瓴寓国际轻资产变局：十年探路，“以退定投”

Core Viewpoint - The rental housing sector is positioned as a key vehicle for ensuring housing security for new youth and constructing a new model for real estate development under the policy guidance of "housing for living, not speculation" and "rent and purchase coexist" [1] Group 1: Company Overview - Lingyu International has over ten years of experience in the rental housing sector and has successfully completed the full cycle of "investment, financing, construction, management, and exit" for 12 projects [1][3] - The company has developed a 3.0 product innovation and digital empowerment model exemplified by the Nanjing Qingyan Pavilion, balancing social welfare and market efficiency [1] - Lingyu International's CEO, Zhang Aihua, highlighted that the core bottleneck in the current market is the lack of quality assets that meet return requirements, despite the availability of capital [2][3] Group 2: Financial Performance - Lingyu International's rental housing projects have achieved an average Internal Rate of Return (IRR) of 8% to 12% and a low Capitalization Rate (Cap Rate) of approximately 4.5%, indicating low risk and stable returns [2] - The company has implemented a "state-owned enterprise + private enterprise" cooperation model in the affordable rental housing sector, achieving a high occupancy rate of 92% to 93% despite rent restrictions [2] Group 3: Operational Strategy - The company has established a comprehensive capital cooperation system covering development funds, Pre-REITs funds, and stable funds, providing diverse models for the industry [2][3] - Lingyu International emphasizes a "reverse investment" strategy, where each project defines its exit path and investor requirements before deriving investment and operational strategies [2][3] Group 4: Technological Innovation - The company has invested nearly eight years in big data and digital technology, with a technology team comprising one-third of its headquarters staff [4] - Lingyu International's self-developed FALCON system enhances decision-making accuracy to over 95% by analyzing rental data and optimizing housing designs based on 135 life scenarios [4] Group 5: Market Positioning - Lingyu International has created a unique competitive advantage by integrating the entire chain of "investment, financing, construction, management, and exit," which is rare in the industry [7] - The company aims to become a one-stop comprehensive service provider in the rental housing sector, focusing on long-term strategies and technological support [11][12] Group 6: Industry Perspective - The rental housing industry is characterized as a long-term endeavor, requiring patience and a commitment to quality and professionalism to achieve sustainable growth [8][12] - Lingyu International's approach reflects a shift from "heavy asset holding" to "light asset operation and asset management output," aligning with the evolving trends in the long-term rental apartment sector [12]