Core Insights - The housing rental industry is transitioning from "scale expansion" to "quality operation" driven by policy changes and market demands [1][2] - The implementation of the Housing Rental Regulation has introduced systematic compliance requirements, promoting a shift towards refined operations in the rental market [2] Group 1: Market Trends - The rental market is experiencing structural changes due to diverse housing needs and dual drivers of policy and market forces [2] - Brand long-term rental apartments manage approximately 3 million units, with over 85% occupancy rates in first-tier cities, indicating a relatively balanced supply-demand situation [2] - The personal housing market faces a paradox of "supply not meeting demand" alongside "declining rents" [2] Group 2: User Demand Changes - There is a notable trend towards smaller family units, leading to reduced space requirements for many households [2] - Millions of households still face issues such as insufficient housing space and outdated facilities, highlighting the need for improved living conditions [2] - The urbanization rate is expected to rise to 70% by 2030, potentially bringing 40 million people into cities, which will further drive rental demand [2] Group 3: Operational Strategies - Compliance and efficiency are foundational for industry restructuring, with technology playing a key role in ensuring the authenticity of housing information [3] - Companies are encouraged to upgrade compliance and focus on user needs, as the regulation will eliminate non-compliant businesses [3] - The rental market is shifting towards service upgrades and product structure adjustments, with new projects needing to emphasize quality and design [3] Group 4: Asset Value and Financial Strategies - The introduction of public REITs has altered valuation logic, making cash flow stability a core metric for asset evaluation [4] - Companies are exploring cost restructuring and innovative models to address profit pressures, including digital management and energy-saving technologies [4] - Enhancing operational efficiency and service value is essential for improving market recognition during asset exits [4]

Core Viewpoint - The article discusses the "Kangqiao Model" developed by China Cinda Asset Management Co., Ltd. and its subsidiary Cinda Real Estate Co., Ltd. as an effective solution for revitalizing stalled real estate projects and safeguarding the rights of nearly 10,000 families in Zhengzhou, China [1][2]. Group 1: Background and Mission - China Cinda, one of the first financial asset management companies in China, has a mission to resolve financial risks and serve the real economy, particularly in the real estate sector by acquiring non-performing asset debts and assisting troubled enterprises [2]. - In 2024, China Cinda participated in 155 risk resolution projects, investing a total of 743 billion yuan, ensuring the delivery of 104,000 residential units, and facilitating the resumption of projects worth 338.7 billion yuan [2]. Group 2: The "Kangqiao Model" - The "Kangqiao Model" is a comprehensive solution that transitions from "blood transfusion" to "blood production," encompassing the entire process of value assessment, restructuring, enhancement, and realization [3]. - The model effectively isolates risks by implementing a restructuring plan that includes equity increases, risk isolation, additional investments, and joint construction, creating a "clean" space for subsequent operations [3]. - A multi-tiered funding support system was established, ensuring healthy cash flow for projects through a closed loop of rescue fund initiation, sales revenue circulation, and external financing [3]. Group 3: Collaboration and Impact - Cinda Real Estate collaborates with government entities at various levels to enhance efficiency in planning adjustments, procedural handling, and fund supervision [4]. - By September 2025, Cinda Real Estate had facilitated the resumption of over one million square meters of projects in Zhengzhou, delivering more than 7,200 high-quality residential units and creating over 4,000 jobs [4]. - The successful sales of projects like "Cinda·Tangyue Qili" have restored market confidence, demonstrating a positive effect of "delivering one project revitalizes an area" [4]. Group 4: Replication and Future Directions - The success of the "Kangqiao Model" has led to the development of a replicable methodology that integrates professional capabilities to effectively isolate risks and enhance asset value [6]. - In projects like the Daxing Street project in Shanghai and Dingbai Village in Xi'an, Cinda Real Estate has successfully resolved cooperation challenges and improved project values through strategic financial management and oversight [6]. - The company aims to continue optimizing and implementing the "Kangqiao Model" in alignment with national financial policies, contributing to the construction of a new real estate development model and promoting a healthy cycle between finance and real estate [6].