Article/Pan Helin, columnist of Sina Financial Opinion Leader (WeChat official account kopleader)
The capital pool risk of long-term rental apartments is the result of the rapid financialization of the industry, which directly affects the future healthy development of the industry. It is urgent to effectively manage the capital pool of long-term rental apartments. The key to management is how to solve the problem of "rent loan".
Recently, it was reported from the Shanghai long-term public rental market that the old apartment operator Yu Jian was suspected of suffering from a capital flow crisis, and Shanghai Huarui Bank sent a letter to ask about the security of the loan. Tens of thousands of tenants who had paid a deposit and were carrying installment loans were in danger of being taken back their houses and even being listed on the black list of credit investigation, and returned the rent The tenants' demands for rent loan exemption have not been officially responded.
This is only one of the thunder explosions in the long-term rental apartment so far, and the damage of the thunder explosion in the long-term rental apartment is no less than that of the P2P online loan platform.
Due to long-term business losses and corruption caused by internal management loopholes, coupled with the fact that dismissed employees compete for customers and spread adverse public opinion, the company ran money and eventually broke the capital chain, leading to the explosion of Dingjia, and thousands of tenants and their landlords and consumer finance institutions fell into disputes. In April 2018, Shanghai Love Apartment was forced to sell its equity due to cash flow failure and was eventually acquired by Zhongyuan Shijia for 120 million yuan.
In fact, these mine explosions are the result of the risk exposure of the long-term rental apartment fund pool. The blind financialization of long-term rental apartments has turned one rental enterprise after another into a standard financial enterprise, and the resulting capital pool contains huge risks. The actual rent has become a stable expectation. The generated loan funds are transferred to the company's name through the platform project, and the actual controller can be used for various purposes. This risk is like a balloon, which will eventually explode, It's just a matter of time.
The author believes that the capital pool risk of long-term rental apartments should not repeat the mistake of sharing bicycles. The capital pool risk of long-term rental apartments is the result of the rapid financialization of the industry, which will directly affect the future healthy development of the industry like a moth. We urgently need to effectively manage the capital pool of long-term rental apartments. The key to management is how to solve the "rent loan" problem Problems.
"Rent loan", to put it more generally, "That is, the long-term rental apartment platform takes the stability of renters' rents as a bargaining chip, obtains loans from a third-party loan platform, and then uses loans to carry out investment activities to earn high profits, while the renters become lenders, and the renters' rents will change to repay loans. Once the long-term rental apartment platform has problems in investment behavior, the resulting problems are consistent From the platform to the tenants, as well as the homeowners will be involved.
"Rent loan" comes from the inconsistency between the capital target and the reality. The goal of capital is to gain gains quickly. The nature of capital is to pursue profits, which means reducing all possible costs, including time costs. Rapid capital withdrawal is capital's favorite thing. The speed and amount of capital withdrawal determine the enthusiasm of capital, and the enthusiasm of capital also determines how long the invested enterprise can live.
As a result, the original long-term rental apartment has become a gambling arena for capital speculation. The reality of long-term rental apartments is that the payback period is long and the time cost is high. The landlord rents the house on the platform of the long-term rental apartment, and the tenant also pays the rent to the platform, which means that the real source of cash is only the steady rent income of the tenant. The resulting time lag makes it very difficult for the long-term rental apartment company to make money. They can only profit from the difference between the rent and the cost of taking the house, The low cost of getting the house will lose the source of the house, and the high rent will lose the tenants. The narrow profit space and the long return period make the traditional long rent apartment industry difficult to meet the capital requirements.
As the saying goes, "beating the snake and hitting the seven inches", the management of long-term rental apartments focuses on handling "rent loans", and the key to the supervision of "rent loans" is how to control capital.
As the saying goes, "Capitalists are not afraid to go to jail or kill their heads for money", capital can make an industry become crazy, or it can make an industry lose its reason. We can take a look at what capital brings to long-term rental apartments. The excessive "formaldehyde" has threatened the personal safety of many tenants, and has made Freedom the target of public criticism, which makes people wonder whether there is a "conscience" in long-term rental apartments; More importantly, capital has led many fanatics to commit crimes. According to the previous Tips on the Risks of Internet Finance in Regulating the "Long term Apartment" Business, many of these long term apartment service providers and their executives are suspected of various illegal acts, such as occupation of duties, misappropriation of funds, fraud, etc, The contract signed between the service provider of long-term rental apartment and the loan institution involves illegal appropriation of other people's property.
I think we can reasonably adjust the originator of fund pool risk - "rent loan". Since the stability of rent is an inherently high-quality investment product, we can make it securitized through refined management and scientific and standardized means to break away from third-party online lending institutions and become a standardized securities product, Or through the bond management mechanism, the implicit debt debt relationship formed underground can also be described in detail when the contract is written. Under the condition of ensuring the information symmetry between the two parties, it can become a legal debt debt relationship, exposing everything to the sun, and then establishing a perfect information disclosure mechanism, It is believed that this method can not only meet the current demand for capital transfusion in the field of long-term rental apartments, but also control the capital craze like a raging beast.
It is worth mentioning that the risk of capital pool has been exposed in bike sharing, which is also a big failure in bike sharing. The capital pool of long-term rental apartments must be strictly controlled to avoid repeating the mistake of sharing bicycles. In particular, long-term rental apartments are related to the survival of most young people, and should not be careless.
(The author of this article introduces: famous young economist, famous financial commentator)
