Perennial losses, successively exploding positions, money is the omnipotent golden rule, and the long-term rental apartment began to expire. At the moment Nasdaq knocked on the clock, these problems were enough to worry about the green.

文/陈凯乐

After being free and rumored to be listed on the eggshell, the long-term apartment that was first confirmed to be listed was the Green Apartment. Along with the release of the prospectus, the company that burned 1.1 billion in two years, but did not keep the cloud open to see the moon, more like the embarrassing situation of the urgent need for listing financing.

From October 7th, the prospectus was submitted, and the prospectus file was updated on the 25th. In 18 days, Qingke faced the industry’s torture. The prospectus shows that Qingke will issue 5.2 million ADS (American Depositary Shares) this time, raising up to $100 million. There is not much money, but for the green customers whose asset-liability ratio is as high as 133%, the money is more like a near-water rescue.

After burning 1.1 billion, the prospect of Qingke Apartment going to the US is unknown

You can’t just be in front of you, and long-term rental apartments are also. Perennial losses, successively exploding positions, money is the omnipotent golden rule, and the long-term rental apartment began to expire. At the moment Nasdaq knocked on the clock, these problems were enough to worry about the green. Of course, the premise is that he can successfully ring the clock.

Burning money is not limited

The history of the growth of Qingke is a living history of burning money.

In early 2013, the one-year-old Qingke brought in more than 4 million angel investments in Newcom Ventures; in September of that year, this number became 10 times; in 2014, after a year of hard work, Newcom and Safran have spent another 30 million US dollars. Four years later, in 2018, Qingke ushered in more than 100 million US dollars in equity financing.

The prospectus shows that in 2017, 2018 and the first six months of 2019, the net loss of Tsinghua was 245 million yuan, 489 million yuan, 373 million yuan, and burned 1.17 billion in two and a half years. .

Fortunately, nearly 12 billion in, it is still a bit loud. In the long-selling apartment market in the staking area, facing the giants such as the free shells and eggshells, Qingke still held a batch of houses.

After burning 1.1 billion, the prospect of Qingke Apartment going to the US is unknown

According to Zinc Finance, as of December 31, 2012, Tsinghua has 940 leaseable units in Shanghai. 6 years later, this numberIt has become 91,200, and the annual recombination rate is 114%. This number is not too small, but there is no advantage. In contrast, the eggshell that shouted “Internet + real estate + finance” captured 400,000 apartments in four years; and it was born out of the chain, and it was a list of nearly 860,000 homes.

“These companies generally want to get financing when they start, but if they are financing, they will look at your market share. So, companies are afraid to lose money and they have to work hard to expand.” The key is in the middle. In the case of successful eggshells and free financing, ringing bells, listing, financing, and burning money to grab houses have become the only life-saving straw for Qingke,

1% profit

In 2018, Pan Shiyi’s phrase “long-term rental apartment was not a good model, with a return rate of only 1%”, was pronounced for the long-selling apartment in the ascendant.

The seven-year-old Qingke has to face the same problem.

In the IPO prospectus, Tsinghua described itself as the role of “rental rental from the landlord and then unified transformation to standardized housing rental” under the decentralized leasing and operation model. Doing business with middlemen to make bad money, the days of green customers are not good.

The vacancy rate is a knife in your heart. A long-rent apartment practitioner told the media that if there is no 90% occupancy rate, long-term rental apartments must be at a loss. In 2017 and 2018, the average occupancy rate of Qingke was 89% and 91.6% respectively. By June 2019, this number had fallen to 90.6%, a drop of 1%.

If 90,000 homes are used as a reference, Tsinghua has 900 houses that have been idle for half a year. Combined with the monthly rent of 1,272 yuan disclosed in the previous prospectus, the 1% occupancy rate fell, bringing nearly 7 million losses to Qingke. If combined with the occupancy rate of 90.6%, only the house is vacant, the loss to the green passenger is as high as 70 million.

After burning 1.1 billion, the prospect of Qingke Apartment going to the US is unknown

Take your eyes again and the two giants of the eggshell. After the purchase of 200 million US dollars to buy and rent, the number of eggshell apartment management rooms is close to 400,000; to achieve the “sales of 500,000 to 1 million” free, so it is like a thin ice.

