“Sunac Cultural Tourism’s business has just begun。”August 22，Sunac China holds 2019 interim results conference in Hong Kong，Executive Director and Chief Executive Officer Wang Mengde said this at the meeting。

First half of this year，Sunac continues to adjust and optimize the layout of cultural tourism products，Steady improvement in operating efficiency and profitability。It is reported，Sunac achieved a total operating income of 768 in the first half of the year.400 million yuan，A year-on-year increase of about 64.9%；But Cultural Tourism City operating income 10.800 million yuan，Accounting for about 1% of total revenue.4%。

Wang Mengde said，The management of Sunac Culture and Tourism started in the fourth quarter of the second half of 2018，This year is still a relatively good start for the cultural tourism sector，Although the cultural tourism sector accounts for a relatively small proportion of the entire performance contribution，But cultural tourism is also something the company will continue to improve in the next few years、A process of hard work，I believe in the next 3 to 5 years，This performance will be slowly released，The long-term performance in the future will definitely be very good。”

With the two big IPs of Wang Jianlin and Sun Hongbin，Sunac Cultural Tourism has attracted much attention from the outside world since its “birth” last year，Since this year，Sunac Cultural Tourism’s layout is blooming everywhere，This is from Guangzhou、This can be seen from the intensive opening pace of cultural tourism cities such as Wuxi。

After Sunac created “high-end boutique” good houses” in 2016，By 2017, the “Mergers and Acquisitions of the Century” will begin to get involved in cultural tourism，In early 2018, Sunac officially established the Sunac Cultural Tourism segment，Started to provide quality services for customers’ “vacation travel”，Committed to building an “integrated service provider for a better life for Chinese families”，Sunac’s cultural and tourism layout can be described as step by step。

As the top 4 real estate in China，In the cultural tourism industry，Sunac is a latecomer，But Sunac is good at "mergers and acquisitions"，Swiftly and proactively，Layout in cultural tourism，One shot，Standing on the top of the giant。

July 19, 2017，Sunac Group acquires 91% stake in 13 cultural tourism projects managed by Wanda，Transaction amount reached 438.4.4 billion yuan。The consensus reached by both parties at that time was，Brands of these items、Planning content、Project construction and operation management will 188bet app continue to be controlled by Wanda，Sunac will continue for 20 years，Pay a brand licensing fee of RMB 50 million per project to Wanda every year，Total 13 billion yuan。October 2018，Sunac to 62.8.1 billion acquisition of Wanda Original Cultural Tourism Group and the design of 13 cultural tourism projects、Construction and Management Company。This allowed Sunac to get rid of the restrictions agreed at the time，That is, Sunac with a total of RMB 501.Acquisition of all equity interests in Wanda’s 13 cultural tourism projects for 2.5 billion yuan。

The appearance of Sunac Cultural Tourism，What behind this is Sun Hongbin’s determination to actively seek change。

Sun Hongbin said that investing in cultural tourism is investing in “poetry and distance”，Early 2018，Sunac established a specialized cultural tourism group，Separated from the real estate group，Independent operation。After successfully integrating the Wanda Cultural Tourism team，Sunac Cultural Tourism currently has designs、Construction、Content、Service、Complete operation team and system capabilities，Meet Chinese family customers around the clock、One-stop entertainment activities。

First half of this year，Sunac continues to adjust and optimize the layout of cultural tourism products，Steady improvement in operating efficiency and profitability。Among them，The unit price of each park increased by 27% year-on-year。Also，Customer price in each business type，Theme park increased by 44% year-on-year，Water World grew 31% year-on-year，Sea World grew by 27% year-on-year，Snow World increased by 20% year-on-year。Channel customer unit price is medium，Online travel increased by 53% year-on-year，Travel agencies increased by 29% year-on-year。Banna Dai show is independently performed by Sunac Performing Arts Team，Revision and upgrade，Income increased by 40% year-on-year，Passenger traffic increased by 21% year-on-year。The outdoor park of Nanchang Paradise was changed to an open park operation，Exploring new profit models，Income from April to July increased by 89% year-on-year。

June this year，Guangzhou、Wuxi’s flagship cultural and tourism cities have opened one after another。In business、Hotel、Among the three core business formats of the park，Guangzhou、Wuxi Sunac Mao’s opening occupancy rate reached 100%，Guangzhou Sunac Cultural Tourism City Sunac Mao reached 300,000 passengers on the first day；Wuxi Sunac Cultural Tourism City Sunac Hotel Group’s first weekend occupancy rate reached 85%，The occupancy rate often reaches 100% on subsequent weekends；Snow World has only been open for seven weeks，Cumulative passenger flow is about 150,000，Cumulative income exceeds 49 million yuan，Operating profit exceeds 30 million yuan。

