Weibo by Ding Yaming has not been updated for many years.

Open his home page in Weibo, and it still says "Ding Yaming, Managing Director of Forte Win Capital" in the column of identity tag, and his last Weibo was sent late at night on March 2th, 213.

For Ding Yaming, Weibo has become a thing of the past, but real estate finance is still something that runs through his life these years.

some people say that he is one of the earliest employees in the industry. He worked for Fosun Group in 28 and was responsible for the real estate fund business of Fosun Group in 211; In 214, in the era of financial capital management, Ding Yaming, who has a sea of stars in his heart, left the familiar platform and started a business in the sea.

In that year, Ding Yaming and shareholders of financial institutions jointly established Puying Assets.

in the following time, he began to further explore real estate equity, bond investment, stock property assets merger and acquisition, real estate asset management and operation, and so on.

Opportunities are reserved for capable people

On November 3rd, Ding Yaming, the founder and CEO of Puying Assets, came to the scene of the 22 Viewpoint Business Annual Conference. In the morning, he talked on the stage in Kan Kan and discussed the investment value of existing assets with the guests.

In the afternoon, Ding Yaming came to the live broadcast room of Viewpoint Business Annual Meeting.

Before that, we had face-to-face communication with Ding Yaming several times; Seeing you again, he talked for more than forty minutes, and he kept talking and witticizing.

the topic begins with the epidemic situation.

22 is a special year. With the black swan coming, the rhythm of all walks of life is more or less disrupted. For investment institutions, the epidemic has disrupted the rhythm and plan of fund-raising and investment, and the tracking, negotiation and adjustment of the target projects may be postponed.

However, the epidemic situation brings risks as well as opportunities for the development of enterprises. Is it a good opportunity to bargain-hunting after the epidemic situation? Does the fluctuation and downturn of the real estate market provide a good opportunity for real estate equity investment?

"The word bargain-hunting is not very appropriate either, because there are special opportunities at each stage, but at the bottom of the market, not everyone can make money by investing." Ding Yaming believes that in the face of special opportunities, it is necessary to be "bottom-hunting". On the one hand, we must have the luck to meet opportunities and find suitable projects. Many opportunities are also "inevitable" by accident; Second, we must have certain financial strength and keep sufficient cash; Third, we must have operational and asset management capabilities and be able to revitalize "distressed assets".

"Special opportunities are only suitable for people with ability." He stressed.

In fact, when the real estate industry entered the silver age, with the influence of financial supervision superimposed, the difficult mood had already spread in the industry. Many people believe that it is impossible for the corresponding equity investment and real estate investment to appear the wealth myth of three times or five times in ten years.

Ding Yaming holds different views on this. In his view, China's economic development is still in an upward cycle, and the real estate industry is driven by various demands, and the overall valuation continues to improve. Therefore, the current investment in real estate in China is still in a stable state with long-term benefits, and some market dividends exist.

To prove his point, Ding Yaming gave us two reasons.

first, the field of real estate equity investment is actually very broad, including not only residence, but also commerce, office, research and development, logistics, and even some special-purpose assets, such as cold chain warehouses, IDC data centers and so on. Different investment goals are influenced by the economy and macro-control, which is one of the factors that keep him optimistic.

Secondly, real estate investment projects require high capital. Generally speaking, a project in first-tier cities may reach billions of investments. Therefore, from the perspective of asset allocation, real estate is still an inevitable choice for large investment institutions such as insurance and foreign funds.

whether it is the influence of the epidemic black swan, the change of financial supervision, or even the uncertainty of the industry environment, Ding Yaming has always been a "sunrise" mentality and remains optimistic about the prospect of real estate equity investment.

favoring office assets

As for office assets, the reasons for choosing Puying assets can be summed up as: strong professionalism and stable returns.

In fact, the investment in residential projects is the most basic type of equity investment by real estate funds, and it doesn't need much professional ability. As long as you are cost-conscious, don't invest in the highest land price, and do a good job in band investment, you can get better market returns. However, in the long run, "low risk, low income", the rate of return of housing will gradually decline and tend to average income in the future. However, the operation of commercial projects is difficult and the investment is highly volatile.

Ding Yaming pointed out that the long-term value of Puying Assets is office property. On the one hand, although the income of office projects is not too high, it is very stable. The relative stability of office rental users determines the stability of property income; On the other hand, when investing in office property, the customers are enterprises, and there is more room and imagination to extend services.

"We choose office as the main form of investment, which can not only obtain stable rental income and increase the value of property assets, but also get in touch with more growth enterprises and participate in the equity investment of some enterprises."

However, office properties have high requirements for site selection. At the same time, in recent two years, office buildings in first-and second-tier cities are facing the problems of rising vacancy rate and falling rents.

Ding Yaming was not embarrassed. He mentioned that the Puying team, through the study of the past large-scale property transaction data in first-tier cities, thought that the investment in office property in first-tier cities was the best choice. Because the assets of first-tier cities have good liquidity and are favored by mainstream investment institutions, and the demand for industry and employment is high, there is great potential for rent growth in the long run.

As for the vacancy rate, Ding Yaming said: "At present, the rent of office property is facing some challenges in the short term, but from another perspective, the decline in rent means that the market price of potential investment properties will also be adjusted, and you will have more investment opportunities."

"The rent has declined, but if you have excellent asset management ability, you can stabilize the rent at an ideal level after the acquisition, or you can increase the rent price, you can get higher income than the market."

