“Jiang Hua can’t beat me。I’m going out like this，It’s okay for one person to fight three or four people who have never practiced before。”Founder of Mangrove Resort World、Zhang Baoquan, co-chairman of Jindian Group’s board of directors, expressed calmly to Zhihui at the dinner table in Shizilin。Since 2016, Zhang Baoquan has been apart from night classes in writing and painting，Play free fighting，When he was born in 1957 and was fighting with Jiang Hua, the founder of China's local professional fighting event IP Kunlun Jue who was born in the 1970s，Not losing the scene at all，Fistes and kicks，Powerful move。

Zhang Baoquan likes free fighting，Because of the competitive height，Interactive fun。“The explosiveness of free fighting、Very large amount of exercise，High tension throughout the body，I can’t beat even one minute of real training。But it’s ‘let go of one thought，No thoughts will arise’。”Zhang Baoquan enjoys the simplicity and happiness of “living elsewhere” that free fighting brings to him。“I’m tired after boxing，Like being tipsy after drinking alcohol，There is a distance between the body and the soul，As if out of body but not out of body。”

Zhang Baoquan and Jiang Hua, the founder of Kunlun Jue, have a fighting match on the tarmac of the mangrove forest in Haitang Bay

The first mangrove since 2004，Completely transform into mangroves by 2009，Zhang Baoquan invested 20 billion to start the "living elsewhere" business，Has built a 60,000-square-meter Sanya Yalong Bay Mangrove Resort Hotel，680,000 square meters Sanya Bay Mangrove Resort World，160,000 square meters Haitang Bay Mangrove Resort Hotel，And 800,000 square meters Qingdao Mangrove Resort World，The total number of visitors is tens of millions。Currently entering the second stage。Zhang Baoquan summary，The first stage is to use heavy assets to tell stories，Build a platform、North and South Vacation Aircraft Carrier、Global Exchange，V Club Card will be launched early next year；The second stage is asset-light output management，Place the core of the mangrove model，That is 1+X vacation lifestyle and 4.0The new retail business model is promoted nationwide and even around the world。Future Hangzhou、Chongqing、Chengdu、Lhasa、Tengchong、Xiamen、Guangzhou、More than 20 mangrove resort worlds in Jiuhua Mountain and other places will be launched one after another。

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When the vast majority of high-end hotels in China are used by real estate developers as tools to acquire land at low prices，When the ability to operate independently has not yet been developed，Former real estate developer Zhang Baoquan invested 20 billion，The mangrove resort chain brand covers 188bet online sports betting an area of ​​1.7 million square meters but does not provide residential facilities of 1 square meter，Even if there is a residential land quota。Mangrove is one of the very few leisure resort brands in China that makes money through hotel operations，Zhang Baoquan is also a hotel investor，A hotelier again。

Zhang Baoquan tasted the benefits from the beginning。The first resort hotel in the mangrove forest，The 60,000-square-meter Yalong Bay mangrove forest opened in 2004 and became profitable the following year，Gross profit margin reaches 64.9%，More than 30% of the hotel industry average。Chen Mengchao, Executive President and CEO of Mangrove Resort World Operations Management Co., Ltd., who has been in office for one year, told Zhihui，In Yalong Bay, Sanya, where there are many international luxury brand hotels，Yalong Bay mangrove RGI (income index) ranks second，This index represents a strong competitive market position，Calculated from the average house price and occupancy rate；Secondly, the GOP gross profit margin remains around 60%，Ranked first in Yalong Bay，GOP shows strong revenue and strong cost control。Chen Mengchao joined Nanjing Jinling Hotel in 1994 and was promoted from assistant manager of the catering department to director of Jinling Hotel Management Company、Vice President，Later served as Vice President of Jinmao (Group) Co., Ltd. (HK06139)。

“I know what Yalong Bay relies on to win。It is built to a high standard？It is a high level of service？Neither，It is planning and design。"Zhang Baoquan expresses his opinion on Zhihui。As early as when planning to build the Yalong Bay mangrove forest，Zhang Baoquan visited the best resort hotel in the world at that time，Among them, Amanpuri in Thailand impressed Zhang Baoquan the most，“I just realized that the most valuable thing about vacation is nature，Let people forget time and space。This establishes the genes of mangroves。”

Analysis from Chen Mengchao, a 23-year veteran of the hotel industry，The founder’s uniqueness in landscape planning and design “maximizing nature”，The first in Sanya to open the lobby and walkways，No air conditioning，Change traffic routes to leisure routes，Guests can enjoy the most valuable natural scenery in Sanya，Stop from time to time to enjoy the wind and look at the sea and mountains，Living in the mangrove makes you feel comfortable everywhere。In addition, the mangrove forest is located in the center of Yalong Bay，Has the best beach，Good sand，Wide beach。 

