The successive release of the first quarter report，Let people more truly feel the impact of the epidemic on various industries。

Travel、The 188bet online sports betting industry has been greatly affected，Rujinmao 188bet online sports betting，The cumulative occupancy rate of 3437 operating rooms in the first quarter of 2020 is 25.1%，75 in the same period last year.6%，Decreased by 66% year-on-year.9%；The cumulative average house price is 1,408 yuan，Decreased by 7 year-on-year.5%；The cumulative revenue per room is 353 yuan，The same period last year was 990 yuan，Decreased by 64 year-on-year.4%。

And in the first quarter report，Jinmao 188bet online sports betting does not hide its caution and pessimism about the situation，Estimated tourism industry in the second quarter、Consumption in the 188bet online sports betting and tourism industry still dropped significantly year-on-year，Even the 188bet online sports betting occupancy rate in the first half of the year will be under greater pressure。

The Country Garden 188bet online sports betting business was also planning to be listed after Jin Mao 188bet online sports betting，There has been a lot of news recently。

Earlier April 11th，It is rumored that the assets of Country Garden City Garden 188bet online sports betting, namely Foshan Chancheng Hilton 188bet online sports betting, will be sold as a whole。Shanghai Stock Exchange announcement on April 16th，Country Garden Silver Beach 188bet online sports betting’s asset support special plan has been approved，The proposed issuance amount is 500 million。

And on April 20th，Country Garden released the latest news，The core alliance enterprise Fengyue Hotels and Resorts officially announced its establishment，Organize and manage more than 50 billion yuan in 188bet online sports betting assets around the world。

After several actions，It seems that the layout of Country Garden’s 188bet online sports betting business can be roughly copied。

50 billion 188bet online sports betting’s “new favorite”

It seems that few people pay attention to the 188bet online sports betting business of a real estate sales company。

In fact，Country Garden, whose main business is residential development, started developing 188bet online sports betting business before going public。New Year’s Day 2000，With the official trial opening of "Shunde Country Garden Resort"，Country Garden 188bet online sports betting Group begins to explore its own 188bet online sports betting brands and product lines。

The first annual report after listing in 2007，Country Garden continues to expand its 188bet online sports betting business，Expanded recurring revenue sources for non-residential project business，Making property income portfolio more diversified。

As of December 31, 2007，Country Garden already has 2 five-star hotels、5 five-star standard hotels and 1 four-star 188bet online sports betting opened，Another 4 5-star standard hotels are under construction，Including a total of 12 hotels in operation and under construction；Income，The 188bet online sports betting and its services recorded a total of 2.1.5 billion yuan。

The reason why there was a small-scale 188bet online sports betting business development at the beginning of listing，Because these 188bet online sports betting properties are basically developed as supporting residential projects。Stated in the annual report，Most of Country Garden’s hotels are located within its property development projects，The original intention of establishment is mainly to promote real estate sales，Exists to enhance the added value and influence of real estate projects。

can be seen，Growth of residential projects following expansion，The number of Country Garden 188bet online sports betting reserves has been growing steadily at a rate of about ten per year。

According to Guandian Real Estate New Media，At that time, Country Garden would not only publish in the company profile、The 188bet online sports betting business development was mentioned in Chairman Yang Guoqiang’s report and business discussion，The 188bet online sports betting projects currently in operation and under construction will also be listed in detail，Includes number of rooms、Planned opening time, etc.。

It’s 2011，188bet online sports betting has 41 hotels in operation and under preparation，5 more than the previous year，Income soared 69.8%，Mainly attributable to the increase in cumulative gross floor area under management。Year，188bet online sports betting Phoenix、Shaoguan 188bet online sports betting、Holiday Peninsula-Qingyuan、188bet online sports betting·Galaxy City and other properties are completed and delivered。

Data source: corporate financial reports, opinion index compilation

The oversized 188bet online sports betting asset package also puts some pressure on Country Garden。2017，The number of Country Garden hotels declined for the first time，The number of 188bet online sports betting reserve projects dropped sharply from 62 at the end of 2016 to 48，Meanwhile earnings fell 2% to 16.7.4 billion yuan。To this，Country Garden said it was due to the disposal of some hotels。

Starting in 2017，This is the time when 188bet online sports betting is expanding rapidly，From 100 billion to 300 billion to 550 billion，Until you sit on the pin crown。

This period，Country Garden has chosen to slim down its 188bet online sports betting business。

