1 thought on “Ding Yaming and Perspective Dialogue: Puying assets, looking for “special opportunities” value investors”
Gerardo
Ding Yaming’s Weibo has not been updated for many years. The homepage of his Weibo, in the column of identity label, still wrote “Ding Yaming, Managing Director of the Capital Capital”. His last Weibo was posted late at night on March 20, 2013. For Ding Yaming, Weibo has become a past style, but real estate finance is still what has run through his life in these years. It people say that he is the earliest group of practitioners in the industry. Since the Fosun Group in 2008, he was responsible for the real estate fund business of Fosun Group in 2011. In 2014, it was in the era of financial management in the financial management. That year, the shareholders of Ding Yaming jointly established Puying Assets together. In the next time, he began to further explore real estate equity, bond investment, mergers and acquisitions of stock property assets, real estate asset management and operation, and so on. In opportunities to leave for those who are capable On November 3, the founder of Puying Assets and CEO Ding Yaming came to the 2020 view of the commercial annual meeting site. Explore the investment value of existing assets. In afternoon, Ding Yaming came to the live broadcast room of the Commercial Annual Conference. Prior to this, we had a few times with Ding Yaming; when we met again, more than forty minutes of interviews, he ended up and continued. The topic starts with the epidemic. The 2020 is a relatively special year. The coming of the black swan in the epidemic is more or less disrupted by the rhythm of all walks of life. For investment institutions, the epidemic disrupted the rhythm and planning of fundraising and investment, and the follow -up, negotiations, and dedication of the subject projects may be postponed. but the epidemic has brought risks to the development of the enterprise. At the same time, it also brings opportunities. Is it a good opportunity to copy the bottom after the epidemic? Does the fluctuation and downlink of the real estate market provide a good opportunity for real estate equity investment? “The word to copy the bottom is not very appropriate, because there are special opportunities at each stage, but when the bottom of the market is at the bottom of the market, it is not anyone who can invest in money.” Ding Yaming believes that in the face of special ones, it is specially faced with special ones. Opportunities must be “copying the bottom”. On the one hand, there must be luck that can encounter opportunities and find appropriate projects. Many opportunities are “inevitable” by chance; second, they must have a certain amount of capital strength and retain sufficient cash; Third, we must have operational and asset management capabilities to revitalize “dilemma assets”. “Special opportunities are only suitable for capable people.” He emphasized. In fact, when the real estate industry entered the era of silver, the impact of superimposed financial supervision, the difficult emotions have long been permeated in the industry. Many people believe that the corresponding equity investment and real estate investment cannot have three times and five times more wealth myths in ten years. Imming Ding Yaming has different views on this. In his opinion, China’s economic development is still a rising cycle. The real estate industry has been pulled by various needs, and the overall valuation continues to increase. The cycle is still in a state of stable, long -term returns, and there are some market dividends. In order to prove the point of view, Ding Yaming listed two reasons to us. The first, the field of real estate equity investment is actually very broad, not only including houses, but also commercial, office, research and development, logistics, and even some special use assets, such as cold chain warehouses, IDC data centers, and so on. Different investment targets are affected by different economic and macro regulation, which is one of the factors that he always maintains optimism. The second, real estate investment projects have high requirements for funds. Generally speaking, a project in first -tier cities may reach billions of investment. Therefore, from the perspective of asset allocation, real estate is still insurance and foreign funds. The inevitable choice of large investment institutions. Whether it is the influence of the black swan, the transformation of financial supervision, and even the uncertainty of the industry environment, Ding Yaming has always been a “rising sun” mentality, and it is still optimistic about the prospect of real estate equity investment. The favors of office assets Is for office assets, the reason for the choice of Puying assets can be attributed to: strong professional and stable returns. In fact, the investment of residential projects is one of the most basic types for real estate funds to invest in equity. It does not require too many professional capabilities. As long as there is a sense of cost awareness, do not invest in the highest land price. Do not invest in bands. Can get better market returns. However, from the long -term view of “low risk and low returns”, the return rate of residential houses will gradually decrease and tend to average income in the future. The operation of commercial projects is more difficult, and the volatility of investment is strong. Ding Yaming pointed out that Puying assets have a long -term optimistic office property. On the one hand, although the income of office projects is not too high, it is very stable. The relatively stable office rental users determine the stability of the property income; on the other hand, investing in office properties, the customers they face are enterprises, and have more space and imagination of extending services. “We