If we talk about the successful test of Yalong Bay mangroves，Let Zhang Baoquan be confident in deeply exploring the leisure vacation market；Then in 2009 Zhang Baoquan was uncertain about China’s traditional real estate development market，And plunge into leisure and vacation real estate investment and operation。 Related data display，Currency was issued 700 times from reform and opening up to 2009，Price increased 100 times，600 times fully absorbed by China’s real estate market。Another data is not optimistic either，When the private housing rate per household in the world is less than 60%，The private housing rate in China is 140%，More than twice the foreign average。

Zhang Baoquan explains the difference between "traditional real estate development" and "vacation destination development"，“Traditional real estate is herbal，Sow this year and reap this year，But we still need to find land to plant next year。Vacation destination industry is woody plants，Can bear fruit，The key question is whether the tree can be planted until it blooms and bears fruit。If the seeds bloom and 188bet app bear fruit，Nature will bring about decades or hundreds of years of flowering and results。One is long-term growth，One is short-term gain，Requires completely different soil、Different gardeners，Different maintenance methods。Traditional real estate relies on the boss’s own efforts，It’s a one-time deal；The leisure and vacation industry relies on the overall operation ability of the team，Repeated and sustained high-frequency trading。” 

China is becoming the world’s largest leisure vacation market，But Zhang Baoquan discovered the market pain points，“China enters the vacation era，But there is no real supply of holiday life。90% are doing sightseeing tours。”In Zhang Baoquan’s view，In the tourism industry，Tourism and leisure vacation are actually two completely different economic forms。Tourism and leisure are the headcount economy、Ticket Economy，Mainly for middle and low-income groups。“Holidays are for high-end people，It is a lifestyle economy，They lived in their vacation destination for 5 days，The lifestyle consumption generated by these five days is likely to be 8 to 12 times that of the capita economy。”

Qingdao Mangrove Resort World

Mangrove aims to be a resort lifestyle provider，Bringing the best nature in the world、Fashion、Culture、A resort complex investment operator integrating art。Why invest 800,000 square meters at every turn，4000-room resort commercial complex？"In the era of leisure and vacation，We want to stop selling tourism、Sleep，To sell lifestyle。So what is lifestyle？The sign of leisure and vacation lifestyle is not just the beautiful scenery，Sleep comfortably，But experience the best fashion of the moment、Art、Culture and entertainment, etc.，And this all needs to be installed in a building container of 800,000 square meters。”Zhang Baoquan takes eating as an example，It’s expensive to eat while watching the sunset on a boat at sea，The most expensive thing is the way you eat，Not the rice itself。“The way we eat is the way we live，In fact, vacation is selling a lifestyle that is different from daily life。"What Zhang Baoquan created is similar to Resorts World Sentosa in Singapore、Las Vegas, USA、Sun City South Africa、Integrated resort entertainment cities such as Dubai Water Park。

September 2012，Mangrove’s first resort destination complex, Sanya Bay Mangrove Phase I, opens for trial operation。The total project investment is nearly 10 billion，Area of ​​680,000 square meters，Keeps 3700 rooms，Equivalent to 10 traditional five-star hotels、Two Venetian Macao Hotel；Built a wave pool、Jungle Rafting、Volcano Water Park、71 self-operated restaurants、150 brand stores，And 13 movie locations、50 1+X cinemas、3 film workshops available for film production，20,000 square meters of Today’s Art Gallery and can accommodate 7,000 people for meetings、China’s largest international conference and exhibition center with a banquet capacity of 5,000 people。

According to Zhang Baoquan，Sanya Bay Mangrove’s revenue reached 1 in January this year.0.8 billion yuan，Receiving hotel guests 18.60,000，360,000 people came to eat, drink and have fun in the mangroves。Different from Sanya Bay mangroves，Qingdao’s mangrove market share is larger than that of Sanya，So the area is 100,000 square meters larger than the mangrove forest in Sanya Bay，Total 800,000 square meters，More than 4,000 guest rooms，dining bar only、There are 110 bars，There are nearly a hundred large and small theaters plus 1+X cinemas。Room rooms accounted for only 1/3 of revenue in the 188bet app download third quarter of 2017，Non-guest rooms account for 2/3。Traditional hotel revenue composition，Room 70%，Non-guest rooms account for 30%。

