（原标题：瓴寓国际轻资产变局：十年探路，"以退定投"） 在保租房领域，瓴寓国际探索的"国企+民企"合作模式初现成效。尽管保租房租金受限，但民水民电、 税收优惠及92%～93%的高出租率，使其实际收益颇具竞争力，该模式也实现了国企资源资金优势与民 企产品运营灵活性的互补共赢。 资本运作层面，瓴寓构建了覆盖开发型基金、Pre-REITs基金、稳定型基金的全周期资本合作体系，从 首单住房租赁持有型不动产ABS，到与中信金石、险资联合设立Pre-REITs基金，再到南京青晏阁的国 企民企合作模式，多元范本为行业提供参考。其核心竞争力在于"以退定投"战略与全链条资管能力—— 每个项目先明确退出路径、投资人要求与Cap Rate标准，再反向推导投资、产品与运营策略。 张爱华介绍，截至目前，瓴寓国际已累计完成12个项目的全流程退出，从上海浦江华侨城柚米社区（行 业首个"投融建管退"闭环项目），到南京青晏阁（国企民企合作标杆），再到中信金石Pre-REITs基金 孵化的松江项目，均实现了预期收益与资产增值。 这一成果的背后，是对三个关键阶段的精准把控：投资阶段以数据驱动决策，通过自研FALCON系统完 成客户描摹、市场研判与 ...

Core Viewpoint - Vanke reported a significant decline in revenue and net profit for the first three quarters of the year, but managed to stabilize operations through various strategies and support measures [2][3]. Financial Performance - Vanke achieved revenue of 161.39 billion, a year-on-year decrease of 26.61% - The net profit loss was 28.016 billion, down 83% year-on-year [2]. - The company completed the delivery of 74,000 housing units and executed bulk transactions worth 6.86 billion [2]. Sales and Contracts - Vanke's total contracted sales area reached 7.751 million square meters, with a total sales amount of 100.46 billion [3]. - The average sales absorption rate for 11 newly launched projects was nearly 70% [3]. - During the "Golden Week" holiday, Vanke achieved a subscription amount of 4.77 billion, exceeding the target by 137% [3]. Debt Management - Vanke repaid a total of 28.89 billion in public debt by the end of the reporting period, with cash holdings of 65.68 billion and total interest-bearing liabilities of 362.93 billion [3]. Business Operations - The total revenue from Vanke's operational services was 43.57 billion, with its long-term rental apartment business maintaining industry leadership [4]. - Vanke's rental business has integrated production, construction, and operation, achieving significant recognition from both tenants and owners [5]. Technological Advancements - Vanke has pioneered the use of a large model for architectural drawings, serving over 1,000 projects and collaborating with the National Archives on a language model for building drawings [5]. - The company is advancing the "AI Digital Engineering Management Platform" to enhance construction project management through technology [5].

Core Viewpoint - Vanke has appointed Huang Liping as the new chairman, succeeding Xin Jie, which is expected to ensure continuity and stability in the company's operations amid ongoing reforms and challenges [1] Group 1: Leadership Changes - Huang Liping, a former board member, has been elected as the new chairman of Vanke, which is seen as beneficial for the company's stability and continuity [1] - Xin Jie has resigned from the chairman position, indicating a shift in leadership while maintaining internal familiarity [1] Group 2: Financial Performance - Vanke reported a revenue of 105.3 billion in the first half of the year, with residential sales revenue nearing 70 billion [2] - The company achieved a high-quality delivery of over 45,000 units, with a sales collection rate of 100% [2] - Vanke has successfully activated nearly 60 billion in cash flow through inventory optimization, with a total of approximately 785 billion in activated goods value since the beginning of 2023 [2] Group 3: Business Development - Vanke's operational services segment, Wanwu Cloud, generated a revenue of 18.2 billion, maintaining a leading position in the residential market [2] - The long-term rental business has solidified its leading status, with key performance indicators in commercial operations showing steady growth [2] - The logistics business has maintained a leading occupancy rate, with service revenue from warehouse operations and transportation increasing by 43% year-on-year [2] Group 4: Technological Innovation - Vanke is actively pursuing technological innovation, particularly in smart construction, with the introduction of a large model for architectural drawings that has been applied in over 1,000 projects [3] - The company has developed a dynamic monitoring system for community equipment and a real-time response network for service requests, enhancing operational efficiency [3] - In the long-term rental sector, Vanke's operations have achieved full automation, maintaining a high profit margin [3] - A pilot project in smart logistics has been launched, utilizing robots for autonomous delivery via subway, which has garnered significant market attention [3]

