Since 2016，With the new five-year development of China’s new urbanization and comprehensive consumption upgrade，Characteristic towns have become the most important carrier of China’s next urbanization and industrial upgrading。How to find the best small town product model？Government、How businesses and financial institutions can work together in the development of small towns，Avoid the recurrence of development zone and ghost town failures？In this issue, "Xiaohui and his friends" and "Fudan Leyou Tiandi Club Financial Group" invited Mr. Zou Yi, general manager of Lingyi Consulting，Come and talk to us: #China Cultural 188bet app download Town Investment Key Points and Risk Control#。

Zou Yi: General Manager of Lingyi Consulting，Undergraduate from Shanghai Jiao Tong University，Fudan University and MIT International MBA，Worked at Continental Group、Shanghai Shenyin & Wanguo Securities Research Institute、Partner of Fushi Investment Cultural 188bet app download Industry Fund。Mr. Zou Yi has been engaged in commercial and cultural 188bet app download project planning for more than ten years，Independently planned and operated more than 100 large-scale commercial and cultural 188bet app download projects。Won the "Outstanding Leader Award" of the Yangtze River Delta Cultural and Creative Industry Golden Tripod Award。

Zou Yi: Good evening everyone，Let me introduce my background first，Undergraduate degree at Jiaotong University，Master Fudan MBA，Worked as an analyst at Shenyin Wanguo Research Institute after graduation，Resigned four years later to start a business，The Wuhe Think Tank was established，I have been the general manager there for 7 years，Have done planning consultation and industry research work for hundreds of real estate projects nationwide。Later, he became the general manager of a real estate development company and joined a 188bet app download fund as a partner，Later founded Lingyi Consulting。I originally came from finance，Especially I know a lot about securities，Later transitioned into the real estate field，I started doing related business in 2005 when China’s real estate industry started to boom，Has been engaged in the real estate industry for more than ten years。Now the real estate industry has entered the end of its white-hot period，They are all being upgraded，From residential real estate - commercial real estate - cultural 188bet app download town，Cultural 188bet app download town is essentially a real estate model。Lingyi Consulting mainly provides industry strategy consulting，Cooperated with more than twenty small town projects in total，Summary of some development experiences，It has always been a lesson plan for classes in the real estate circle。We and large real estate、Travel groups cooperate more，Have a better understanding of the current situation of real estate developers and the development direction of their future transformation，6-7 of the top ten real estate groups in China have already cooperated with us。The threshold for cultural 188bet app download towns is relatively high，The total investment is basically more than 1.5 billion，How to develop a business model？How to make a good product？How to operate funds from entry to exit？Where are the risk points？Next, I will mainly talk about the operation skills of industrial projects，Divided into the following four parts。

1. Understanding 188bet app download urbanization trends

Ten years ago, China’s urbanization reached about 30%，Urbanization is now close to 57%，Urbanization is basically half completed。In the process of China’s development into a developed country，How to increase urbanization to 70-80% in the future？Urbanization is the most basic law of development，No city from early times，Then small towns—small cities—modern metropolises—metropolitan urban agglomerations—the largest urban belts appeared，China’s next step is to go through the process of transitioning from a metropolitan city to an urban agglomeration and then to the largest urban belt，How should China’s urban agglomerations be laid out in this situation？China will be divided into 22 large city clusters in the future，Every urban cluster has a large city，For example, Beijing, Shanghai, Guangzhou and Shenzhen or major first- and second-level provincial capital cities，Densely laid out with many points，Form a characteristic town model among urban tribes，Form a modern town layout network，188bet app download a model of the layout of China’s real estate towns。

We have already conducted relevant research，The United States reached 60% urbanization in 1970，Has reached our current level，The population of the United States has changed since then，Core urban population decline of 4% among U.S. metropolitan cities，The population in the periphery of the core city increased by 74%，The urban population in the United States increased by 25% in the past ten years，This has become a trend in mainstream American cities。We have been discussing some time ago，What will be the mainstream trend of urbanization and development in China in the future？Some people say it is retirement real estate，Some people say it is business or cultural 188bet app download，In fact, the trend after the 13th Five-Year Plan may be small towns，The urbanization model in the United States will become the prototype of China’s first and second tier cities in the future。The country started top-level design in June last year，The National Development and Reform Commission jointly issued many small town policies，It was first implemented in Zhejiang Province after selecting a number of small town projects and finding them feasible，The amount of investment in 1000 towns is very huge，The average investment in a small town is tens of billions，This is the blue ocean for new growth in the future。The whole industry has been in turmoil since last year，A new blue ocean has emerged in the entire real estate，This is a new breakthrough for major real estate groups at present，Hope to find new development models，Actually, I want to implement a new land acquisition mode，This is town policy permission。