As of now，Sunac Cultural Tourism has deployed 10 cultural tourism cities across the country、4 cultural tourism resorts、9 cultural tourism towns，It covers 39 Sunac Parks、24 businesses，And nearly 70 star hotels。The person in charge of Sunac Culture and Tourism 188bet online sports betting Group revealed，“Songac hopes that cultural tourism products have strong comprehensive service capabilities，Can meet the diverse needs of Chinese families for travel and vacation，Provide various scenarios。These scenes are mapped to the three major cultural tourism product types──Sunac Cultural Tourism City、Sunac Tourism Resort、Sunac Cultural Tourism Town。”

Establishment of Sunac Cultural Tourism，It can be said that it is also a precursor to the strategic upgrade of Sunac China。

After polishing by the market，Sunac’s scale advantage and brand advantage are beginning to be gradually established，We are making every effort to create a new growth pole。

Early this year，Sunac Group has made Sunac Real Estate、Sunac Services、Sunac Culture and Tourism、The new layout of the four strategic sectors of Sunac Culture。Wang Mengde said，"This change for us，It’s a challenge，Also an opportunity。”

Wang Mengde thinks，The strategic positioning upgrade is the deepening of Sunac’s strategic layout、The natural result of improving the ability to serve Chinese families。"Sunac Group will have two focuses in the future，That is, while maintaining the status of the core real estate business，Along the direction of "Real Estate+"，Serving a better life for Chinese families，Layout of cultural tourism and culture，The overall strategies of the two major groups, Sunac Cultural Tourism and Culture Group, are based on ‘content + platform + live entertainment’。”

The growth trajectory of most cultural tourism companies，Most of them first explore a benchmark project themselves，After being well-known in the industry and summarizing mature experience，Copy the pattern again，National expansion。For example, OCT’s cultural tourism real estate model based on Happy Valley，Huaqiang’s national expansion model based on Fantawild Park...objectively speaking，This investment model tends to be stable，Step by step，But the overall expansion speed will be very slow。

Different from the cookie-cutter replication model expansion path，Sunac Cultural Tourism has its own unique advantages since its birth。

“The ‘Three Highs’ are the three major advantages Sunac has when entering the cultural tourism industry。" Sunac President Wang Mengde said。

First，High starting point，As soon as you are born，Sunac Cultural Tourism owns 10 cultural tourism cities、4 tourist resorts、9 cultural tourism towns，and 39 parks，24 businesses and 70 star hotels。

Second，High occupancy。China Core City、The land in core areas is non-renewable，Advantageous resources also have “exclusivity”， Sunac has grabbed high-quality "chips" and "dividends"。Wang Mengde said，“Sunac Cultural Tourism has a high starting point to lay out the core area of ​​the city，Has the unique advantage of scarce product location，Has covered China 1、Second-tier core cities，Regardless of population base，Or transportation convenience，It’s hard to copy。Currently Sunac Cultural Tourism covers 188bet sports betting app download the core areas of China’s core cities and urban agglomerations，In these core areas，The total assets of Sunac’s 12 cultural tourism cities are 8.2 million square meters，And considering the exclusivity of the land，So the future，On scale，On location，It is difficult for China to find such a good location as Sunac、Large-scale cultural tourism project。

Third，High starting point team，Team is the key to cultural tourism。Effective in taking over Wanda Cultural Tourism Team，Sunac has covered professional cultural and tourism design since its establishment、Construction、Content、Service and operation teams of more than 7,000 people，About 5,000 of them are from Wanda Cultural Tourism。Currently，Sunac Cultural Tourism Team，It can be said to be the strongest team in the domestic cultural tourism industry。

Sunac cultural tourism business revenue reached 20 in 2018.300 million yuan，For the new entrant Sunac Cultural Tourism，This impressive performance has surpassed many tourism companies that have been listed for many years，Can be called a “rising star”。However，Real estate sales revenue relative to Sunac Cultural Tourism City，2 billion cultural tourism revenue，Seems not worth mentioning。

“12 projects managed by Sunac Cultural Tourism City，Sales in one and a half years have reached 120 billion”，At the performance briefing meeting after disclosing the financial report，A proud expression from Sunac，“Our current team in the cultural tourism sector can be said to be very strong，From design institute to construction，To management operations，I believe our team is leading in the industry，In addition, we are also optimizing and adjusting the business formats of the Cultural Tourism City，Make it more competitive。”

“2 billion cultural tourism revenue” VS “120 billion cultural tourism city real estate sales”，“Real estate has to surpass cultural tourism by a few streets? ”The operational logic behind this huge gap seems more intriguing。

Theoretically speaking，Real estate sales are a one-time deal，Not as sustainable as cultural tourism business，But the benefit cycle is long，There is something to say，"Sell the real estate business for one year，Worth 40 years of cultural tourism project operation”，This will fully expose the “industrial wealth gap” between real estate and tourism。This gap，Making real estate companies’ entry into cultural tourism a “dimensionality reduction attack”。

First，Size difference，Making the cultural tourism business incomparable with real estate。National commercial housing sales reached 15 trillion in 2018，And the national tourism revenue has just exceeded 5 trillion。In the context of currency depreciation and lack of reliable investment channels，Right-need housing is a limited choice for people to maintain and increase the value of their wealth。And travel，It is people who are satisfied with food, clothing and shelter、Medical、Education、188bet app download Consumption demand that will only arise after the need for elderly care。

