2022年1月7日，龙湖集团（00960.HK）发布公告，拟分拆旗下龙湖智创生活有限公司（以下简称为“龙湖智创生活”）于联交所主板独立上市。同日，龙湖智创生活向联交所递表。
截至2021年12月28日，龙湖物业管理服务签约及战略合作面积约4.4亿平方米，在管面积2.5亿平方米，一二线城市商业运营服务项目占比超过90%，在中国所有购物中心运营服务提供商中排名第三。
业内对于龙湖拆分物业上市的猜想已久，如今龙湖物业将要在联交所亮相，并且点亮了其“科技”属性，成为了科技与物业并进的轻资产公司。
近年来轻资产分拆上市已经成为了一种趋势，龙湖的选择可谓是行当行之事。
一、以智慧服务为基点
与传统的拆分物业或者拆分商业的单一渠道上市相比，龙湖创立了分拆轻资产上市的新模式。
龙湖智创生活，不仅是龙湖智慧服务和龙湖旗下商业运营服务和品牌的简单相加，而是结合了两个航道的轻资产属性，打造了具有协同效应的轻资产旗舰平台。
龙湖智创生活，商业模式主要分为三个板块，分别为：居住社区物业管理服务；商业运营管理服务；产业办公及城市服务。
在服务智慧化的大背景下，龙湖建立一套完整、系统化和行业领先的科技体系，通过人工智能、AIoT及智能应用，为业务流程以及员工和供货商赋能。
基于业务与设备更高效的运营管理，2014年，龙湖智创生活开始智慧引擎的探索，通过数年的实践与完善，如今已构建了系统性的科技支撑体系，将“人-空间-服务”打通，形成端到端的服务闭环。
在无接触的通行体验、慧眼系统下的无死角监控、设备的自我监控、移动端上的快捷报事与更为多元的线上服务，智慧化的物业服务提供全新的生活体验。
以智慧生活为基点的龙湖在成长的同时也受益于其发展的根本。
数据显示，前三季度，龙湖物业板块营业收入超77.7亿元，同比增长81.2%。
截至2021年12月28日，龙湖智创生活合约及战略合作面积4.4亿平方米，在管面积2.5亿平方米。其中，来自独立第三方的住宅及其他非商业物业在管面积占比为59.8%，较2019年末的38.2%提升21.6个百分点。在商业运营服务板块，截至2021年12月28日，龙湖智创生活为60个购物中心提供商业运营服务，合计面积580万平米。
根据龙湖智创生活披露，于2019年、2020年及截至2021年9月30日止九个月，在管购物中心的客流分别为4.722亿、4.587亿及5.043亿；于2019年、2020年在管购物中心的销售额分别约为267亿元、305亿元，截至2021年9月30日，过去一年销售额为446亿元。
二、以多元并进为抓手
向下扎根的同时，龙湖同时在向上扩展。
2018年，龙湖集团正式发布了“空间即服务”战略。依循战略，龙湖集团通过“开发+服务”双引擎驱动推动建造、管理空间、资产、产品、服务相互促进，“一个龙湖”业务共享数字化、智能化科技体系。龙湖集团通过组织升级与业务创新发展多个业务寻找适配方向，增强空间制造和管理能力、洞察客户能力、服务集成能力。
借助轻资产运营的核心能力，龙湖智创生活为购物中心提供全生命周期的资产管理服务，涵盖开业前的资产定位、设计咨询、招商管理，到开业后运营服务、租户管理、品牌输出和消费者服务等。
作为“一个龙湖”生态体系的核心成员，龙湖智创生活凭借高质量产品和服务，有力地维系“一个龙湖”生态体系与其庞大客户群之间的联系，在积极推动自身业务的发展的同时，与地产开发、商业投资、租赁住房、房屋租售等广泛业务航道相互协同。
中信证券表示，预计龙湖智创生活将跻身一线空间服务运营公司之列，且公司流通股东将直接和间接受益分拆公司的成长。
龙湖智创生活最佳可比公司是华润万象生活，两者都具备以一二线城市业务为主的物业在管组合和运营商场组合，都具备有全国影响力的品牌，都试图在物管和商管运营服务方面寻求协同，综合化满足消费者需求，也都具备一个信用强大、稳健发展的母公司作为坚实后盾。
就区别而言，龙湖智创生活的物管收入远大于华润万象生活，物管业务外拓和并购的经验也明显更为丰富，商管外拓则晚于华润万象生活，定位面向更广阔城市中产居民。
翻译：
On January 7, 2022, Longfor Group (00960.HK) announced that it plans to spin off its subsidiary Longfor Zhichuang Life Co., LTD. (hereinafter referred to as “Longfor Zhichuang Life”) and list it independently on the Main Board of the Stock Exchange. On the same day, Longfor Wisdom Life submitted its form to the Stock Exchange.