What is the essence of a small town？Rely on a certain characteristic industry and characteristic environmental factors (such as regional characteristics、Ecological features、Cultural characteristics, etc.)，Form "production、City、People、Wen” creates a clear industrial positioning、Cultural connotation、An important functional platform that organically combines 188bet app download characteristics and certain community functions。In the future, the entire economic development group will be deployed in the network，Internet city wants to be successful，All buildings、Space，All life and residence must be in this network，We must survive and work、Funds、Concept、Inside the customer base network。So we need to succeed in the cyber city，You can build a small town in the economic development group，Must be integrated into the large network，It’s hard to find another way。But in actual work, I also come into contact with many cases，Some third- and fourth-tier and even very remote cities want to be small towns，Clearly inconsistent，This is not in a large network system，relative financing、Future operations will be difficult，This is one of the most important features in site selection that we consider。The country approved the first batch of 127 characteristic towns，The second batch and the third batch of 200 to 300 were approved this year，This is the top-level build，Researched，Inside the first batch of 127 characteristic towns，188bet app download development industry accounts for 50%，History and culture account for 18%，These two items account for 70% of the scale，Currently the most mainstream product model in the entire town is the cultural 188bet app download town，This is the type that is most likely to produce benefits。

Picture: Chinese 188bet app download

Let’s take a brief look at the industry rules in the 188bet app download market，China’s 188bet app download industry has undergone three rapid industrial upgrades in the past ten years，From sightseeing、Casual、Vacation Extension，This is our biggest change so far。The industry’s demand is growing rapidly and iteratively，The current supply of the entire 188bet app download industry still cannot meet our needs，This results in a rapid upgrade on the demand side，The supply side cannot meet the market demand，Here comes the pain point，Pain points bring opportunities。Why so many people start planning travel？It is precisely because we saw the supply gap in 188bet app download，Opportunities for supply measurement reform。

The essence of the business model of cultural 188bet app download towns is through the creation of cultural 188bet app download products，Create a long-term operating asset。Due to work needs，In the past 10 years，I have basically visited all the major tourist attractions across the country、Ancient towns, villages and cultural 188bet app download towns projects。Although in the context of the popularity of motor vehicles and China’s consumption upgrade，Cultural 188bet app download is experiencing a boom in tourists，Strong market demand，But from the analysis of big data in actual market operations，Successful projects are still in the minority，Most projects are in a break-even or dying state。This is related to the long cycle of investment in the cultural 188bet app download industry、The characteristics of heavy assets have a lot to do with it。Other than that，High-tech investment、Bold innovation of ideas、Capital strength、Natural resource level、The integrity of the professional team is also an important factor in determining the success or failure of the investment。Overall，Investment and risk control in cultural 188bet app download towns，Not only the necessary financial risk control is required，What’s more important is to understand the operating rules of this type of project、Key decisive factors，In this way, there will be no systemic risk in investment。

Five elements of product planning: uniqueness of culture、Space Features、Business model、Detonation Project、188bet app download supporting facilities，Indispensable。

Many investors are unclear about the cultural 188bet app download industry，While valuing investment opportunities in this field，Only consider the value of the property，In terms of early product top-level architecture design，Lack of systematic consideration，His thinking logic does not follow the logic of the 188bet app download industry。Often the consequences of this situation are，Either the project is not working，Or change the senior team。For traders who do not understand the laws of the cultural 188bet app download industry，Only changing the head can solve the problem，No other way。

There is currently no company in China that can form three industrial chains，So many professional companies can cooperate with him，Many professional companies are still very scarce in the market。Funds in our market、A lot of hardware，But there are very few companies that can produce content，Especially there are fewer companies that can be 188bet app download landing companies，Look at the matching and construction of professional companies，Few companies can complete the construction of such a complete industrial chain。So why we think Disney’s success is inevitable，The reason is that Disney’s success is a systemic success，There is an entire industry system to support it。Wanda is a real estate model，But some professional systems are missing，Especially the internal IP，The origin of the core creative model, etc.，This is why we believe that the completion of a tourist destination requires the cooperation of so many professional companies。

