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beike, the largest real estate agency platform in china, is no longer limited to real estate transactions. in land auctions in hot cities, beike's real estate team, beihaojia, has begun to compete with real estate developers including state-owned enterprises.

over 1 billion yuan was spent on the chengdu land price king, and the company plans to independently operate high-end residential projects

following xi'an, beike successfully advanced into chengdu and won prime residential land.

on september 20, the central urban area of ​​chengdu welcomed the first land auction of the month. the h12 plot of the third phase of the financial city in jinjiang district, chengdu was sold for a total price of 1.076 billion yuan, with a floor price of 27,300 yuan per square meter. this price surpassed the linjiaba plot in jinjiang district that jinmao had previously won, setting a new record for floor land prices in chengdu.

at the auction site, beihaojia (chengdu) real estate co., ltd. beat more than a dozen real estate companies and became the winner of the above-mentioned land with a premium rate of more than 42%.

who is beihaojia? industrial and commercial information shows that the major shareholder behind beihaojia (chengdu) real estate co., ltd. is the largest real estate agency platform in china - beike.

the paper learned from beihaojia that the above-mentioned chengdu project is initially positioned as a high-end residential product, and the entire process is expected to be independently managed by the beihaojia team, including land acquisition, positioning, design, marketing and other aspects.

it is worth mentioning that this is not the first time that shell has acquired land. at the end of july this year, shell's beihaojia holdings company successfully acquired two commercial and residential plots in weiyang district, xi'an, with a total transaction price of 134 million yuan. however, the xi'an project is not a self-developed project for beihaojia. at that time, shell responded that this was a multi-party cooperation project under beihaojia's "1+2 model". according to the needs of the partners, beihaojia provided a c2m (customer to manufacturer) product positioning solution based on big data support, as well as funding and marketing services. at the same time, as a partner, greentown management is responsible for construction services and brand output guarantees.

however, the chengdu project that shell spent a lot of money on is being independently managed by beihaojia. the paper learned from beihaojia that in the future, the chengdu project will not invite construction service providers, but will still cooperate with design institutes and construction units.

is beike starting to enter the real estate development industry?

shell's large-scale land acquisition in chengdu is also seen as the beginning of shell's entry into real estate development.

in this regard, an insider of beihaojia responded to the paper: "entering real estate development" is just a term. beihaojia's positioning is a "data-driven residential development service platform", which is very clear. beihaojia's commercialization model is definitely a light-asset platform service model (1+2 cooperation model).

since it is taking the asset-light route, why does beihaojia spend a huge amount of money to acquire the land itself and clearly operate it independently?

the above-mentioned person admitted that in the process of promoting the "1+2 cooperation model", it was found that without specific models and practical operations, it would be difficult to establish trust with developers. therefore, we are very cautious in selecting suitable projects in mainstream cities, verifying c2m capabilities through self-operation, delivering good products, good services and customer understanding, establishing a brand effect, and making developers and other partners more confident in beihaojia, so as to achieve long-term light model development.

chengdu may just be beihaojia’s first attempt. beihaojia did not respond to subsequent land acquisition plans, but said that it would decide whether to operate independently again depending on the situation of the land.

xu wangang, vice chairman of shell group and ceo of beihaojia, said that independently operating a project does not mean that beihaojia will become a real estate developer. it is mainly to better verify the implementation capabilities of shell's c2m product solutions and enhance the partners' trust in the "1+2 business model."

according to beike's conception, the "1+2 business model" is a model with "c2m product solutions supported by big data" as the core, supplemented by "flexible and diverse funding solutions" and "integrated online and offline efficient customer acquisition and marketing solutions."

beihaojia told the paper that many of the funding services in its proposed "1+2 business model" are based on the needs of partners and jointly funded by other funding parties. because of the projects beihaojia is involved in, many investors are willing to follow suit. it is understood that in the future, beihaojia will consider participating in or initiating the establishment of a fund to help potential partners expand financing channels, increase the certainty of development results through the support of product solutions, and share profits with investors.

traditional real estate giants will join

beihaojia is an attempt by beike to explore building a "good house" based on the principle of "selecting houses based on people and selecting land based on houses".

