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Original title: Sunac Service’s ‘Leading’ Real Estate Rate Growth Rate
On November 19, Sunac Services Holdings Co., Ltd. (“Sunac Services”, stock code 01516, HK) officially landed on the Hong Kong main board.
On the first day of listing, Sunac Services had an opening price of HK $ 11.6 and a market value of nearly HK $ 35 billion, ranking among the best in the property management industry.
As a leading firm in the top 100 real estate management firms, the Sunac Services issue has received numerous and strong subscriptions from institutional investors and the four major luxury milestone investors of Tencent, IDG Capital, Hillhouse Capital and Snow Lake Capital Support, the company’s final price is 11.6 Hong Kong dollars, and the financing scale after the green shoe will reach 9.2 billion Hong Kong dollars, setting a new high for the current financing scale of listed property management companies.
Under the recent overall downward pressure on the real estate sector, the Sunac services market rose sharply on the first day of listing. It opened at 11.6 Hong Kong dollars early in trading and then steadily increased. The Hong Kong dollar closed up 21.9%.
At close, Sunac Services’ market value was HK $ 42.420 billion, ranking among the top three in real estate, highlighting the industry’s leading nature.
Cao Hongling, chief executive officer of Sunac Services, said: “Thank you to the investors for their continued support and recognition of Sunac’s services. Sunac’s services will take the listing as a new starting point. Based on continued consolidation and improvement of capabilities. of high quality service, Sunac will further cultivate the existing In central cities, expand the scale, increase density and further develop non-residential service formats, build an online service platform that integrates smart communities, real estate operations management and services for the customer life and rapidly develop an “ online + offline ” customer operational capability. “
Industry leader with leading growth rate
In the 16 years since its inception, Sunac’s services have developed at an exceptional speed. As of September 30, 2020, the company has a contract construction area of 247 million square meters, a construction area under management of 116 million square meters.
From 2017 to 2019, Sunac’s service revenues were 1.112 billion, 1.842 billion and 2.827 billion respectively, with a compound annual growth rate of 59.5%; profits for the same period were respectively 43 million, 98 million and 270 million yuan, with a compound annual growth rate of 150.7%. In the first half of this year, the company continued its high growth trend, with operating income of 1.79 billion yuan, a year-on-year increase of 52.9%; profit for the same period was 251 million yuan, an increase of 367.6%.
According to statistics from the China Index Research Institute, Sunac Services’ overall growth rate (calculated on the basis of the average annual growth rate of the managed construction area, contract area, revenues and profits) in 2019 was 94.1%, ranking first among the top 100 large real estate services companies.
If Sunac’s services can maintain a high growth rate in the future, the industry believes it depends on the market and the company’s capabilities.
In the post-epidemic era, the social economy and the improvement of people’s living standards have reexamined the importance of the real estate service sector. The market sees it as the next “golden trail”. In the future, those with fundamental competitive advantages and highly determined growth prospects The main company will usher in a great development opportunity.
It is understood that Sunac services will still benefit from the development of the parent company in the future, which is an important way to maintain its growth momentum.
At the same time, relying on Sunac China’s “Real Estate +” strategic advantages, Sunac’s comprehensive service management capabilities have been continuously strengthened, with a high starting point to implement cultural tourism, conference and exhibition and other formats of business, and continue to integrate high-quality resources to lay a solid foundation for market expansion.
Growth power seeks service empowerment from speed to quality
Relying on high quality services and comprehensive management capabilities in diversified business formats, Sunac Services has emerged in the external market.
In November 2019, the company completed the integration of Chengdu Global Century; in May 2020, completed the acquisition of Kaiyuan Property Management; in August 2020, formed a joint venture with Nanchang Municipal Public Asset Management Co., Ltd. to form Jiangxi Rongzheng Property Services Co., Ltd., To carry out in-depth cooperation in the field of urban service integration management and strive to become the largest public property integration service provider in Jiangxi Province; in June 2020, it reached a strategic cooperation agreement with Sunshine County Land Group Co., Ltd. and blocked a large number of its reserve projects.
As of June 30, 2020, Sunac’s service business scope covers 127 cities in 29 provinces, autonomous regions and municipalities in China; 86.1% of the group’s properties under management are located in first and second tier cities in China.
“The continuous improvement of external expansion capabilities will effectively increase the percentage of Sunac Services’ third party management area, increase market share and fully ensure medium and long term growth.”
At the same time, the high quality services provided by Sunac Services perfectly meet the needs of customers in high energy cities and are highly recognized by the market.
According to the report from the independent professional consultancy agency Saiwei Consulting, customer satisfaction with Sunac’s services in 2019 was 90 points, which is much higher than the industry average of 73 points and is at the industry benchmark. Furthermore, according to a report from the Chinese Academy of Sciences, Sunac Services was ranked among the “top 3 leading branded real estate service companies in China” in 2019.
Over the years, Sunac Services has relied on community homecoming space to create a colorful community atmosphere and social platforms for owners to build a new form of relationship with China’s neighbors; and to create five main events, namely the Future of Walking, the Few Words Plan, the Neighborhood Plan, the Owner Talent Show, and the Brand Activities Spring Festival Gala. This allows Sunac Services to have very high owner viscosity and will play a greater advantage in the new round of concentration competition in the property management sector. As of December 31, 2019, Sunac Services’ property management service agreement annual renewal rate was 99.7%.
After the listing, Sunac Services will continue to focus on deepening central cities, build and upgrade high-quality service systems, adhere to lean and technology orientation, promote community, commercial property and urban public property layout management and services and engage in development One of the most competitive high quality integrated property management service providers in China. Text / Tunxiao
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