The water can carry a boat and can also overturn the boat. Long-rental apartments are especially popular, and once they are vacant, they immediately become bombs, causing collective thunder in long-rent apartments. The memory of a person must be longer than that of a fish, and the sound of a long-rent apartment like a crashing collapse is still echoing in the ear.

The apartment platform is restricted by the property, and it is open for survival.The price rises.

On November 30, 2018, a supplemental notice (hereinafter referred to as the “Notice of Renewal of the Increase”) was used to tear open the price increase of long-term rental apartments. The notice indicates that from December 1st, it will be free to cancel the price increase and the renewal rate does not exceed 5% limit, and in order to maintain a reasonable price increase, the system’s renewal price will increase by 10%. Since then, eggshells and green customers have followed suit.

“Every day, when you open your eyes, there is a string of numbers that come out of your mind: a mortgage of 6,000, a cost of eating and drinking of two thousand five, a kindergarten of one thousand five, a human relationship of six hundred, and a transportation fee of 580. Property management Three or four hundred.” At this point, the 2009 hot drama “Dwelling House” was perfected in the reality of 9 years later.

In addition to the price increase, the public’s impression of long-term rental apartments has always been stuck in the negative impression that the furniture decoration exceeds the standard and the long-term rental apartment cannot achieve profitability. The “2019 China Long-term Apartment Market Status Survey and Consumer Behavior Monitoring Report” released by the Ai Media report shows that the long-rental apartment network has only 23.1.

The cutest imagination

Before the Greener, the eggshell and the free platform were exposed to be listed.

According to Zinc Finance, as early as September, the eggshell was exposed to go public in the United States, raising a total amount of 700 million US dollars, and similarly, sitting in the top spot in the industry, it was also revealed that it will be listed next year. .

Although it ended in the end, it is obviously not a hole in the wind. Holding the eggshells of hundreds of thousands of houses and being comfortable, naturally there is a strong atmosphere for capital. According to the data of the enterprise, since the establishment in 2015, the eggshell has completed 6 rounds of financing, the valuation has exceeded 2 billion US dollars; after the completion of 500 million US dollars of financing, the free market value has soared to 5 billion US dollars.

After burning 1.1 billion, the prospect of Qingke Apartment going to the US is unknown

Behind the lack of capital trends, the market for long-rent apartments is reflected.

The rental population of Beijing is 7.35 million, and the total number of listings is 538,985. 13 people grab a house;

The penetration rate of the long-term rental market in the rental market is less than 10%;

In 2017 alone, 20 parents rented branded apartments to complete financing, the amount exceeded 41.8 billion;

The scale of the rental market in 2020 will reach 2.71 trillion.

There is not much data, but it is enough to make the capital red.

“When the profit reaches 10%, someone will be tempted; when the profit reaches 50%, some people dare to take risks; when the profit reaches 100%, he dares to trample on the world.Cut the law; when the profit reaches 300%, even the gallows are fearless.

In the United Kingdom more than 100 years ago, the classic that Marquez said was still echoing in his ear.

When the long-term rental apartment has not yet reached the deep water area, the capital is surging, and the battle is going on everywhere, in order to survive the last darkness before dawn. The glimmer of burning money may dispel the most bitter cold of the night.

But the premise is that you must survive before dawn.

After achieving the scale effect, the marginal cost can be reduced, plus proper management, and then start making money. Only when you become the industry leader and control the market, you can use the monopoly to raise the rent, just like today’s Didi. This is the ‘the cutest’ imagination for the future.

So even if the listing is successful, Qingke has to prepare for continued profitability. After all, it is not a small number of people who are still in a difficult situation after the success of the listing. Previous Uber, baby tree is a living example. On the eve of the listing, there is no single case. WeWork is still in the trap.

Fine and differentiated operations may be a way. As the CEO Xiong Lin said, it is not a long-term rental apartment company, but a technology company that provides residential products and living services. He directed the target directly at the “end point.”

After going public in the US, the green customer may have to find his own “end point”.