Then in 2018，188bet online sports betting business begins to fade out of Country Garden’s annual report，No longer obviously stand alone，Instead, it is included in “including property investment、Property management before spin-off and listing、Inside 188bet online sports betting Experience and Other Other Divisions，The details of hotels in operation and preparing to open have also been removed。

Read carefully，We can only know that the 188bet online sports betting segment revenue for the year is 25.500 million away，YoY growth of 52.3%。

At the end of 2019，Country Garden’s 188bet online sports betting business releases a new development signal—light asset output。October，Zhang Yong, Vice President of Country Garden 188bet online sports betting Group, said at the event，Country Garden 188bet online sports betting is planning to start asset-light export。

its name，Past 20 years，Country Garden 188bet online sports betting is used most of the time to serve real estate business，I have never thought about exporting 188bet online sports betting brands to other countries。Starting from May，Country Garden has sorted out its overall 188bet online sports betting brands，While upgrading the original brand，Also established several new brands，We will build a brand matrix in the 188bet online sports betting business in the future。

The latest news is，April 20, 2020，188bet online sports betting’s official public account issued a statement，Fengyue Hotels and Resorts, a core alliance company of 188bet online sports betting, officially announced its establishment。

Fengyue Hotels and Resorts is positioned as a high-quality 188bet online sports betting asset operator，Currently manages more than 50 billion yuan in 188bet online sports betting assets around the world，Providing operations and asset management services to more than 100 high-quality hotels。

This newly established company operates and manages Country Garden Phoenix、Country Garden Holiday、Feng Yue、Feng Yi、Feng Yue Qingshang、Bixi、Bi Lan、Fengqi and other eight distinctive 188bet online sports betting and apartment brands，Has a total of more than 30,000 guest rooms，Covering more than 50 cities in China and overseas。

Looking from the 188bet online sports betting and apartment brands managed by Fengyue，They are mainly based on Country Garden’s own classic brands，And compared with the current Country Garden 188bet online sports betting official website disclosure of “more than 100 hotels currently in operation or under construction，The total number of guest rooms is about 25,000” data is basically similar，can be roughly calculated，50 billion assets managed by this new platform，corresponds to Country Garden 188bet online sports betting business。

People familiar with Country Garden also pointed out the new media of Guandian Real Estate，This platform is more of a third-party organization independent from Country Garden，Founded by members of the original core management team of Country Garden 188bet online sports betting Group，Although most of the hotels currently taken over are Country Garden hotels，But we will explore more market-oriented operations in the future。

Weight loss and revitalization

On the one hand, it is to sort out the overall 188bet online sports betting brand under its banner、Independent operation platform，On the other hand，Country Garden is also revitalizing its huge 188bet online sports betting asset package。

For residential developers，The 188bet online sports betting business naturally has many "disadvantages": high property cost、Continuous investment and maintenance、Long return period, etc.，More need for sophisticated operations。

However，For developers，Hotels are often built in conjunction with residential developments。Such as Country Garden，Due to its residential business distribution and market development characteristics，The location of the 188bet online sports betting、The location is often not in the core area，It will also affect the occupancy rate accordingly、Income, etc.。

Go further，This also affects Country Garden Group’s own funds to a certain extent、Profit brings challenges，For example, when the group’s gross profit margin dropped in 2008，mentioned that the gross profit margin of construction decoration and 188bet online sports betting operations both dropped by 9 percentage points。

For this 188bet online sports betting asset package that may reach 50 billion，Country Garden did not choose to be stubborn or laissez-faire。

Sales should be one of the ways to reduce the burden of heavy assets，Just like handling 188bet online sports betting assets in 2017，Country Garden is also preparing to sell some 188bet online sports betting assets starting in 2019，Such as the overall assets of Country Garden Sanya County Yunhai 188bet online sports betting、Grand Mercure Foshan Country Garden、Maoming Country Garden Phoenix 188bet online sports betting, etc.。

Recent，Country Garden is also preparing to sell the assets of City Garden 188bet online sports betting as a whole，The total construction area of ​​this complex project reaches 740,000 square meters，The international five-star 188bet online sports betting to be sold is a Hilton cooperative 188bet online sports betting。

But reducing the burden、While returning funds，In fact, it also reduced its investment property assets，Making the asset package facing shrinkage。In addition, under the "residential + 188bet online sports betting development" mode，Finding a more effective way may be the long-term solution。

Guandian Real Estate New Media learned，By revitalizing assets、Leveraging funds is one of the ways Country Garden has explored the 188bet online sports betting business in recent years。

