Here we enter the dialogue session, we will ask all the speakers are up to the podium, so that if there are any questions we can ask these guests. In addition I would like to introduce here another special guest, she will participate in part of our morning conversation, the guest was Miss Wang Renlan, she is SME Banking, Standard Chartered Bank assistant vice president of commercial real estate financing, we are very welcome part of her participation in the dialogue, because this is a very good opportunity to explore the commercial sector can work together financing, the following morning welcomed three guest speakers, and Miss Wang Renlan.
morning speech to the stage guests have come so far I have received only a question of the list, I think because am talking about is from investment speech, then to the management, John Deenihan from design start. my question is to start with John Deenihan the beginning, because design is the most early commercial real estate work. So the first question to my first John Deenihan, the problem is in fact very, very technology, a problem with domestic developers in the process of engagement we encountered this problem, developers hope that the general design, to provide them with the design requirements, it also reflects the wish to have a very fast speed, but also hope the project's geographical location, culture, environment has a very deep understanding, I think I will ask the first question, Mr. John Deenihan as RSA, is concerned, how they coordinate their office in Los Angeles and Beijing Office team work to meet customer demand.
John Deenihan: This is a very good question. In fact, many people ask us this question. We are in the design process on how to complete the design, for example, we in Los Angeles a company's headquarters, we have business in there, mainly in the design side. So I think it is important here is that we need to complete the design task, when the expertise of the United States where we have a better understanding of our environment for the United States .
If in China, how to do, when to the scene initially signed the contract, the many cases that we must take our main designers to China, brought to this city, or Beijing, or Nanjing in Nanjing, we now have a project, the designer must be taken to Nanjing, stay there for a week or two weeks. on an understanding of your project to understand the background and culture, a detailed study of these, which Design is our main process, so we have to communicate closely with our customers on land, the environment, in addition to the overall understanding of the environment, in order to maintain its continuity, we have the chief representative in China, for example, we are in Beijing the office, we have administrative staff, he is representative of our Beijing office, he is also the designer, born in the U.S. has been living in China a few years, he has given us is the main provider of the daily work of liaison and communication , so if there is a demand of our customers have requested, then you can call him. so adopted and his communication, the best time we can reflect to us the problem.
Zhu Rong: I'm in there A new problem is that when design concepts and ideas on planning policy in China conflict, how is a reasonable solution to achieve the best results?
John Deenihan: cultural differences in the two countries, cultural differences, there Regional differences in any of the items made in China will have differences with the United States. One of the main solution is that we can find some of the corresponding design unit to seek their help. We all know that we in the United States, we can do a lot of design sketch, of course, complete the design drawings must be conducted with the cooperation of local design firm, there is great room for cooperation. We are late in this project, we still hope to cooperate with them, that is, in the construction process, we have the same local of staff to cooperate so we think that even in the initial time, we must first resolve cultural, plan or policy so on the issue, that is Yao resolve early issues. of course we have some government Tong officials contact, contact, some time may not necessarily make them aware of everything we do, but at least communicate with them to do.
Zhu Rong: Here we ask PaulJowett answer this question, because this issue is about the investment process. This issue is the presence of a large number of commercial centers is split shops sell, but buyers are not directly managed subletting, how does the case of dispersed ownership, the developer how to ensure the normal operation of business?
PaulJowett : Sorry, I only have a simple answer, that is, do not, it would not be effective. That is unfortunately not effective from the start. In the West Shopping Center is only 40,50 years old in China may be only 15 years old, so it is only at the beginning, the beginning of a sense that it is not good, so sometimes there will be scattered so-called open shop selling, etc., by different shops to vicious competition how have common interests, so I want to loose the way to sell a common interest can not, that is the shops format are often jointly owned by different owners, co-management, by himself, so how can a common interest Therefore, it is very difficult. You can not effectively manage a business center, which is not the time to sell the bulk effective management, it is impossible according to the normal direction, for investors, this is a very complex situation. scattered outside is very complex and may have only the interests of the individual will not have a common interest. So it is impossible under such well-established.
Zhu Rong: So PaulJowett that this is not Mr. line. Here is a question about leasing and investment, and the problem I suppose, because PaulJowett referred to developers and tenants to achieve a harmonious relationship. so he must ask the question is this relationship to achieve from the negotiations to be taken into consideration, the Also what are good initial investment skills, the method can be used?
PaulJowett: First, I answered the question just raised, I think another problem is that if the developers have to develop a shopping center, then of course he sold through the bulk way to sell, may earn a lot of money, his success, but you do not succeed, there is a problem is the long-term perspective to consider this issue from the perspective of long-term benefit principle, which is what I just said aspects to the developers, this is a more critical issue.
