险资下场，长租公寓的逻辑已经变了

Core Insights - The acquisition of a 60% stake in two apartment projects by China Life Capital signifies a strategic shift in the long-term rental apartment market, highlighting trends such as the entry of insurance capital, the rise of rental housing REITs, and the increasing focus on the renovation of existing properties [1][2]. Group 1: Investment Trends - China Life is not merely "taking over" but is looking to establish a "long-term business," indicating a shift towards stable, long-term investments in the rental market [2]. - The two projects acquired, COZI可遇·东外滩 and COZI可遇·新江湾, are labeled "纳保," suggesting they have policy backing that stabilizes rental income and may allow for future exits through public REITs [2]. - The valuation of the projects at the time of acquisition was approximately 10.48 billion, with China Life's investment of over 6 billion yielding a stable return aligned with insurance capital's low-risk, steady return requirements [2]. Group 2: Market Dynamics - The perception of long-term rental apartments has shifted from a "quick profit" model to a "long-term asset allocation," with a focus on projects that provide stable cash flow and align with policy directions [3]. - The trend of "stock renovation" has become a consensus in the industry, with a focus on repurposing existing properties rather than acquiring new land, which is often costly and limited [3][4]. - The acquisition projects exemplify this trend, as the East Bund project was transformed from an office building into a long-term rental apartment, utilizing 70% of its building area effectively [3]. Group 3: Policy Influence - Recent policies have encouraged the acquisition of existing residential properties for use as affordable housing, with local governments given autonomy in determining acquisition subjects, prices, and uses [4]. - This approach not only alleviates pressure on new housing supply but also ensures that rental apartments are more accessible and aligned with tenant needs, as older properties are often located in central urban areas [5]. Group 4: Service Evolution - The core of long-term rental apartments has shifted towards "selling services," with tenants seeking comfort, convenience, and a sense of belonging rather than just a place to live [9]. - The demand from tenants has evolved, with younger individuals and families looking for specific amenities and community features, prompting companies to adapt their offerings accordingly [9]. - Leading companies are transitioning into "lifestyle service providers," enhancing their offerings with community activities and amenities to retain tenants and improve occupancy rates [9][10]. Group 5: Future Outlook - The acquisition by China Life, the popularity of rental housing REITs, and the focus on stock renovation and service upgrades indicate a positive trajectory for the long-term rental apartment market, supported by policy, capital, and demand [10].