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Tan Xiaoguang from New Beacon: Commercial real estate asset management is a process that begins with the end in mind

Date:

2021-09-15


  Graduated from Huazhong University of Science and Technology in 1985, MBA. He has served as the director of the planning and design department, chief engineer, marketing director, human resources director, and general manager of central enterprises and international top 500 enterprises. He joined the New Beacon Group in 2002 and is currently the Vice President of the New Beacon Group and Chairman of the Commercial Company.

  Vice President Tan Xiaoguang is in charge of the overall business sector of the group, and concurrently serves as the chairman of the Sino-Japanese joint venture Wuhan Tokyu Department Store Commercial Management Co., Ltd. It fully absorbs Japan's advanced business operation and management experience and business concepts from an international perspective, and combines it with local teams, resource advantages and markets; its rich cross-industry experience, unique business perspective, forward-looking forward-looking thinking and professional thinking, comprehensive And accurate positioning of various commercial projects of the group; its insight into the market, accurate research and judgment of the development law and future trends of China's shopping center and commercial real estate industry, leading the business field of New Beacon Group to a new height and setting a different business benchmark. Create a different Chinese business.

  Its representative projects:

  1. DSM International Center, located in the golden area of ​​the Central South Business District, is a landmark complex integrating office buildings, hardcover administrative mansions and shopping centers.

  2. Han City Wuhan Central Metropolitan Area, located in the Wangjiawan business district of Hanyang, Wuhan, is an urban complex consisting of shopping centers, hotels, serviced apartments, office buildings and residences.

  At present, there is still a certain gap in China's commercial real estate asset management based on the whole chain management of investment, financing, management, and withdrawal. Tan Xiaoguang said that many companies are in a process of cognitive and practical evolution. In the past, commercial real estate developers were more Most of them are selling for profit and business operation for business operation, limited to the thinking of residential sales and business operation. In recent years, developers have gradually realized the essence and ultimate goal of commercial real estate, which is a process of realizing the financial value of assets starting from the end. Positioning, investment promotion, operation, and property service and management in business management are inevitable tools to maximize assets, optimize investment, and increase property capital. Asset management is the whole-chain management that leads and guides commercial operations, so as to realize the final value of commercial real estate, which is also the biggest difference between commercial real estate and residential real estate.

  The ultimate value expression of commercial assets requires an open mind and successful operation

  In an exclusive interview with a reporter from "China Shopping Center", Tan Xiaoguang also analyzed that there are many confusions in the development of asset management in the field of commercial real estate. The first is the confusion about changes in the market and competition, which includes several aspects: the first is that there are too many commercial projects and fierce competition, which is essentially a homogeneous competition; the second is the shock of e-commerce; the third is The huge changes in the public's consumption behavior, consumption habits and demands; the fourth is the confusion of retail brand merchants, including retail catering, experience and other so-called retail brands that are consumed by end customers. There is a lot of pressure on commitment and expectations of sales performance, worrying about too many store openings, and even many retail brand merchants compress store opening plans and take risks very seriously.

  The second is the confusion about how to achieve the balance of investment assets in asset investment and cash flow recovery.

  The third is in terms of capital and investment diversification, how to use non-bank funds in the society that are willing to invest in or hold commercial properties for a long time, and introduce funds with relatively moderate costs, which leads to confusion about institutional intervention and capital intervention and cooperation. Compared with foreign REITS, due to the mismatch of domestic taxation and policies, my country's REITS currently does not have the policy market environment for landing operations, and there will be breakthroughs in the next few years. This is not only an international development trend, but also a return to commercial real estate. The rule is how to realize the comprehensive connection between the development side, the asset side, the operation side and the capital port. This is the international law of commercial real estate development and operation.