choose to work as the main format for investment. In addition to obtaining stable rental income and gaining value -added property assets, we can also contact more growth companies. . “ But the requirements of office properties have high requirements for location selection. At the same time, in the past two years, office buildings in first- and second -tier cities are facing the problem of rising vacancy rates and rents decline. In Ding Yaming did not feel embarrassed. He mentioned that through the study of the past cities’ past large -scale property transaction data, Puying team believes that office property investment in first -tier cities is the best choice. Because the assets of first -tier cities have good liquidity and are favored by mainstream investment institutions, at the same time, the industrial and employment demand is high, and the potential for rent growth in the long run is great. Is as for vacancy rates, Ding Yaming said: “At present, the rent of office properties is facing some challenges in the short term, but from another perspective, the rent has fallen, which means that the market price of potential investment properties will be adjusted. You will have more More investment opportunities. “ ” The rent is declined, but if you have excellent asset management capabilities, you can stabilize the rent at a relatively ideal level after the acquisition, or you can get the price of rental prices. Higher income. “ In view of the new media of real estate, as of now, the size of the office property invested in Shanghai in Shanghai is close to 500,000 square meters, and the size of real estate funds has exceeded 10 billion. In addition to Shanghai, Pu Ying has been established in the past 7 years, and past investment projects have spread throughout the first and second -tier cities such as Beijing, Hangzhou, and Hefei, and have invested in nearly 30 high -quality real estate projects. Muning the future development goals of Puying Assets, Ding Yaming showed a little “Buddhist department”. “We will not set a goal in the scale of investment, do not say how many billion yuan will be invested in a year, and we will not request how many square meters of property to acquire from the asset scale.” This is Win -asset investment projects can have a stable value -added, can achieve good investment operations, continuously increase the rental rate, choose the right time to withdraw, and obtain expected investment returns. The following is an interview with the viewer of the new media of the real estate new media of Puying Assets and CEO Ding Yaming: The view of Real Estate New Media: At this stage, where do you think the opportunity for real estate equity investment is? Ding Yaming: From the perspective of real estate equity investment, the fields are very wide, not only including residential, but also assets of business, office, research and development, logistics, and even some special uses, such as cold chain warehouses, IDC data centers, and so on. The second is that real estate investment has high requirements for funds. The current domestic real estate prices are still more expensive. The amount of each project will be relatively large. This is why many financial institutions are very optimistic about real estate investment. It is tens of millions of other projects, and real estate has a scale effect. It is optimistic about a project, especially in first -tier cities. Therefore, for the investment team, The inevitable choice of institutional asset allocation. In addition, China’s economic development is still in a rising cycle, real estate is also driven by various needs, and the overall valuation is still increasing. Therefore, currently investing in real estate in China is basically stable, long -term, income, and some market dividends exist. Prinders Real Estate New Media: Real Estate also includes commercial and residential and logistics. Will there be a certain proportion when choosing these investment targets? Ding Yaming: From the perspective of preferences, everyone feels that residential investment is relatively simple. It does not require too much professional ability. As long as you have a sense of cost, do not invest at the highest point, you can get better market returns. From a longer -term perspective, because of the low difficulty of residential investment, it is increasingly reflecting the logic of investment: low risk and low yields. In the future, the return on residential housing will tend to average income. we have made some screening from various real estate investment, which is more optimistic about office properties. Because the income of office properties is more stable than commercial properties; second, business difficulties will be greater and more volatile, but office rental users are relatively stable, basically customers who need office needs. It, many customers faced by office properties are enterprises, many services that can be extended, and there will be opportunities for equity investment. In the capital market, science and technology boards and GEM are good for companies with growth. If selection of office as the main business format for investment, in addition to obtaining stable rental income and gaining value -added property assets, you can also contact more growth companies and can participate in the equity investment of some enterprises. We I think this is more chance. Each institution has its own familiar fields. We may be better at office projects in the field of urban renewal. Therefore, we will also study industrial planning in various regions and make some forward -looking layouts. The new media of real estate: What is the requirements for location? Ding Yaming: First -tier cities are the best choices. By studying the transaction records of large first -tier cities in the past few years, we take Shanghai as an example. Over the