in july last year, beike upgraded its corporate strategy from "one body and two wings" to "one body and three wings" and adjusted its organizational structure. among them, "one body" refers to the real estate brokerage service business, and "three wings" added beihaojia on the basis of the original home improvement and huiju, forming four business lines.

beihaojia is the real estate team formed by beike. the paper learned that in the past year since its establishment, beihaojia has formed a diversified and professional team with ai algorithms, data products, customer research, design and construction, marketing planning, etc. many of the team members are from leading real estate companies such as vanke, longfor, and gemdale.

for example, yang baogang, former deputy general manager of the operation engineering department of longfor properties and general manager of the engineering management center of kwg group, du shanshan, former chief urban research partner of vanke beijing region, luo choujian, former head of the customer research center of longfor properties, jinke and gemdale group, guo jing, former general manager of the r&d center of longfor group, and xiao zheng, financial general manager of vanke northeast region, have all joined beihaojia.

among them, yang baogang is currently the general manager of beihaojia operation center, in charge of operations, engineering, procurement, costs, etc.; luo choujian is currently the general manager of beihaojia customer and market research center; guo jing is currently the general manager of beihaojia r&d and design center; xiao zheng is currently the general manager of beihaojia finance center.

from the perspective of organizational structure, beihaojia consists of a headquarters and city companies. in terms of headquarters, beihaojia has established a business development center, c2m innovation center, design and r&d center, construction management center, marketing center, as well as legal risk control, finance, human resources center and office. in terms of city companies, beihaojia has established formal preparatory groups (and registered branches) in four cities, namely beijing, shanghai, chengdu and xi'an, and has also set up relevant business personnel in other major cities.

judging from beihaojia’s actions, since this year, beihaojia has begun to emerge in popular plots in first- and second-tier markets. previously, beihaojia had been present in land auctions in beijing and guangzhou.

some developers believe that in a buyer's market, as the largest distributor of developers, beike has obvious advantages in customer acquisition and cash flow. therefore, it is predicted that beike will not acquire land on a large scale, but will mainly adopt a light-asset model of introducing construction or cooperation.

according to public information disclosed by beike, as of june 30, 2024, beike's total balance of cash, cash equivalents, restricted funds and short-term investments was rmb 59.7 billion.

however, some people in the industry have raised questions. if shell acquires land for development and utilizes its advantages, and if subsequent sales can deduct distribution costs to lower housing prices, this may be a major advantage of beihaojia compared to other real estate companies. this time, shell wants to create a high-end project, which is like asking people who buy "lv" to buy from the source factory. the brand recognition remains to be verified.

according to the monitoring information of the sichuan branch of china index academy, beihaojia has won the second residential land after the regional regulation of the financial city phase iii. the first land parcel of the financial city phase iii was sold to china resources land at a floor price of 20,700 yuan per square meter in june last year. in the first half of this year, it was launched on the market as "financial city jinchen mansion", with an average total price of more than 10 million yuan per unit.

in the face of doubts, beihaojia believes that the high price of the h12 plot of the third phase of the financial city in jinjiang district, chengdu is mainly due to the high quality of the plot, which does not necessarily mean high risk, but high value. this project is in a good location and not large in area, so the risk is relatively controllable. the chengdu market is relatively healthy, and the project size is moderate, avoiding the uncertainty caused by long cycles and large numbers of units. the project is located in a core area and the plot is of high quality. beihaojia also made the decision after calm thinking and prudent judgment. beihaojia has made full preparations, matched the right team and resources, and is confident of success.

"at present, the industry as a whole is undergoing a clearance process, and shell will face relatively less competition in terms of land acquisition and sales. currently, some non-typical real estate companies are also making some land acquisition moves. as a company in the real estate industry chain, shell wants to open up the industry chain. taking on one or two projects to conduct some experimental actions when the industry is at a low point is a strategic attempt." said an industry insider.

this time, with the launch of shell’s first self-operated project in chengdu, whether beihaojia’s “1+2 business model” can break through remains to be tested by the market.