Site selection layout: 1、The areas around second-tier cities are the focus of demand，Be cautious when investing in traditional tourist resorts。The second aspect is site selection，Every real estate person knows that the first step is the location，Commercial and residential 188bet app download all depends on the location。Lots are mainly distributed by city，Researched，Statistics based on city 188bet app download income, per capita 188bet app download consumption and total 188bet app download consumption，China’s best 188bet app download market is not in Huangshan、Jiuzhaigou，Lijiang’s traditional 5A scenic spot，The best tourist markets are on the edges of large cities。1-2 hours’ drive around core urban agglomerations，Greater consumption capacity than the main urban area、More frequent consumption，Stronger arrival rate。China’s number one 188bet app download development market in Beijing, Shanghai, Guangzhou and Shenzhen is Hangzhou，Second is Suzhou，The third is Wuhan，The fourth is Nanjing，The fifth is Chengdu，Only one city among the top 20 cities is Jiaxing, a traditional scenic spot，Jiaxing is represented by Wuzhen。The traditional scenic spots in other cities have not reached the industrial level，Currently, all land within 1-2 hours’ drive of first-tier cities has been swept away by major real estate groups，Most groups have already started hoarding land，To seize the market of consumption upgrade，This is the current situation of the market。

An example of location advantage，Looking at Wuzhen, the number one tourist attraction in China，The location of the scenic spot is really great，On the geometric center node of the Yangtze River Delta，Backed by Shanghai, Suzhou, Changzhou, Hangzhou and Wuxi，A total of 50 million of China’s top consumer population are located around Jiaxing。Many customers will tell us，We want to build a Wuzhen，But Wuzhen’s success is something that can be met but cannot be sought，Can you find the location in Wuzhen?？Even if you find a location similar to Wuzhen，Can you create Wuzhen’s business model？60% of Wuzhen’s success comes from site selection，The so-called advantage of being in the right place at the right time and with the right people，This is the customer base advantage brought by geographical advantage，So Wuzhen’s success cannot be copied。Overall, our analysis of the 188bet app download industry is as follows，The industry seems to be booming，The market demand is very strong，But there are very few projects that can actually achieve real profits，Less than 10%，Does not account for the general profit situation。

188bet app download industry is a monopolistic competition，How to win in 188bet app download industry？Summary into five major elements:

1、High-tech 188bet app download，We must integrate technology now，For example VR，AR，Black technology；

2. Ideas 188bet app download bold and innovative;

3、Capital strength，Not the 1 to 1 billion level，But billions of funds，So a lot of capital is needed for rolling 188bet app download；

4、High-quality resources，Scarce 188bet app download resources，Good location resources；

5、The last one is human，We need a diverse professional team，The teamwork of 39 subdivided industry chains can complete the project。188bet app download is a hot spot in the capital market，But before investing, you must look at the real assets behind the project。

Picture: 188bet app download model of consumption upgrade

Characteristic 188bet app download case analysis

The early tourist town product model came from the world famous book "Tomorrow's Garden City" 200 years ago，188bet app download a very famous planning book，The book mentions that there were many environmental pollution problems in the UK in the later period，Hope to build an ideal place to live，Can build a garden city concept，They just want to build a small town，Treat a city as a magnet，Treat everyone as a magnetic needle，We must find a way to make the existing urban magnetic needle form a gravitational structure，Success is considered successful if you can actively move within the gravitational range of the magnet。The core question is how do we build this magnet and gravity？Let the population be naturally healthy inside the magnet，188bet app download the core issue in all our small towns，How to create demand？How to attract traffic？188bet app download our basic understanding of the small town business model。

My understanding of the resort town is that the product model is a completely different physical and mental experience from the 188bet app download world，Let’s go to a place for vacation，The essence of pursuit is to find a soothing and comfortable living situation that is completely different from the fast pace of big cities，To create all projects, we must create the core essence, which lies in a physical and mental experience that is completely different from the 188bet app download world，In fact, there are rules to follow。A small town must succeed，We must be able to tell stories，Building a small town can be compared to making a blockbuster movie，Need a scene、Special effects、Script、Attractive things。First we must learn to tell stories from 0 to 1，Secondly, through storytelling, we need to implement it into the lifestyle that modern people are accustomed to，Planning involves business、Residential、Travel、Some cultural items，Put a lot of content into it，Build the business model again。The top-level architectural design model of the project is very important，Need to involve life group，All options for food, accommodation and transportation are provided within a group，Especially to create landscape architecture，The reason why a project is attractive first is the scenery，Tasteful、Meaning、Feelings，Finally we need a modernist culture，Culture needs to be combined with the needs of the public to adapt，Presentation form is very important。

Picture: Resort 188bet app download

Sometimes we can’t understand the business logic，But we can understand the project environment。A good environment can make users feel emotionally safe，188bet app download a coordinated relationship between oneself and external objects，Reverse feelings associated with disorientation。The sweetest feeling is home，Not only familiar but also different，If you can build a project that feels like this，The project has been more than half successful in the early stage。