As early as 2015，Country Garden once sought to connect with the capital market by packaging its 188bet online sports betting business and listing it，Revitalizing existing assets。

2015 is a year that has attracted much attention for Country Garden’s 188bet online sports betting business。Beginning of the year，Wu Jianbin, then Country Garden’s chief financial officer, said to the public，The company plans to spin off the 188bet online sports betting business and go public，But we haven’t considered listing in the Mainland or Hong Kong yet。

Wu Jianbin also revealed in public，The market value of Country Garden’s 188bet online sports betting business at that time was approximately more than 20 billion yuan，Accounting for 4% of the group’s total market value。

It is worth mentioning，On June 19, 2014，Francshing Properties, which had not yet changed its name at that time, successfully spun off its 188bet online sports betting business and went public in Hong Kong，Listed assets include Shanghai Jinmao Grand Hyatt 188bet online sports betting、Jin Mao Westin Beijing and 6 other hotels in operation，The number of guest rooms exceeds 3400，Income from 188bet online sports betting operation business in 2013 20.HKD 6.1 billion。

According to the 2014 semi-annual report，Country Garden Phoenix Group has opened 39 five-star hotels or five-star standard hotels and 2 four-star hotels，A total of 11,670 guest rooms，Income is only 4.1.3 billion yuan。Comparing the number of rooms and revenue，The profitability of Country Garden’s 188bet online sports betting business is not very strong。

Country Garden once stated this in its annual report: Even though the revenue contribution from the 188bet online sports betting business segment accounts for a small proportion of the group’s total revenue，However, the establishment of a five-star standard 188bet online sports betting in the property has promoted sales，Improved the added value of real estate projects。

However，After that, the spin-off of Country Garden 188bet online sports betting seems to have gone nowhere，The listing plan has been put on hold。

The primary market does not work，188bet online sports betting turns to the secondary market to financialize the value of its precipitated assets，Make “dead assets” come alive。

July 2017，“CITIC-Jinshi-Country Garden 188bet online sports betting Special Plan” was successfully established on the Shanghai Stock Exchange，Total size is 35.100 million yuan。The underlying assets of the project are fourteen hotels under Country Garden，Respectively located in the Pearl River Delta、Zhongnan、East China and other regions。When the asset securitization product is issued，Using the future operating income of the above fourteen hotels as the source of cash flow，Realize the connection between the capital side and the asset side through the "ABS+Fund" structure。

This is a successful attempt by Country Garden to revitalize 188bet online sports betting assets，Afterward，Country Garden began to choose individual projects for package financing。

December last year，Country Garden plans to issue the “Country Garden Ten Mile Silver Beach 188bet online sports betting Asset Support Special Plan”，Proposed issuance amount 5.2.5 billion yuan，The underwriter/manager is Southern Capital Management Co., Ltd.。

This 188bet online sports betting belongs to the comprehensive Shili Silver Beach project，Located in Yapojiao Coastal Tourist Area, Huidong County, Huizhou, Guangdong，It is the first aggregator created by Country Garden、Live、A coastal resort project integrating leisure travel facilities and a five-star 188bet online sports betting，The overall area is 1.44 million square meters，Estimated to be developed in phases over 10 years。

Among them，Part of the 188bet online sports betting is 26 stories tall、336 rooms in total，All rooms are sea view rooms，And 10 multi-functional conference halls of different specifications, etc.，The entire 188bet online sports betting opened in 2012。

Compared to Country Garden’s other 188bet online sports betting projects that are mostly tied to residential business，Shili Silver Beach 188bet online sports betting has a resort 188bet online sports betting concept，In addition, it is located in the Xunliao Bay plate of Huizhou，Both the occupancy rate and the profit rate are guaranteed to a certain extent。In other words，This 188bet online sports betting project focuses more on its own location and resources，Instead of being attached to the residence。

April 16, 2020，The 188bet online sports betting ABS was officially approved，However, the issuance amount has increased from 5.2.5 billion yuan reduced to 500 million yuan。To this，Some insiders say，The epidemic will affect the income of 188bet online sports betting projects for more than half a year in the future，It is normal for the financing amount to be discounted。

“Under the influence of the epidemic，Being able to revitalize these precipitated assets is also a ‘way to survive’，Otherwise you have to sell。”

*Source of this article: Guandian Real Estate Network, author: Lin Xinlin, original title：《Solution》.