从甲方转向乙方，老牌房企远洋在代建市场如何解题？

Core Viewpoint - The article discusses the shift of real estate companies, particularly Far East Group, towards light asset management and construction services, highlighting the importance of this business model in the current market environment [6][7][12]. Group 1: Company Strategy - Far East Group has identified construction management as a key growth area, with 33 new projects and a signed area of 5.62 million square meters in the first half of 2025, ranking eighth in the industry [7][10]. - The company has transitioned from a high-leverage, high-turnover model to a service-oriented approach, emphasizing professional capabilities and service output [6][9]. - The management believes that the success of construction management relies on team autonomy and expertise, contrasting with traditional real estate development which is heavily influenced by external factors [9][12]. Group 2: Market Dynamics - The real estate industry is experiencing intense competition in the construction management sector, with 80% of the top 100 real estate companies entering this space, leading to a "淘汰赛" (elimination competition) scenario [7][12]. - The average management fee for construction projects has decreased, with 81.7% of projects having fees between 1% and 3%, indicating a trend towards lower profitability [12][13]. - Despite the competitive landscape, there remains a significant market demand for construction management services, particularly for revitalizing distressed projects [13][14]. Group 3: Operational Insights - Far East Group's approach to expanding its construction management projects includes leveraging existing strengths in key cities, targeting unsuccessful projects, and implementing a flat management structure for better project oversight [8][10]. - The company emphasizes the importance of not blindly pursuing the lowest bid during project tenders, instead opting for differentiated strategies based on project types [12]. - The firm has established partnerships with asset management companies (AMCs) to manage distressed assets, indicating a strategic move to capitalize on the growing need for asset recovery in the real estate sector [13][14].