Summary in one sentence: "All plans must be designed，A style seemingly formed by accident，Naturally occurring scenery，In fact, they are all the results of precise calculations"。Let’s go to Disneyland，All towns，Wuzhen，Many route guides are designed，You look like you did 188bet app download by accident，In fact, they are all the results of a lot of early design。

The master of business design is Disney。Disney has a book for Disney tourists to learn，Research tourists very well，Propose that time spent visiting the garden must not be wasted，A visit to the park must be worth the money，Tourists are willing to pay for high-quality services。How to create high-quality services？Is the most critical point in business design，I will give 188bet app download a basic overview。

We will study the core three key issues，Whether it is possible to make a second consumption after entering the project with the first ticket；Second tourist satisfaction；Third revisit rate。The revisit rate of most theme parks in China is only about 10-20%，The revisit rate of Tokyo DisneySea in Japan reaches 70%，So a good project is not about what you feel at the first time，It depends on whether you are still willing to go the second time，188bet app download the key。This allows us to consider the cluster-to-dispersion ratio in the design，The more group guests you have, the lower you will be，The more individual customers, the better the quality，The group-to-dispersion ratio is a factor that provides the proportion of secondary consumption。

For a cultural 188bet app download resort town project covering multiple business formats such as food, accommodation, travel, shopping and entertainment，The prediction of its financial model is a complex system project。From the perspective of income structure，Including shop rent、Associate income、Hotel room accommodation fee、Tickets、Various cash flow income structures such as secondary consumption in the park，This kind of guarantees the asset value of the holding property。On the other hand，Income from small town real estate sales is also an important source of cash，We must unswervingly configure the holiday real estate supporting facilities，Accurately target the investment and vacation market customers。Any investment needs to consider return，Even if it is government funds、State-owned enterprise funds、Policy support funds，Everyone needs to consider quitting。I only do 188bet app download，its high risk、The long-term nature determines that few funds can withstand such a project investment return time。Therefore，Real estate configuration must be an indispensable and important category。

But for 188bet app download supporting real estate，There are a large number of failure cases on the market，I can’t bear to look at the blood and tears of those developers who suffered defeat，The funds locked up are hundreds of millions and tens of billions。The main reasons can be divided into site selection failure、Development timing error、Improper positioning of house types、Unfavorable marketing methods、Lack of late-stage operation control and many other aspects。So for supporting real estate around tourist destinations，Its development is highly professional。Target the needs of regional vacationers，Carry out precise product research and development according to needs，Reasonably control the unit type and total price，Configure rich operation management services，Build vacation properties into high-level management operating assets，This is the basic demand law for contemporary vacation real estate。

Visible from above，Product planning for a tourist town，It is a system project。Forward-looking market research、Bold and innovative creation of tourist attractions、Accurate and sophisticated real estate development capabilities、A complete service system 188bet app download later period is an indispensable link in investment logic and risk control。

Properly organize funds，Design a diversified investment structure，Effectively establish an investment firewall。Judging from the cases we operate，Due to the large scale of the project、Complexity of business formats、Multiple relationships between holding and selling，So it is rare that a single financial party can independently operate a resort 188bet app download project。How to organize funds reasonably、Cash flow model to match the entire development cycle，Diversified financing for different fund attributes requires top-level design at the beginning of the project。

Whether it is the company’s own capital，Still bank credit，Or industrial funds or other trust-type financing institutions，We set up the fund use link in the early stage，will be decomposed according to the basic financial model of the subject matter。The overall development cash flow model of the project is the foundation of the fund organization plan。Normally，Due to the diversification of business formats、Diversification of business methods，As a result, market investment entities who are not familiar with 188bet app download type of subject projects often feel at a loss when developing cash flow models for such complex small towns。But set the development pace objectively and prudently、Analysis of property ratio relationship、Predict future cash flows，is a prerequisite for the feasibility of the entire project。

Generally，Investment in a characteristic cultural and 188bet app download town with an area of ​​more than a thousand acres，Different land rights are often dismantled for phased land acquisition and phased development。The advantage of this is that it can carry out diversified financing under different corporate legal entities。This financing includes equity cooperation、Debt financing, etc.，The benefits of spin-off are also conducive to the spin-off and listing of asset packages of held properties in the future or the introduction of strategic partners for investment。And these financial planning，These are all things that need to be systematically considered in the top-level design stage of early project investment。

High-level operation control - the core factor that determines the value of future town assets。Except for sale properties，The overall project operation control 188bet app download later period is very important。The current situation is，188bet app download current Chinese industry，There is a scarcity of truly professional tourist attraction or resort town operation and management teams。And the town is an operating asset，Their operational capabilities determine whether the value of future assets is a money printing machine or a bottomless pit。Investment solicitation 188bet app download early stage of the project、Marketing system after the park opens 188bet app download future、Operation Management System、Property Management System，These links lack standardized processes or solutions。These key operational links mentioned above，All determine the success or failure of the town’s operation。

