can lead the industry entirely, and it is not for this reason that gold chooses ' real estate + finance '." "When China's real estate industry is experiencing rapid growth, the gap between real estate companies in their ability to develop and operate will gradually shrink, and the integration of funds and resources will be a decisive factor in the future," Linck said. He analyzes that many companies focus their business on the back end of the value chain of the real estate industry, such as in the property services and other aspects of the extension.　　and Jindi the business model of innovation, in the real estate industry chain front-end financial sector. In addition to the traditional financing platform, the Golden Land is also actively exploring new financing channels, such as real estate trusts, real estate funds and so on, which will help to resolve the huge risk of single channel financing.　　This is one of the advantages of real estate + financial model. On the other hand, real estate finance will also become one of the company's new profit growth points. It is expected that by 2015, China's real estate financial market management total assets will be around 910 billion yuan.　　But so far, China does not have a real real estate fund for the renminbi. Corporate profit differentials will be greater so far, has the glitz and bustle of real estate stopped?　　Or is it stopping? Linck's answer to this question is that multiple rounds of regulation and volatility will only make the market more rational.　　Glitz and bustle, or will drift away. Will the real estate industry in the future become an average profit-making industry?　　In this regard, Vanke believes that the future of the real estate industry will be profit margins, Vanke's profit margin of not more than 25%. Unlike Vanke, Jindi and Linck that each round of regulation to the real estate industry is a wave of the process of sand, only the ability to withstand the risk of strong enterprises can experience the impact of fluctuations.　　With the development of the real estate industry, the business ability of the enterprise will be more important, the profit margin is not convergent but the difference is bigger. From another point of view, the real estate market development channels can be divided into three stages, the first stage is residential real estate, the second stage is the businessReal estate, the third stage is real estate services. "At present, domestic development is relatively large residential property, but as the market matures, there will be more professional development of real estate enterprises, different types of development models will also show different characteristics of profitability and differentiation."　　"Linck thinks. If he chooses again, Linck says, he will still choose to pursue the real estate industry.　　In the past 10 years, China's real estate industry has experienced rapid development, but due to the increasing degree of urbanization and demographic dividend, China's housing market has a lot of room for development, China's urban population in 2025 is expected to reach 1 billion. Driven by this effect, consumer housing demand will gradually increase the rigidity. "2009 Years a year, the national new residential is 8.5 million sets, then the next 10, each year also need 10 million sets, the market is very large." Linck said, the future will continue to pay attention to the real estate housing market large-scale development, improve market share.