According to Viewpoint Real Estate New Media, up to now, the scale of office property invested by Puying Assets in Shanghai is close to 5, square meters, and the scale of managing real estate funds exceeds 1 billion. In addition to Shanghai, Puying has invested in nearly 3 high-quality real estate projects since its establishment seven years ago in first-and second-tier cities such as Beijing, Hangzhou and Hefei.

When it comes to the future development goals of Puying Assets, Ding Yaming is a little "Buddhist".

"We won't set a target on the scale of investment, we haven't said how many billions we will invest in a year, and we won't ask for how many square meters of property we will buy in terms of asset scale."

What he hopes is that all the projects invested by Puying Assets will have stable value-added, and they can achieve good investment operation, constantly improve the rental rate, choose the right time to quit, and get the expected return on investment.

The following is an interview with Ding Yaming, founder and CEO of Puying Assets by Viewpoint Real Estate New Media:

Viewpoint Real Estate New Media: At this stage, where do you think the opportunities for real estate equity investment are?

Ding Yaming: As far as real estate equity investment is concerned, firstly, it covers a wide range of fields, including not only residence, but also commerce, office, R&D, logistics and even some special-purpose assets, such as cold chain warehouses and IDC data centers.

Second, real estate investment requires higher capital. At present, the price of real estate in China is still relatively expensive, and the amount of each project will be relatively large, which is why many financial institutions are very optimistic about real estate investment.

because the investment in other projects is only tens of millions, and real estate has scale effect, it may be billions to be optimistic about a project, especially in first-tier cities, so it is a sense of accomplishment for investment teams and an inevitable choice for asset allocation of large institutions.

In addition, China's economic development is still in an upward cycle, and the real estate is also driven by various demands, and the overall valuation is still rising. Therefore, the current investment in real estate in China is basically in a stable, long-term and profitable state, and there are still some market dividends.

viewpoint real estate new media: real estate also includes commercial, residential and logistics. Will there be a certain proportion when choosing these investment targets?

Ding Yaming: From the perspective of preference, everyone thinks that residential investment is relatively simple, and it doesn't need much professional ability. As long as you are cost-conscious and don't invest at the highest point, you can get better market returns.

From a longer-term perspective, it is precisely because the difficulty of residential investment is relatively low that the logic of investment is increasingly reflected: low risk, low income, and the return rate of housing in the future tends to average income.

We have made some screening from all kinds of real estate investments, and we are more optimistic about office properties. Because the income of office property is more stable than that of commercial property; Second, the business will be more difficult and more volatile, but the office rental users are relatively stable, basically focusing on customers with office needs.

In addition, many clients of office property are enterprises, with many extendable services and opportunities for equity investment. In the capital market, science and technology innovation board and Growth Enterprise Market are good for enterprises with growth themes.

if you choose to invest in office as the main format, you can not only get stable rental income and increase the value of property assets, but also get in touch with more growth enterprises and participate in the equity investment of some enterprises. We think this is a good opportunity.

Every organization has its own familiar fields, and we may be better at office projects in the field of urban renewal, so we will also study the industrial planning of each region and make some forward-looking layouts.

viewpoint real estate new media: what are the requirements for lots?

ding Yaming: first-tier cities are the best choice. by studying the transaction records of bulk transactions in first-tier cities in the past few years, taking Shanghai as an example, the bulk transactions in the past three years were basically around 1 billion, and most of them were office properties.

First-tier cities have good liquidity, and they are definitely the areas that mainstream institutions want to invest in. Second-tier cities, such as Xi 'an, Zhengzhou and 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, and the liquidity of assets is almost poor.

from the current market environment, office property rents are facing some challenges. However, from the perspective of investment, if the rent declines, it means that the market price of potential investment opportunities will also be adjusted, so that prices that may not have been thought of before can be obtained.

After the outbreak, the office prices of the holding properties sold in the market have been greatly discounted. Therefore, for investment institutions, it is possible to find a suitable target at any stage, including the rent increase stage and the rent decrease stage, so this is not a fundamental problem.

second, it is precisely because the potential of rent has not been fully released. If you have excellent asset management ability, you can stabilize the property rent at an ideal level after the acquisition, or increase the rent price, you can get higher income.

opinion real estate new media: after the epidemic, is office assets a good opportunity to bargain-hunting?

ding Yaming: the word bargain-hunting is not very appropriate, because there are special opportunities at each stage. Even at the bottom, not everyone can earn money, so special opportunities are only suitable for those who have the ability.

first of all, there must be a certain threshold of funds; Second, we must have the ability to operate; Third, every project is a special opportunity. Whether you can meet this opportunity or not, many things are inevitable by accident.

The impact of the epidemic may be a little better than expected, because people had a poor expectation before, and thought it might have a huge impact on the economy and market environment. But in fact, due to the timely control of the government and the support of all sectors of society, the epidemic has been better controlled.

Therefore, in the current environment, we should actively focus our business direction on specific goals. At present, it may not be suitable for diversified investment. From the market point of view, as long as all enterprises do their main business well, they will certainly be able to persist in the epidemic.

viewpoint real estate new media: what are the long-term planning and short-term planning of Puying assets?

second, we will constantly cultivate our asset management ability during the investment process, hoping to be the most professional operator in this field.

investment and asset management are two indispensable aspects of our business, which are our positioning for our company and our overall development plan for the future.

This article comes from Viewpoint Real Estate Network.