Core Insights - The article discusses the emerging trend of major tech companies in China building employee housing to address the challenges of high rent and long commutes in first- and second-tier cities [3][5][20] - Companies like JD.com, Xiaomi, Huawei, and Tencent are investing heavily in employee apartments, offering benefits such as free or significantly reduced rent to attract and retain talent [6][12][15] Group 1: Employee Housing Initiatives - JD.com has launched a free accommodation program for interns in Beijing, allowing them to live without paying rent or additional fees [3][5] - Xiaomi's Beijing Youth Apartment offers rent as low as 1,999 yuan per month, significantly below the market rate, with some units priced at 1,599 yuan [6][12] - Huawei and Tencent have also developed large-scale employee housing projects, with Huawei's Qingpu R&D center and Tencent's "Penguin Island" providing thousands of units for employees [12][15] Group 2: Strategic Asset Development - The construction of employee housing is seen as a strategic asset for tech companies, with significant investments in land and development [12][14] - JD.com has spent over 3.1 billion yuan on land for its "JD Youth City," which will include nearly 5,000 apartments [12][14] - Tencent's investment in "Penguin Island" includes plans for a large tech ecosystem with residential, office, and cultural spaces [15] Group 3: Employee Benefits and Talent Retention - The trend of building employee housing reflects a shift in how companies view employee benefits, moving from traditional perks to housing solutions [5][20] - The availability of affordable housing is crucial for attracting talent, especially in high-cost cities, as it alleviates the burden of housing costs on employees [20][25] - Companies aim to enhance employee satisfaction and retention through these housing initiatives, which also contribute to a sense of community among employees [20][26] Group 4: Operational Management - Major tech companies typically partner with large construction firms for the development of these housing projects, ensuring professional management and quality [16] - Some companies manage their employee housing directly, while others outsource management to specialized firms [16] - The operational strategies vary, with a focus on creating a supportive living environment that aligns with the company's values and enhances employee experience [26][28]

Core Viewpoint - The article discusses the trend of major tech companies in China building employee apartments to provide affordable housing solutions for their employees, particularly in first and second-tier cities, where housing costs are high [7][8][10]. Group 1: Employee Housing Initiatives - Companies like JD.com and Xiaomi have launched employee housing projects, offering free or significantly discounted rent to interns and young employees, which helps alleviate the burden of high living costs in cities like Beijing [7][12][19]. - JD.com has opened a free apartment for interns, while Xiaomi's youth apartments are priced at around 1999 yuan per month, significantly lower than the market rate [10][12]. - The trend of tech giants building employee apartments is not isolated; other companies like Huawei and OPPO are also investing heavily in employee housing [8][10][19]. Group 2: Strategic Asset and Investment - The construction of employee apartments is seen as a strategic asset for these companies, with significant investments in land and development, such as JD.com's acquisition of land for 3.112 billion yuan for its "JD Youth City" project [18][19]. - The article highlights that these companies are not merely acting as landlords but are strategically positioning themselves in the real estate market, with substantial investments in property that can serve as a long-term asset [16][22]. Group 3: Talent Attraction and Retention - The primary motivation behind these housing initiatives is to attract and retain talent in a competitive job market, as providing housing benefits can significantly enhance employee satisfaction and loyalty [32][38]. - The article notes that the availability of affordable housing can influence the decision of skilled workers to relocate to cities with high living costs, thereby impacting talent mobility [33][37]. - Companies are increasingly recognizing the importance of housing benefits as part of their overall employee value proposition, which can help them stand out in the talent market [32][38].

Core Insights - The article highlights the growing demand for rental housing solutions among recent graduates entering the job market, with a focus on the long-term rental market as a preferred choice for this demographic [1][2]. Group 1: Rental Preferences and Trends - A survey conducted by I Love My Home and Lagou Recruitment indicates that long-term rental apartments rank as the second preferred choice for the post-2000 generation among five rental models [1]. - Approximately 70% of respondents cited "diverse and high-quality housing options" as the main reason for choosing long-term rental institutions, while 42% appreciated the maintenance and support services provided [1]. - The expectation for better living conditions is evident, with 38% of respondents valuing "regular cleaning services" as a significant factor in their choice of long-term rental [1]. Group 2: Product Offerings and Features - The company offers a comprehensive product system that includes decentralized apartments, centralized apartments, and integrated living spaces, effectively meeting the rental needs of graduates [1][2]. - The decentralized products, such as Xiangyu ROOM and Xiangyu HOME, cater to flexible co-renting and whole renting preferences, with a range of unit types and pricing to fit various budgets [2]. - Xiangyu PARK, a centralized apartment model, addresses transitional housing needs for graduates during job searches and internships, featuring amenities like gyms and shared kitchens to enhance social interactions [2]. Group 3: Service Innovations - The company has introduced innovative features like the "dual-commuting rental" function, which uses algorithms to match suitable living locations for co-renters, improving both comfort and commuting efficiency [3]. - Collaborations with JD Logistics have significantly reduced the delivery and installation time for furniture and appliances, allowing graduates to move in with ease [3]. - Additional services such as home printing and pet care have been introduced in cities like Beijing, enhancing the overall rental experience [3].