从甲方转向乙方，老牌房企远洋在代建市场如何解题？

Core Viewpoint - Real estate companies are transforming through light asset business models, with a focus on construction management as a key growth area, as demonstrated by the case of a project in Qingdao that was revitalized within four months [1][4]. Group 1: Company Strategy - Ocean Group has identified construction management as a significant direction for growth, having launched 33 new projects with a signed area of 5.62 million square meters in the first half of 2025, ranking eighth in the industry [4][6]. - The company has shifted from a high-leverage, high-turnover model to a service-oriented approach, emphasizing professional capabilities and service output [1][7]. - The management believes that the success of construction management relies on the team's autonomy and professionalism, contrasting with traditional real estate development which is heavily influenced by external factors [7][9]. Group 2: Market Dynamics - The competition in the construction management sector is intensifying, with 80% of the top 100 real estate companies already involved, leading to a "淘汰赛" (elimination competition) scenario [5]. - The average management fee rate for construction projects is between 1% and 3%, with 81.7% of projects falling within this range, indicating a trend of declining profit margins due to increased competition [8]. - Ocean Group emphasizes maintaining a healthy growth trajectory for its construction management business without setting unrealistic targets, focusing on gradual annual growth [8]. Group 3: Project Examples and Partnerships - The company has successfully revitalized projects previously deemed "zombie properties," such as the Qingdao project, by adjusting product positioning and resource allocation [9]. - Approximately 70% of the new construction management projects are residential, with many commissioned by financial institutions to manage distressed assets [9][10]. - Ocean Group collaborates with Asset Management Companies (AMCs) to manage and develop distressed projects, leveraging its comprehensive capabilities in law, finance, construction management, and asset management [9][10]. Group 4: Industry Trends - The industry is witnessing a collective shift towards light asset models, moving from pure real estate development to a balanced approach that emphasizes products, management, and services [10]. - The trend towards flattening organizational structures and lightening business models is expected to reduce corporate debt and facilitate rapid transformation within real estate companies [10].