  Tan Xiaoguang believes that if there are institutions such as commercial investment funds and private equity funds supported by professional operation teams, some of them are good at financial investment, some of them understand real estate development and operation, and some of them understand business operations. The structure of a fund can integrate the capital end, form an investment platform, and invest in suitable target projects and appropriate supervision. Under the operation of a mature business management team, it can ensure the stability and expected growth of project investment income. However, many developers are not used to cooperating with these institutions. This is the next step for developers to change. After the cooperation between the two parties, commercial real estate projects will become a kind of light asset. The so-called light asset is to use less direct investment. To leverage larger project asset operations. At present, New Beacon is changing in this direction, with an open and cooperative mentality, so that the interests and rights of the partners can be mutually beneficial and win-win.

  Fourth, many developers also hope that the later operation can be controlled by themselves after investing themselves. In fact, this is also a kind of confusion that is not enlightened enough. They do not realize that the success of commercial real estate lies in successful operation, with good market rental performance and The activity level of the entire market, the commercial projects that are popular with target consumers, from investment promotion to effective operation, including the management of customer interaction, must be brought together to have real value. Especially under the impact of the Internet, brick-and-mortar stores also need to use Internet thinking to achieve an organic combination of online and offline. Continuous interaction, so that the project can be successful, of course, to achieve this, there must be an excellent business operation team and institutions to cooperate with the developer.

  Just like the New Beacon Group, we have both a development team and an operation team, both a Japanese joint venture business management company and a business team proficient in the local market. Even under such circumstances, we are still open-minded to absorb those Excellent commercial operation agencies will generate better cooperation, make commercial operations more successful, obtain greater returns, and allow commercial real estate to realize and release the ultimate value. These are all accumulations that require an open mind and successful operation.

  Asset management can make commercial real estate development more targeted

  Asset management can bring great changes to the commercial real estate industry. The most important point, Tan Xiaoguang believes, is to make the development of the commercial real estate industry front-end. In the past, commercial real estate development has a certain degree of residential thinking, without long-term planning and consideration, and even the ultimate goal of commercial real estate is not very clear to developers. Choosing when to develop, when to hold, when to acquire, and when to exit requires an overall consideration and planning before doing a commercial real estate development.

  Domestic developers often make a mistake when doing commercial real estate: they do not do the surrounding and local markets, but do the peripheral markets. This is unreasonable, lacks market persuasion, and is prone to mistakes. The real full-chain asset management is that commercial real estate development must have a very clear goal setting and judgment from its front-end land acquisition to positioning, investment promotion, and asset value realization. The concept and thinking of asset management, on the other hand, has brought a brand-new mode of thinking to the development of commercial real estate. Commercial real estate development goals have become more explicit.

  Asset management and the integration of Internet tools will be closely related

  Under the background of Internet revolution and consumption transformation and upgrading, how can commercial real estate asset management methods be better integrated with the Internet?

  In this regard, Tan Xiaoguang believes that the future commercial real estate under the concept of asset management will definitely attract more active funds, individuals and institutional investors that are not owned by developers and financed by non-financial institutions. This process itself includes the Internet factor. For example, the current trusts, funds, and crowdfunding rely on the technology and platform support on the Internet. This is the combination of the front-end and the Internet, which is one of them.

  Then in the whole development process, the operation team will also maintain the integration with the Internet. The Internet provides an interoperable and interactive platform and tools. The operation agency needs to connect the information with the relevant parties, so as to allow investors to participate in the project development. To build well, this is the cooperation needs and concerns of both sides, this is the second, and also the mid-range.

  The third is that when commercial real estate conducts marketing, investment promotion, and opening operations at the back end, it is necessary to use Internet marketing tools to “absorb fans” in an all-round way. Although the club-type shopping center will open in September next year, we are already doing the work of "absorbing fans". We have precise customer positioning and innovative business planning. In the promotion before opening, we must use the Internet to attract target customers, develop and interact with customers, and cultivate customers into high-frequency customers. After opening, we must use Internet tools to continuously change our products and services according to customer needs. Make no mistakes, and business will be successful. In a word, doing our best to meet the needs of customers is not only business management, but also the core of asset management, and the process of making customers more satisfied will be closely related to the Internet.

