Hua Xia Shi Bao·2025-06-05 11:21Core Viewpoint - The real estate industry is transitioning into a "post-development era," presenting significant opportunities for new business models as indicated by industry leaders like Wang Shi and Feng Lun [3][4][9]. Group 1: Industry Transition - Wang Shi emphasizes the need for smooth transitions within Vanke to protect investors and employees [3]. - Feng Lun describes the end of large-scale real estate development, suggesting a shift towards operational models rather than traditional development [4]. - The overall sales area of new commercial housing in China decreased by 2.8% year-on-year in the first four months of the year, indicating a slowdown in the market [4]. Group 2: Policy and Market Response - Recent financial policies, including a reduction in housing provident fund loan rates, aim to stimulate market demand and restore confidence [5][8]. - The central bank's actions, such as lowering the reserve requirement ratio and policy interest rates, are part of a broader strategy to stabilize the real estate market [5][8]. Group 3: New Business Models - Feng Lun outlines a new operational model for Jin Ke, focusing on technology innovation and asset management, moving away from traditional development and sales [9][10]. - The restructuring of Jin Ke will involve four main business areas: investment management, development services, operational management, and special asset management [10]. - The exploration of new development models will require enhancing operational capabilities and aligning real estate with the needs of the economy [10][11].