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[WINS Honor] WINS Investment Won Double Awards of “New Power of Capital Management"
【WINS Trend】 The President of WINS Investment, Xu Yafeng Invited to “The Third Session of China Real Estate Asset Management Summit in 2018”
2018-12-20   

 

On December 20, 2018, “The Third Session of China Real Estate Asset Management Summit in 2018” jointly sponsored by Ruihr Think Tank, Winshang Club and LEJU Finance was successfully held in Beijing W Hotel. The theme of this conference is “Slow Wisdom through Confusion”, aiming at integrating industry pioneers, summing up past experience and jointly exploring the future path of real estate asset management and the secret of crossing the cycle under the current “uncertain” economic environment.

 

The theme of the main forum in the morning summit is: from development to asset management, lean thinking under slow wisdom. Zhang Ming, the chief economist of Ping An Securities, Zhang Jian, the founder and CEO of Nash Work, Eric Spirtas, the CEO of Spirtas Worldwide US-Sino International Association, Chen Feng, the president of Fubon Bank, Zhou Peng, the general manager of Joy City Real Estate, and Zhou Yue, the deputy general manager of Sino Ocean Capital, took the stage one after another and delivered excellent and practical keynote speeches.

 

 

After the speech, we entered the round-table dialogue session of the main forum, which was hosted by Liu Xiaolan, “the head of commercial real estate”. Xu Yafeng, the president of WINS Investment, was invited to participate in the dialogue, and discussed how to “survive” in the economic downturn with KKR Director Zhao Ran, Kang Hongen, the vice president of Jupai Holding Limited and partner of Jupai Asset, Hu Jing, the founder of DISTRII, Han Jing, the vice general manager of Worldunion Join Wealth and Wei Kai, the general manager of ITG Property.

 

 

Active management is particularly important

 

When asked by the host how financial institutions coped with the downward trend of the whole Chinese economy and real estate industry in 2018 and how to cross the cycle, Xu said that as a real estate private equity fund, WINS always stressed the importance of asset management. With regard to equity investment in development, we have more mature experience. “We chose to cooperate with small and medium-sized developers in equity investment and give full play to its active management ability and advantages in the process of cooperation.”

 

Embracing the change and adapting to the change

 

Regarding the pressure brought by the industry change in 2018, Xu mentioned the rhythm and cycle. In the past, the investment cycle of development equity WINS had focused on was basically 3 to 4 years, but with the arrival of the stock age, WINS paid more attention to urban renewal projects and launched the urban renewal fund in 2018. The project cycle of urban renewal will last at least 5 years, even taking into account the returns in the next 15 or 20 years. As the rhythm slows down and the cycle becomes longer, the future investment logic should also adapt to the slow investment logic. First of all, we should change from the original logic of sales investment recovery to the logic of gradual recovery by operating cash flow. Secondly, facing products with less rapid returns and less high returns in the short term, if they meet reasonable expectations of investment in the long run, WINS will still use its own capital and operating ability to adapt to such investment, and the capital market will also need such products.

 

Using “Dual-wheel Driving” to Cultivate Urban Renewal

 

In the field of urban renewal, Xu hopes that WINS will achieve “Dual-wheel Driving”. On the one hand, when purchasing an asset, it can invest a certain amount of money in the project through private equity fund, and then develop, transform and operate the project. On the other hand, when assets enter the stable operation period, it can withdraw from the capital by means of matching asset securitization. WINS has the corresponding ability and experience in both aspects. When the “two wheels” of ability are attached to an asset, even if it takes 15 or 20 years to be held, WINS can operate efficiently for all stages of capital while providing investors with diversified products and expected returns. Of course, WINS still needs to continue to strengthen its efforts and exploration in financial innovation and find more market support and capital support in the slow pace, which is also a challenge and opportunity for the whole industry.

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