內地物業管理市場 發展潛力無限

MAINLAND PROPERTY MANAGEMENT MARKET SHOWS UNLIMITED POTENTIAL

Mainland Property Management Market Shows Unlimited Potential

近月，雅生活服務宣佈，以固定對價十五多億元（人民幣．下同）代價收購中民物業六成股權，以及可變對價收購新中民物業六成股權，但總額不超過五億元。是次收購當中有一半為公共物業管理面積，屬未來行業增長範疇及較少受到物業週期影響的市場。悉知，政府正開放公共物業管理市場，據瑞銀估算，內地目前公共物業管理市場規模為四千億元，為住宅物業管理市場規模六成半之多，反映內地整體物業管理市場規模龐大。雖然利潤較低及管理費需要每一至三年重新審視，但公共物業管理費較住宅和商業物業管相對較穩定。

住宅物業管方面，內地樓市今年進一步穩定下來，預計未來數年內地物業管理行業會持續處於快速發展階段。由於目前在港上市的內地物業管理公司，大多數從內房母公司分拆出來，俱備可靠收入和盈利增長趨勢。內地人經濟條件持續改善，業主普遍提升了對物業管理公司的要求。事實上，基本住宅物業管理服務，包括提供保安、清潔、綠化及園藝、維修及保養等服務。同時，非業主增值服務，則包括向物業開發商提供協銷服務及廣告、物業代理及房屋檢驗服務。隨著港澳大灣區房地產急速發展，物業管理費持續攀升，物業管理市場發展潛力增大。預期行業競爭將會加劇，優化國內外各大大小小物業管理專業團隊的服務質素。業主選擇多了，除了能享用高質素的物管服務外，亦有助提升後續物業升值潛力。

In recent months, A-living Services announced that it has acquired a 60% stake in Zhongmin Property at a fixed consideration of more than RMB 1.5 billion and a 60% stake in Xinzhongmin Property with variable consideration, but the scale is no more than RMB 500 million. Half of the acquisitions are public property management areas, which is expected to be the future growth of the sector and unlikely to be affected by the property market cycle. Sources indicate that the government is opening up the public property management market; according to a UBS research report, the existing public property management market in the Mainland is worth RMB 400 billion, accounting for more than 65% of the residential property management market, reflecting the huge property management market in Mainland China. Although profit margins and management fees need to be re-examined every one to three years, public property management fees are relatively stable compared to residential and commercial property management.

In terms of the residential property management market, the Mainland property market has further stabilised this year. It is expected that the property management industry in the Mainland will undergo a rapid development stage in the coming few years. Since most of the Mainland property management companies currently listed in Hong Kong are divested from domestic parent companies in China, they have reliable income and show a trend of profit growth. Mainlanders' economic outlook has continued to improve, and owners have generally raised their requirements for property management companies. In fact, basic residential property management services include providing safety, cleaning, greening and gardening, repairing and maintenance services. At the same time, non-owner value-added services include providing joint sales services and advertising and property agency and home inspection services to real estate developers. With the rapid development of real estate in Hong Kong and the Greater Bay Area, property management fees continue to rise, and the development potential of the property management market continues to increase. It is expected to intensify competition in the industry and optimise the service quality of various professional management teams at home and abroad. In addition to high-quality property management services, owners also have the chance to further increase the potential property appreciation in the following years.