What is the future policy-oriented trend of real estate?

In the next decade, industry development will focus on business, office, tourism, logistics, culture, education and other fields. 20 19 Non-residential investment accounted for about 35% of the total real estate investment in the first half of the year. Many housing enterprises are developing diversification, and almost all of the top 20 and 30 enterprises such as Vanke, Country Garden, Evergrande, China Shipping, China Resources and Greenland are doing it. There are two ways to diversify your investment. One way is cross-industry diversification unrelated to real estate, such as Evergrande's automobile industry. Another approach is very related to the real estate industry chain, such as tourism real estate, Yang Kang, pension real estate and so on, both of which are good attempts. Then, why are there so few developers who only do pure houses now? First, from the perspective of land acquisition, local governments are willing to join business, office, tourism, culture and so on. When transferring land, it is more and more difficult to obtain land purely through housing; Second, from the buyer's point of view, what people are pursuing now is the quality of life. Only houses but other supporting facilities (shopping malls, schools, tourism resources, culture and sports, etc.). ) are not complete, so it is difficult to improve the quality of life and housing prices. Therefore, developers and buyers have their own needs. Now developers are trying or already doing diversified development. On the contrary, through diversified development, the living area can be made larger, and ordinary people are willing to enjoy some related facilities when buying a house. This is also a trend. The sales share of the top 100 developers who focus on development (mainly residential) is increasing. In 20 18, the threshold of top 30 housing enterprises has reached 1000 billion yuan. In the next three years, the sales of the top 30 real estate enterprises will exceed 65%, which means that two-thirds of our domestic houses are produced by these 30 developers. At the same time, it should be emphasized that there will still be a large number of small and medium-sized housing enterprises in the future. The reason is that when we enter the stock age, there will be fewer and fewer large-scale new buildings and more and more urban renewal projects. Urban renewal is mostly small and medium-sized projects, and real estate development is actually a very regional and regional industry. Therefore, we small and medium-sized housing enterprises don't have to be pessimistic, and there are still opportunities in the future, just to focus more on our own characteristics. Capitalization of real estate Now nearly 20 cities in China have entered the era of stock houses, mainly first-tier cities and second-tier cities. The second-hand housing transactions in these cities have surpassed the first-hand housing transactions, so they also pay more attention to property management, asset management and facility management. In recent years, more and more property management companies are listed in Hong Kong, which also represents the future trend of real estate. We can see Beijing and Shanghai now. There are few new buildings in Beijing's Fourth Ring Road and Shanghai's Outer Ring Road. Asset management is not only a great development prospect of this industry in the future, but also will bring a lot of employment. The channel and cost of financial funds are one of the decisive factors, and the development of private equity funds and asset securitization is the trend. Now that the country is going to deleverage, it is actually out of good intentions. At present, 75% of the whole domestic real estate investment and financing development uses bank money. So this part of the bank's leverage will decline, so which part will increase after the decline? One is equity investment and financing-equity part.