  In the future, commercial real estate will return to financial investment attributes and will face a process of shuffling

  As for the future development of asset management in the commercial real estate field, Tan Xiaoguang believes that to a certain extent, it will become a long-term investment product that the public can participate in, and achieve more professional and effective cooperation on the investment side, development side, and operation side. For example, for domestic REITS products, with the liberalization of national policies and changes in tax and financial policies in the future, I believe that China can also implement real REITS products like foreign countries, so that individual institutional investment and commercial real estate development and operation, assets The capital increase and preservation of value are opened up, that is, through securitization products, the investment side, asset side, project side and other channels are opened up with individual and institutional investors.

  In addition, there may be more professional commercial real estate investment institutions, such as Westfield Group and Capitaland Group. In the future, the commercial asset management company will be a commercial real estate investment, operation and management company, a comprehensive financial team, a commercial real estate development team, a commercial The operation team is a trinity of professional investment and operation institutions. In this case, traditional real estate developers have become builders or agency builders. Developers only need to use the most scientific method, reasonable cost, high quality and safety to build the property according to the design standard as scheduled. Can. Of course, ordinary small developers may not survive, and developers will become more and more professional, so it is necessary to seek cooperation with professional companies, and then cooperate with technology-based companies to assist shopping malls to establish an effective database. Means to improve precise marketing, improve the efficiency and quality of shopping center operations, and maximize the value of the final commercial assets.

  In addition, Tan Xiaoguang believes that there will be some professional commercial real estate operating agencies. At the same time, he believes that with the professional development of commercial real estate, the development of brand owners and the innovation of business formats will also produce a great improvement, and the types of business formats in the service industry will become more and more abundant, but the core competitiveness of each business format will be greatly improved. The requirements for the core supporting elements will be higher, and it is also a competition between masters. In this process, the fittest will be eliminated, and companies and teams that cannot keep up with the market, innovation, and learning ability may face elimination and a process of shuffling.

  Therefore, Tan Xiaoguang believes that it is very important for developers to change the way of thinking in commercial real estate development in the future, that is, to focus on long-term goals to achieve. In turn, arrange in stages how to provide funds, balance cash flow, how to coordinate the development of commercial real estate and residences, and how to make long-term investment in commercial real estate and short-term financing from financial institutions to form a better combination and match . The path is to revolve around the long-term goal, and then reverse it to the present, and reverse the development, investment, sales, and commercial investment of real estate to operate a series of strategies and plan nodes, forming a complete cycle of full-chain asset management. In this process, we will comprehensively consider how to integrate resources, how to improve our own team, how to choose suitable partners, and how to absorb and develop long-term market clients.

  In order to comply with the development trend of asset management in the industry, New Beacon Group has maintained exchanges and discussions with domestic and international experts while developing and operating commercial real estate in recent years. The development history of New Beacon Group for more than 20 years also has its own culture. It pays more attention to learning and innovation. It changes itself with the development of the industry and keeps pace with the times. We have such habits and genes, and systematically look at the future of the industry. Development trends, and how to deal with these trends, we believe that it is to follow the logic of asset management to do the work of each link.

  For New Beacon's commercial real estate projects, we operate according to the type of project and in accordance with the full-chain large asset management model. For example, we have a commercial volume of more than 700,000 square meters in the 2 million square Han City central metropolitan area of ​​Wuhan Hanyang. We divide it into several plots, each of which has a different positioning. The value of the plot is based on It is determined by the surrounding market demand, but the entire investment and development model is carried out in accordance with the whole chain of large-scale asset management. At present, there are many institutions discussing the possibility and cooperation model with New Beacon. Therefore, under the trend of the development of large asset management in the industry, we are willing to have an open and cooperative attitude and look forward to conducting mutually beneficial and win-win cooperation with institutions and partners in the large asset management chain to jointly promote the healthy development and value realization of China's commercial real estate.