So，As you can see from the above，Investment in cultural 188bet app download towns，It’s not about feelings、Not relying on real estate，Not relying on government policies，The key factor that determines its success in the market is a series of systematic and professional operating teams，Effectively dismantle complex business formats，Quantitative analysis of unclear market prospects，Standardize unclear services、Normalization，Build into a complete operating system，Precisely these market-oriented factors are the key factors that determine the success of small town development。

Q: What are the profitable tourist 188bet app download on the market now and why？

Zou Yi: The best is Wuzhen，Looking at the data, you can see a net profit of 1.3 billion in revenue，Net interest rate is about 30%。The key to Wuzhen is to do it early、Good location、No land acquisition cost，The cost of modification is very low，Probably around a few hundred million，The main cost is only operating cost。If you build a new town now，The biggest cost is the land acquisition project，Thousands of acres of land，The investment in this place is around several billion。Other small town projects must be allocated with real estate，The cost can be completely offset by real estate，There are very few projects that completely rely on the project to pay back the cost。This is probably what state-owned towns do，Most of them are invested by social investors，Very few independent people invest in this kind of project。My personal suggestion is that the more real estate allocated, the better，Residential or commercial land can help you reduce risk。Real estate cannot be done everywhere，Be sure to make features based on location and product operation structure。Real estate is actually not complicated，Get the land and position it well，Having a good preliminary design plan is more than half of the success，But there are still a few companies in the real estate field that understand 188bet app download products。

Q: Hello, Mr. Zou，I am in 188bet app download field and have built several small towns in Yunnan 188bet app download year，188bet app download year has several obvious characteristics，One characteristic is that it is difficult to criticize a small town with real tourist scenery，It is difficult to acquire land without industrial advantages；Another feature is that it clearly states that the town’s employment tax revenue and overall industry income must account for more than 50% in the next three years，When it is necessary to increase industry on the one hand and real estate on the other hand，How do you generally operate？

Zou Yi: Usually there is no way to do this kind of project。Do you think it’s possible，Introducing advanced manufacturing industries and Internet high-tech industries to a suburban first- and second-tier city，It is impossible to transform the industry so fast in the short term。Why the cultural 188bet app download industry is easy to do，Because it’s simple、Low threshold，If you do it well, tourists will come in large numbers。Cut off 188bet app download and introduce new industries，Then there’s really nothing we can do，Unless the state-owned enterprises invest by themselves。Your project does not allow for real estate development, 188bet app download, and industry development，What industry can make money now？Few industries can make money，In Yunnan, which mainly depends on 188bet app download for food，I think it’s quite difficult。

Q: Hello Mr. Zou，Now the developer is getting the land，Capital itself wants to make profits，But after the 19th National Congress, there will be more and more demands for a better life，Everyone still needs to stay away from the city，I feel that developers have no motivation to delve into this matter，Whether it is a developer or other investment entity，I feel that no company really wants to delve into the cultural 188bet app download industry thoroughly，What do you think about this matter？

Zou Yi: Now major developers have started to do it，The latest 10 cases I have contacted are all undergoing new rural transformation。China’s urbanization drives people to cities，The next step is to attract urban people to the countryside。There are many sensitive institutions that are already studying the next generation of products-consumption upgrade，In a better life, most people work in two industries，1、Health care，2、Cultural 188bet app download，Great health care must be a big industry，Cultural 188bet app download is also a big industry，Many new policies will be released in these industries in the next step。Everyone in Japan is 5+2，5 days in the city，We all went to the surrounding areas in 2 days，Many people in Xi’an also drive around on weekends，No one wants to stay in the city，So this demand is already very obvious。

Q: Hello, Mr. Zou，What can residential land be used in 188bet app download configuration projects？

Zou Yi: It is very difficult to obtain residential land for 188bet app download projects，Need to bid for auction，Most of them are based on commercial land use。How to make commercial land specifically？Houses like Nianhuawan are all commercial land，40-year property rights or even 30-year property rights still sell well，There are also some farm-type projects，Collective construction land slowly begins to sell。Tourists generally buy retirement vacation products，Not too concerned about whether this is a 70-year residential property，Because you don’t have to register for residence and don’t have to think about school district issues。

*Source of 188bet app download article: WeChat public account "Xiaohui and his friends"，Original title: "Zou Yi: Key points and risk control of investment in China’s cultural 188bet app download towns》.