“Why Qingdao Mangrove’s non-guest room revenue is much higher than guest room revenue？Because the local market is large，6 visitors came，Only 1 person lives in the mangrove，The other 5 people are here to eat, drink and have fun，Because eating, drinking and having fun in the mangroves is not only the best in Qingdao，Also the best in Shandong or the whole of China。"Zhang Baoquan said。

Zhang Baoquan has high hopes for Qingdao mangroves，He sees it as a representation of the mangroves’ local vacation model。Debuted in August last year，Qingdao mangroves have become one of the top ten popular scenic spots in Shandong Province during the National Day。

In Zhang Baoquan’s opinion，The lifestyle sold by Mangrove Resort World is composed of several 1+X，At the same time, they are 1+X，Finally, X sets of 1+X are formed。where "1" is the subject，“X” is a variety of top holiday lifestyle elements，Theme keeps changing，The elements of vacation life are always rich and high-end。In popular words, "a boss opens 400 stores in one house"，Instead of a traditional commercial center "400 bosses use 400 rooms to open 400 stores"。

Zhang Baoquan said，Mangrove breaks the traditional business concept from the beginning of the resort complex drawing，True integration of business and lifestyle， The most important thing about 1+X vacation lifestyle is to eliminate space barriers，Turn all transportation routes into experience or leisure routes，Thus truly forming X set chains of 1+X。In Mangrove Resort World，The space can be divided at will、combination、Connected、Blending，Various business elements and life elements are mutually exclusive，I am among you，You are among me，Pedestrians can stay anywhere they want、Experience、Relaxation and leisure，The entire space is a "lifestyle hypermarket" presented through experience。This unique commercial space is designed to further create 4.0 Laying the foundation for the new retail business model。

Zhang Baoquan said，2018 will bring 1+X vacation lifestyle and 4.0 Create a template for new retail business model，Then perform large-scale replication。“Mangroves are not big enterprises、You can do it if you have more money，It requires content、Talent resources and content resources，Except for the high financial threshold，The test is on nature、Culture、Art、Fashion、Entertainment、Shopping、Resource integration capabilities for health care and other vacation life elements。”

Qingdao Mangrove Resort World

Zou Yi, General Manager of Lingyi Consulting said，To build a resort complex project like mangrove forest，Need the boss to understand art、Business、Hotels and Real Estate，And be able to coordinate a group of people for content creation and business operations。Defects in any aspect，It may cause the blind man to feel the elephant。Demand for personal abilities，Not just objective observation，Business sensitivity and management ability，What’s more important is an understanding of human nature，Understanding of people’s emotional needs。

Investment profit: heavy on assets to set the stage, light on assets to tell stories

An investor who did not want his name to be disclosed expressed his views on Zhihui，Optimistic about the resort commercial complex model，The mangrove itself has become a brand，Under construction period in terms of valuation、The three types of projects in the ramp-up period and the maturity period will be based on different 188bet Online Sports Betting and Casino multiples of EBATDA before interest, tax, depreciation and amortization，To estimate the cash flow the company can generate in the future，Converted to the estimated asset value of the current year。

Zhang Baoquan’s calculation of benefits，In addition to Haitang Bay mangrove investment 1.50,000 yuan/square meter，The other three mangrove projects have an average investment of 1.20,000 yuan/square meter，Haitang Bay is about 160,000 square meters，Yalong Bay、The construction areas of Sanya Bay and Qingdao mangroves are 60,000 respectively、680,000 and 800,000 square meters，Total investment nearly 20 billion yuan。

“The threshold for mangroves is high，It is an aircraft carrier，There are many ‘flowers’ that can only grow on aircraft carriers，You can’t live anywhere else。For example, Mangrove 1+X and new retail。Because for new retail，Mangroves have the best life scenes。The most important thing is that there are millions of holidaymakers across the country。Open a new retail ground store in Mangrove，It not only covers consumers across the country，And they are all medium to high consumers，This is completely different from opening a ground store in a traditional shopping mall。”

In addition，Mangrove resort complex opens 200 stores in one project，All operated by myself，This requires sufficient business resources、Talent preparation and operation of different business formats、Requirements for management system and corporate culture。Zhang Baoquan once said frankly，I dare not say that this system has been initially completed until the end of this year，But there is still a lot of content yet to be presented。This is for traditional real estate companies that are used to fast in and out to make one-shot deals，The difficulty factor of commercial complex is extremely high。But there is only capital like mangroves、property rights、A complete monopoly of operations can have enough space to build a long-term resort commercial complex。