Secondly，Concentration Gap，The concentration gap between real estate and tourism is even more obvious。Almost all commercial housing is sold through real estate companies，In addition to taking land、Outside financing and sales，Other aspects can be outsourced，Expansion and scale growth are also very convenient and fast，Just repeat these processes and it can be completed in a short period of time。

And in the tourism industry，5 trillion income distributed in "eating、Live、row、游、Purchase、Entertainment” whole industry chain，Relatively speaking，Very scattered。Such as transportation costs，In many outbound travel products, round-trip air tickets account for more than 70% of the cost，It is impossible for ordinary tourism companies to become airlines，It is impossible to do railway passenger transport business，We will not cover passenger car transportation from all over the world。These tourism services are embedded in social public transportation，As a result, a large part of the 5 trillion has nothing to do with tourism companies。eat、Live、The same goes for purchasing，Catering、Hotel、Shopping stores are very scattered，And labor intensive，High management costs、Expansion is not easy，And most of them are not commercial services specifically for tourism，It is a social industry。Only travel and entertainment，Can be regarded as the “plate” of tourism enterprises，But this is relative to traffic、Accommodation、Dining and luxury shopping，Not yet a “big expense”。

As a leading real estate company，Sunac is one of the few real estate companies that is not involved in diversified businesses。Sunac’s layout in diversified fields has formed two major strategic sectors - one is Sunac Culture and Tourism Group，Positioned as "China's Family Fun Supplier"，To provide Chinese families with an integrated happy vacation solution；The other one is Sunac Culture Group，Provide high-quality content and home entertainment platform for Chinese families，Including Oriental Film City、Le Rong Zhi Xin and Le Chuang Entertainment Assets。

According to the "China Family Travel Market Demand Report"，China is ushering in a new wave of consumption upgrade。Present，Family travel has accounted for 50% to 60% of the entire domestic and overseas travel market in China，More than 90% of consumers who desire family travel。Shown in the 2019 "Government Work Report"，The real growth of per capita disposable income of Chinese residents is 6.5%。Behind the continuous increase in income is the increasingly obvious trend of upgrading Chinese household consumption，The desire to pursue a better life is stronger。

In the context of China’s household consumption upgrade，Sunac Culture and Tourism positions itself as a “China Family Fun Supplier”，It’s not hard to see，Sunac’s ambition for the trillion-dollar 188bet Online Sports Betting and Casino market potential of cultural tourism。

2019，Sunac is making frequent moves in multi-business cooperation。

August 21，Sunac Cultural Strategic Holdings Dream City，Realizing strategic holdings of Dream City Culture，This also means that Sunac Culture’s “IP family” once again welcomes important members。Also，Sunac Culture will also promote the full implementation of Ali and other IP images held by Dream City in Cultural Tourism City，Carry out theme activities and exhibitions with Ali’s image IP as the core，And will promote the Ali series of animation characters to "station" in the water world in Sunac Cultural Tourism City、Sea World、Snow World、Sunac Mao、Hotels and outdoor parks, etc.。

Recently，Sunac Southwest signed contract with Modern Sky，Both parties jointly incubate a new music IP "Longing for Music Season"，Including music festivals and concerts, etc.，Creating music fashion labels for many cities in southwest China。According to the introduction at the signing ceremony，Both parties will export their respective superior resources and capabilities，Jointly promote cross-border cooperation between music and tourism destinations，Create local music festival IP，Create richer joy and enjoyment for the public。Infusing the spirit of fashion culture into the cultural tourism industry，Add a humanistic background to the vibrant cultural and tourism “country”，The happy cultural tourism product system with southwest characteristics created by Sunac Southwest，No longer just entertainment，But constantly enriching the connotation of cultural tourism joy、Continuously shaping the ecological chain of happy life，It is the product of the deep integration of culture and tourism。

The cultural tourism industry needs heavy investment、Long cycle，Wang Mengde, CEO of Sunac, previously stated，Cultural tourism is a long-term industry，It takes ten or even twenty years to form，Sunac will adhere to the long-term operation idea，Don’t look at short-term returns。

Reinvest、Long cycle is the characteristic of the cultural tourism industry，Sunac Cultural Tourism’s multi-business collaborative development model，It is precisely to cultivate its new profitability in the future，Thick planting soil。

However，Sun Hongbin has greater ambitions。At a symposium at the end of May this year，Sun Hongbin once said，Sunac Association will promote the linkage and collaboration between Sunac Tourism and Sunac Culture，“In the future, the combination of these two businesses will be China’s Disney model。”

Wang Jianlin’s unfulfilled dream，Sun Hongbin has taken over。In this "Shura Field" of cultural tourism，To create a “China’s Disney model”，Sun Hongbin and his Sunac Cultural Tourism，Already accelerated...

*This articleSource: WeChat public account "Mala Travel Investment", Author:Gengeng, original title: "Taking over from Wang Jianlin，How far is Sun Hongbin’s “Chinese Disney Model”?》