As of December 28, 2021, Longfor Property Management services signed and strategic cooperation area is about 440 million square meters, and the area under management is 250 million square meters. Commercial operation service projects in first and second-tier cities account for more than 90%, ranking the third among all shopping mall operation service providers in China.
The industry has been speculating for a long time about the separation of Longfor property listing. Now Longfor Property will make its debut in the Stock Exchange and light up its “technology” attribute. It become an asset-light company with both technology and property.
In recent years, asset-light spin-off listing has become a trend, and Longfor’s choice can be described as a profession.
Based on intelligent service
Compared with the traditional single channel listing of property separation or business separation, Longfor has created a new model of asset-light listing by separation.
Longfor Smart Life is not only a simple combination of Longfor Smart services and its commercial operation services and brands, but also a combination of the asset-light attributes of the two channels to create an asset-light flagship platform with synergistic effects.
The business model of Longfor Wisdom Life is mainly divided into three parts. Thet are residential community property management services; Business operation management services; Industrial office and urban services.
In the context of intelligent service, Longfor has established a complete, systematic and industry-leading technology system to empower business processes, employees and suppliers through artificial intelligence, AIoT and intelligent applications.
Wisdom engine
Based on more efficient operation and management of business and equipment, in 2014, Longfor Zhichuang Life began to explore the wisdom engine. Through several years of practice and improvement, now it has built a systematic scientific and technological support system to open up “human-space-service” and form an end-to-end service closed-loop.
In the contact-free traffic experience, the no-dead corner monitoring under the smart eye system, the self-monitoring of equipment, the fast news report on the mobile terminal and more diversified online services, the intelligent property service provides a new life experience.
Longfor, based on intelligent life, has benefited from its fundamental development while growing up.
Data show that in the first three quarters, the operating revenue of Longfor property sector exceeded 7.77 billion yuan, with a year-on-year growth of 81.2%.
As of December 28, 2021, the contract and strategic cooperation area of Longfor Zhichuang Living is 440 million square meters. And the area under management is 250 million square meters. Residential and other non-commercial properties from independent third parties accounted for 59.8% of the total area under management, up 21.6 percentage points from 38.2% at the end of 2019. In the commercial operation service segment, as of December 28, 2021, Longfor Zhichuang Life provides commercial operation services for 60 shopping centers, with a total area of 5.8 million square meters.
According to the disclosure of Longfor Wisdom Life, in 2019, 2020 and the nine months ending September 30, 2021, the customer flow in the managed shopping malls was 472.2 million, 458.7 million and 504.3 million, respectively. In 2019 and 2020, the sales volume in Guan shopping centers was 26.7 billion yuan and 30.5 billion yuan respectively. As of September 30, 2021, the sales volume in the past year was 44.6 billion yuan.
To advance in diversity as the starting point
As it took root downward, Longfor expanded upward.
In 2018, Longfor Group officially released its “space as a service” strategy. According to the strategy, Longfor Group promotes the mutual promotion of construction, management space, assets, products and services through the twin engines of “development + service”. And the “One Longfor” business shares the digital and intelligent science and technology system. Through organizational upgrading and business innovation, Longfor Group develops multiple businesses to find suitable directions. And it enhances its capacity of space manufacturing and management, customer insight and service integration.
With the core capability of asset-light operation, Longfor Wisdom Life provides shopping centers with asset management services for the whole life cycle. It includes pre-opening asset positioning, design consulting, investment management, post-opening operation services, tenant management, brand output and consumer services.
Virtue of high-quality products and services
As a core member of the “One Dragon for Lake” ecosystem, Longfor Zhichuang Life maintains a strong connection between the “One Dragon for Lake” ecosystem and its huge customer base by virtue of high-quality products and services. While actively promoting the development of its own business, it cooperates with a wide range of business channels. Such as real estate development, commercial investment, rental housing, housing rental and sales.
Citic Securities said it expects Longfor Zhichuang Life to be among the first-tier spatial service operators. And the company’s circulating shareholders will directly and indirectly benefit from the spin-off’s growth.
The best comparable company of Longfor is China Resources Vientiane Life. Both of them have the property management portfolio and the operation shopping mall portfolio mainly in the first – and second-tier cities. Both of them have the brand with national influence, both of them try to seek synergy in the property management and business management operation services to meet the needs of consumers in a comprehensive way. And both have a parent company with strong credit and stable development as the solid backing.
In terms of differences, the income of Longfor Wisdom Life is much higher than that of China Resources Vientiane Life. And the experience of external expansion and acquisition of property management business is also significantly richer. The development of external business management is later than that of China Resources Vientiane Life. And it is positioned for a wider range of urban middle class residents.
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