Based on the mangrove ground model，Zhang Baoquan is building an air model and a financial model。Air Mode will create a vacation platform that can be searched through vacation content，Different from traditional travel websites that only search for “aircraft + wine”，Users only need to enter the vacation life elements they want，such as "Sanya"、"Movie"、"Art"、 "Duck Blood Vermicelli Soup" and other contents，The platform will automatically find relevant hotels that can provide these contents，Including mangrove navigation and butler services that have been launched on the market。The financial model is "two cards" - Mangrove Resort Card and V Club Card，Just buy the Mangrove Resort Card，Or become a member of the Mangrove V Club，You can have one card in your hand，Global Vacation and Global Retirement。

Long term，Timeshare is the general trend in China’s leisure vacation market。But it remains to be seen when the market will mature。In Zhang Baoquan’s view, the success of timeshare needs to meet two conditions: the single entity is the most powerful；Maximize exchange。The mangrove forest has initially met the first condition，But the exchange will be maximized next year。

Founder of Mangrove Resort World、Zhang Baoquan, Co-Chairman of the Board of Directors of Jindian Group

Manage change: adopt matrix management model，Destructive innovation + phased change

“The key to the success or failure of mangroves lies in operations。Commercial real estate is the carrier of business，The value lies in the ability to house business inside，Making the best operational value of commercial real estate。"Zhang Baoquan 188bet online sports betting thinks，“Operation is the essence，Profit is fundamental。”In 2003, Zhang Baoquan stepped from traditional real estate development to traditional hotel investment and operation，Entered resort destination complex investment and operation in 2009，2017 1+X vacation lifestyle and 4.0New retail business model，Implementing de-realization、De-hotelization、De-restaurantization，Rebuilding organizational management capabilities is undoubtedly a long-term and arduous daily course for Zhang Baoquan’s team。

A developer once asked Zhang Baoquan what he should pay attention to during his transformation，Zhang Baoquan’s answer is，“Transformation is chaos，Chaos up and down，New and old chaos，The final result is that half of the old ones go，New half way，Like running water。He asked if it could not happen？If I say it won’t happen, what type will you change to?？It’s still the same group of people doing the same thing，Stick herbaceous plants，Can’t plant trees at all。” 

Zhang Baoquan understands，Different things require different people，Sticking to the original culture，Destructive innovation is necessary，But at the same time, there must be phased changes。“Some have slowly formed a habit，We can only use our words but not our hands，What I am most patient about now is being a preacher，First, change the concept，Zhang Baoquan said: “This is the year when the mangrove ‘chicken turns into a phoenix’”。”

The mangrove forest firstly recruits “phoenix raisers” and secondly trains “chicken raisers” into “phoenix raisers”。Chen Mengchao, currently the executive president and CEO of Mangrove Resort World Operations Management Co., Ltd., has worked for Jinling Hotel and Jinmao Group，Preliminary planning and positioning of complex projects、Project preparation、System construction、Group Control、Multi-business cross-border operation management、Brand Building、Has unique insights and practical experience in marketing and other fields。His expression of favor，Being a traditional business hotel has no competitive advantage，Not fun either。“There are only two directions for the future，One is a specialty boutique hotel，The second is an aircraft carrier-style resort commercial complex with integrated business formats like Mangrove Tree that includes food, drink, and fun。”The current CEO was originally an executive of the Burj Al Arab Hotel in Dubai，The newly joined general manager of the modern lifestyle business group was originally a professor at Seoul National University in South Korea。

Chen Mengchao told Zhihui，Currently, Mangrove Tree Resort World Operation Management Co., Ltd. has three major business segments: Traditional Hotel Convention and Exhibition Division、Modern Life Business Group and MVM (Cat Feed Cat) Holiday Supermarket。Among them, the modern life business group is under the jurisdiction of catering、Three major sectors of business and entertainment。The company adopts a matrix management model: each section has an administrative general manager，Subordinate business departments，Has appointment power and jurisdiction；But the general manager of each business line reports to the president，Still subject to vertical management by the division under the headquarters。

Now Chen Mengchao advocates the "Three Samenesses" internally，The goal is to cultivate a group of people who think in the same band to get things done on the same platform，“Create an innovative business model，First of all, we must have the same sense of innovation，Second in the same language，188bet online sports betting Third on the same platform。”

In addition to the construction of executive culture，Related options、The equity incentive mechanism is under construction，Chen Mengchao’s expression on Zhihui，The shoe bar that will retail Mangrove in the future、Fruit Bar、Slow Food Supermarket、Innovative independent business units such as unmanned noodle restaurants are established as independent start-up companies，Tie up the interests of the senior management team。

*The author of this article: Hong Liping, an analyst at Zhihui.