past three years, the annual transactions are basically around 100 billion, and it is absolutely unbearable. Most of the proportion is office property. The first -tier cities have good liquidity, and it must be the area where mainstream institutions want to invest. Second -tier cities, such as Xi’an, Zhengzhou, Wuhan, are regional core cities, and there are also some investment opportunities. It is more difficult to go down, such as the third and fourth lines, the asset liquidity is a little worse. From the current market environment, the rent of office properties is facing some challenges. However, from the perspective of investment, if the rent is declined, the market price of potential investment opportunities will also be adjusted, so that you can get the price that may be unexpected before. Pelasium after the emergence of the epidemic, there are a lot of discounts on the office price of holding sexual properties on the market, so for investment institutions, at any stage, including the rising period of rent and the rents decline, it is possible to find a suitable foundation. The target, so this is not a fundamental issue. The second, it is precisely because the rental potential has not yet been fully released. If you have excellent asset management capabilities, you can stabilize the property rent at a relatively ideal level after the acquisition, or the rent price has risen, you can get it, you can get it. Higher income. Prinders Real Estate New Media: After the epidemic, is office assets a good timing? Ding Yaming: The word using the bottom is not very appropriate, because there are special opportunities at each stage. Even at the bottom, not anyone can earn money, so special opportunities are only suitable for capable people. Mou must have a certain funding threshold; the second must have the ability to operate; third, each project is a special opportunity. Whether you can let you encounter this opportunity, many things are also inevitable. The impact of the epidemic may be a little better than expected, because everyone expects that it is very poor before and believes that it may have a huge impact on the economy and market environment. But in fact, because of the timely controlling and control of the government and the support of all sectors of society, the epidemic has been better controlled. So in the current environment, we must actively focus on our business direction on specific goals. At present, it may not be suitable for diversified investment. From a market perspective, as long as all companies do well in their main business, they will definitely persist in the epidemic. Properative Real Estate New Media: What are the long -term planning and short -term planning of Puying Assets? Secondly, we will continue to cultivate our asset management capabilities in the investment process, hoping to be the most professional operator in this field. If investment and asset management are two indispensable aspects of our business. These are our positioning of our company and planning for the overall development of the future. This comments from views Real Estate Network
Ding Yaming’s Weibo has not been updated for many years.
The homepage of his Weibo, in the column of identity label, still wrote “Ding Yaming, Managing Director of the Capital Capital”. His last Weibo was posted late at night on March 20, 2013.
For Ding Yaming, Weibo has become a past style, but real estate finance is still what has run through his life in these years.
It people say that he is the earliest group of practitioners in the industry. Since the Fosun Group in 2008, he was responsible for the real estate fund business of Fosun Group in 2011. In 2014, it was in the era of financial management in the financial management.
That year, the shareholders of Ding Yaming jointly established Puying Assets together.
In the next time, he began to further explore real estate equity, bond investment, mergers and acquisitions of stock property assets, real estate asset management and operation, and so on.
In opportunities to leave for those who are capable
On November 3, the founder of Puying Assets and CEO Ding Yaming came to the 2020 view of the commercial annual meeting site. Explore the investment value of existing assets.
In afternoon, Ding Yaming came to the live broadcast room of the Commercial Annual Conference.
Prior to this, we had a few times with Ding Yaming; when we met again, more than forty minutes of interviews, he ended up and continued.
The topic starts with the epidemic.
The 2020 is a relatively special year. The coming of the black swan in the epidemic is more or less disrupted by the rhythm of all walks of life. For investment institutions, the epidemic disrupted the rhythm and planning of fundraising and investment, and the follow -up, negotiations, and dedication of the subject projects may be postponed.
but the epidemic has brought risks to the development of the enterprise. At the same time, it also brings opportunities. Is it a good opportunity to copy the bottom after the epidemic? Does the fluctuation and downlink of the real estate market provide a good opportunity for real estate equity investment?
“The word to copy the bottom is not very appropriate, because there are special opportunities at each stage, but when the bottom of the market is at the bottom of the market, it is not anyone who can invest in money.” Ding Yaming believes that in the face of special ones, it is specially faced with special ones. Opportunities must be “copying the bottom”. On the one hand, there must be luck that can encounter opportunities and find appropriate projects. Many opportunities are “inevitable” by chance; second, they must have a certain amount of capital strength and retain sufficient cash; Third, we must have operational and asset management capabilities to revitalize “dilemma assets”.
