物业服务｜空置费打折不会成为趋势：政策拐点将至系列二

Core Viewpoint - The article argues that the discounting of vacant property fees will not become widespread, and even if it does, its impact on property service companies will be limited. The industry faces significant investment opportunities by rationalizing the pricing system and encouraging quality services, which will lead to clearer financial returns for quality service providers [1][7]. Historical Context - Various regions have implemented discounts on vacant property fees, such as Suzhou and Wuxi, where property service fees are charged at 70% for unoccupied properties. However, major cities like Beijing and Shanghai do not offer such discounts, and some areas have explicitly stated that there will be no discounts on vacant property fees [2][3]. Analysis of Vacant Fee Discounts - The article presents several reasons why discounts on vacant fees are unlikely to be widely adopted: 1. Property services are essential for maintaining public spaces and facilities, regardless of occupancy levels. 2. Vacant properties still benefit from services, which can enhance property values for owners. 3. Discounting vacant fees may inadvertently increase the cost of renting, leading owners to prefer keeping properties vacant rather than renting them out. 4. Developers currently face financial difficulties, but this situation is expected to improve with stabilizing housing prices, making it more reasonable to recognize unpaid fees as receivables rather than granting exemptions [3][4]. Impact on Property Service Companies - Even if vacant fees are discounted, the overall impact on property service companies is expected to be minimal. For instance, if 10% of managed area is vacant and 30% of that area receives a 30% discount, the estimated revenue impact would be only 0.9% of the company's basic service income. In reality, the effect may be even lower, as many residents do not face vacant fee issues [5][6]. Investment Opportunities - The property service industry is seen as having significant investment potential through the rationalization of pricing and the promotion of quality services. The projected price-to-earnings (PE) ratio for blue-chip companies in the sector for 2025 ranges from 5.9 to 18.3, with an average dividend yield of 5.6% and a maximum yield of 9.4%. Policies aimed at stabilizing domestic demand and rationalizing pricing are viewed as key factors for enhancing valuations in the property service sector [7][8].