“Special opportunities are only suitable for capable people.” He emphasized.
In fact, when the real estate industry entered the era of silver, the impact of superimposed financial supervision, the difficult emotions have long been permeated in the industry. Many people believe that the corresponding equity investment and real estate investment cannot have three times and five times more wealth myths in ten years.
Imming Ding Yaming has different views on this. In his opinion, China’s economic development is still a rising cycle. The real estate industry has been pulled by various needs, and the overall valuation continues to increase. The cycle is still in a state of stable, long -term returns, and there are some market dividends.
In order to prove the point of view, Ding Yaming listed two reasons to us.
The first, the field of real estate equity investment is actually very broad, not only including houses, but also commercial, office, research and development, logistics, and even some special use assets, such as cold chain warehouses, IDC data centers, and so on. Different investment targets are affected by different economic and macro regulation, which is one of the factors that he always maintains optimism.
The second, real estate investment projects have high requirements for funds. Generally speaking, a project in first -tier cities may reach billions of investment. Therefore, from the perspective of asset allocation, real estate is still insurance and foreign funds. The inevitable choice of large investment institutions.
Whether it is the influence of the black swan, the transformation of financial supervision, and even the uncertainty of the industry environment, Ding Yaming has always been a “rising sun” mentality, and it is still optimistic about the prospect of real estate equity investment.
The favors of office assets
Is for office assets, the reason for the choice of Puying assets can be attributed to: strong professional and stable returns.
In fact, the investment of residential projects is one of the most basic types for real estate funds to invest in equity. It does not require too many professional capabilities. As long as there is a sense of cost awareness, do not invest in the highest land price. Do not invest in bands. Can get better market returns. However, from the long -term view of “low risk and low returns”, the return rate of residential houses will gradually decrease and tend to average income in the future. The operation of commercial projects is more difficult, and the volatility of investment is strong.
Ding Yaming pointed out that Puying assets have a long -term optimistic office property. On the one hand, although the income of office projects is not too high, it is very stable. The relatively stable office rental users determine the stability of the property income; on the other hand, investing in office properties, the customers they face are enterprises, and have more space and imagination of extending services.
“We choose to work as the main format for investment. In addition to obtaining stable rental income and gaining value -added property assets, we can also contact more growth companies. . “
But the requirements of office properties have high requirements for location selection. At the same time, in the past two years, office buildings in first- and second -tier cities are facing the problem of rising vacancy rates and rents decline.
In Ding Yaming did not feel embarrassed. He mentioned that through the study of the past cities’ past large -scale property transaction data, Puying team believes that office property investment in first -tier cities is the best choice. Because the assets of first -tier cities have good liquidity and are favored by mainstream investment institutions, at the same time, the industrial and employment demand is high, and the potential for rent growth in the long run is great.
Is as for vacancy rates, Ding Yaming said: “At present, the rent of office properties is facing some challenges in the short term, but from another perspective, the rent has fallen, which means that the market price of potential investment properties will be adjusted. You will have more More investment opportunities. “
” The rent is declined, but if you have excellent asset management capabilities, you can stabilize the rent at a relatively ideal level after the acquisition, or you can get the price of rental prices. Higher income. “
In view of the new media of real estate, as of now, the size of the office property invested in Shanghai in Shanghai is close to 500,000 square meters, and the size of real estate funds has exceeded 10 billion. In addition to Shanghai, Pu Ying has been established in the past 7 years, and past investment projects have spread throughout the first and second -tier cities such as Beijing, Hangzhou, and Hefei, and have invested in nearly 30 high -quality real estate projects.
Muning the future development goals of Puying Assets, Ding Yaming showed a little “Buddhist department”.
“We will not set a goal in the scale of investment, do not say how many billion yuan will be invested in a year, and we will not request how many square meters of property to acquire from the asset scale.”
This is Win -asset investment projects can have a stable value -added, can achieve good investment operations, continuously increase the rental rate, choose the right time to withdraw, and obtain expected investment returns.
The following is an interview with the viewer of the new media of the real estate new media of Puying Assets and CEO Ding Yaming:
The view of Real Estate New Media: At this stage, where do you think the opportunity for real estate equity investment is?
Ding Yaming: From the perspective of real estate equity investment, the fields are very wide, not only including residential, but also assets of business, office, research and development, logistics, and even some special uses, such as cold chain warehouses, IDC data centers, and so on.
The second is that real estate investment has high requirements for funds. The current domestic real estate prices are still more expensive. The amount of each project will be relatively large. This is why many financial institutions are very optimistic about real estate investment.
It is tens of millions of other projects, and real estate has a scale effect. It is optimistic about a project, especially in first -tier cities. Therefore, for the investment team, The inevitable choice of institutional asset allocation.
In addition, China’s economic development is still in a rising cycle, real estate is also driven by various needs, and the overall valuation is still increasing. Therefore, currently investing in real estate in China is basically stable, long -term, income, and some market dividends exist.
Prinders Real Estate New Media: Real Estate also includes commercial and residential and logistics. Will there be a certain proportion when choosing these investment targets?
Ding Yaming: From the perspective of preferences, everyone feels that residential investment is relatively simple. It does not require too much professional ability. As long as you have a sense of cost, do not invest at the highest point, you can get better market returns.
From a longer -term perspective, because of the low difficulty of residential investment, it is increasingly reflecting the logic of investment: low risk and low yields. In the future, the return on residential housing will tend to average income.
we have made some screening from various real estate investment, which is more optimistic about office properties. Because the income of office properties is more stable than commercial properties; second, business difficulties will be greater and more volatile, but office rental users are relatively stable, basically customers who need office needs.
It, many customers faced by office properties are enterprises, many services that can be extended, and there will be opportunities for equity investment. In the capital market, science and technology boards and GEM are good for companies with growth.
If selection of office as the main business format for investment, in addition to obtaining stable rental income and gaining value -added property assets, you can also contact more growth companies and can participate in the equity investment of some enterprises. We I think this is more chance.
Each institution has its own familiar fields. We may be better at office projects in the field of urban renewal. Therefore, we will also study industrial planning in various regions and make some forward -looking layouts.
The new media of real estate: What is the requirements for location?
Ding Yaming: First -tier cities are the best choices. By studying the transaction records of large first -tier cities in the past few years, we take Shanghai as an example. Over the past three years, the annual transactions are basically around 100 billion, and it is absolutely unbearable. Most of the proportion is office property.
The first -tier cities have good liquidity, and it must be the area where mainstream institutions want to invest. Second -tier cities, such as Xi’an, Zhengzhou, Wuhan, are regional core cities, and there are also some investment opportunities. It is more difficult to go down, such as the third and fourth lines, the asset liquidity is a little worse.
From the current market environment, the rent of office properties is facing some challenges. However, from the perspective of investment, if the rent is declined, the market price of potential investment opportunities will also be adjusted, so that you can get the price that may be unexpected before.
Pelasium after the emergence of the epidemic, there are a lot of discounts on the office price of holding sexual properties on the market, so for investment institutions, at any stage, including the rising period of rent and the rents decline, it is possible to find a suitable foundation. The target, so this is not a fundamental issue.
The second, it is precisely because the rental potential has not yet been fully released. If you have excellent asset management capabilities, you can stabilize the property rent at a relatively ideal level after the acquisition, or the rent price has risen, you can get it, you can get it. Higher income.
Prinders Real Estate New Media: After the epidemic, is office assets a good timing?
Ding Yaming: The word using the bottom is not very appropriate, because there are special opportunities at each stage. Even at the bottom, not anyone can earn money, so special opportunities are only suitable for capable people.
Mou must have a certain funding threshold; the second must have the ability to operate; third, each project is a special opportunity. Whether you can let you encounter this opportunity, many things are also inevitable.
The impact of the epidemic may be a little better than expected, because everyone expects that it is very poor before and believes that it may have a huge impact on the economy and market environment. But in fact, because of the timely controlling and control of the government and the support of all sectors of society, the epidemic has been better controlled.
So in the current environment, we must actively focus on our business direction on specific goals. At present, it may not be suitable for diversified investment. From a market perspective, as long as all companies do well in their main business, they will definitely persist in the epidemic.
Properative Real Estate New Media: What are the long -term planning and short -term planning of Puying Assets?
Secondly, we will continue to cultivate our asset management capabilities in the investment process, hoping to be the most professional operator in this field.
If investment and asset management are two indispensable aspects of our business. These are our positioning of our company and planning for the overall development of the future.
This comments from views Real Estate Network