I would like to return to this issue is the relationship between tenants and landlords, but also a kind of a long-term relationship, that is, speaking as a tenant To achieve long-term tenants, and not a year or two years. as the tenant to be able to last long term, say 10 years, 20 years or more. From the perspective of tenants, we only pay rental, in particular, is for small retailers to offer low prices, sometimes even to give up charging them rent, because they will help you draw more customers, attract more tenants. of course, there may be high-end tenants, the tenants is a small you pay very little rent, high-end tenants paying high rent to you. We take what strategy? basic strategy is to understand the tenants must understand the dealers, understanding of both the goals, objectives, you should be able to for each other consideration, this is the best strategy, the best approach. I mean to say we must know ourselves and each other.
Zhu Rong: I just answered PaulJowett face of commercial consumers, customers know and understand. The problem is Q PaulJowett and Colin Dowall, and I think this is representative of a developer, he said, when in the development of commercial projects, the most painful experience that commercial companies to understand the deviation of the region, and the investment process of how the late owner point of view to enhance the project value, rather than simply give a conceptual thing.
Colin Dowall: I think from a property management perspective, we talk about how content is going shopping, how to lease and how the commercial operation. I think we start the process of any one item, before that we will be well designed, built shopping malls in the real money, we should fully aware of how to place in the end , crowd how, how to transport it, which means we have to fully understand the management of the Centre and the shopping center should be the future how to contact, how to establish a relationship in and tenants, but also understand that tenants and Shopping in the future is how to position, that is when the shopping center under construction must be fully taken into account the community and the surrounding population issues, but also must understand how to the region's traffic, this area is not good flow, that is really doing shopping, you must to conduct a variety of studies that must be used with the tenant or a person with good communication about, that people in the end the consumer in that he ability of how, how much people can spend this money, how their level of consumption. If there is competition, you can not win, but also not be able to win customers and win shopping these groups. So the most important point, That is to say before to build shopping malls, it is necessary to find out all the problems ah.
first to do the consultation and investigation, as far as possible negative factors that it filter out, for those retail leasing advice business is concerned, they have to understand this point, the owners must give a very clear concept in the end how the appreciation potential of this place, for developers, as well as for the owners, for the whole of the market in the end is how to change , we all should be very clear. We also know that there are many in Beijing is the basis for monthly lease payments plus sales commission, in fact, we must take full account of this, for developers, I think it should be is carried out in such a way that if this place sold very well, everyone equal opportunity, if you did not sell well when we have difficulty with, we risk sharing. So I think for a consulting company that should be strengthened a role, is to figure out this problem, but the interests of stakeholders should give it to share open, so that it can be good enough to let those rental households, so that their interests be ensured. and the actual market is by retailers, as well as developers and owners who work together to create a market, it can not simply focus on the interests of any party.
Zhu Rong: As an architect in the end how to overcome the language barrier?
John Deenihan: I think from the customer point of view this is the case, as customers always have their own ideas, how to attract more of the total order flow, and how people here can be a good parking, etc. , these corresponding auxiliary facilities must be emphasized to. and shoppers, they are not only functional requirements, and they also hope this place can be convenient to recreation, to entertainment, can be a very good experience. We know that in many cases, people decide to buy things in deciding whether, in fact, often the decisive factor is the experience, is a casual, is a form of entertainment, without which it would not decide to go shopping. Therefore, we think is important point, that is, must be in the initial design stage, such as PaulJowett and Colin Dowall, they are these are experts who are in the initial design stage, we should communicate with their people, we can see out in the end a project, can afford to let shoppers get experience, in the end can be met busy shoppers, I think this is a very important aspect.
shopping centers in China and the United States, and their shopping is not great Leasing is not the same as the scale. the United States large-scale shopping center, about 20 million square meters, a shopping center in China, not so big, that China's shopping population will not go far to buy things, so we were thinking time to fully aware of this, that we and retailers, as well as during and leasing of communication experts, we must be clear that our target group is kind of how we in the design process, it should full consideration to this issue, but also must take into account the shopping center of its cycle, its long-term, its sustainability is highly competitive, that is to be in a long time, should have cost his management management objectives, and it can not cause us any trouble. For example, for Colin Dowall or his colleagues would face such problems is that all the people in the very beginning, from the lease to the developer is the largest square groups.
PaulJowett: I think he was right, he said very important. For example, in the United States has 20 million square meters of shopping centers in Beijing, when they need a large door to the store and the depth of not great, that his ratio is 1:4 such a level, but not this way in the United States.
Zhu Rong: commercial real estate that many people are interested in financial issues, I concluded there are three class, I hope Wang can answer. The first is Standard Chartered Bank, you represent, including the international financial investment institutions, in which your business include, commercial real estate in China, which is the role played by what? This is the first a problem. The second problem is that your clients are mainly commercial real estate developers, including commercial real estate or lessee of a number of shops, which is the retailer. The third problem is from the banking institution concerned, the choice of real estate when financing projects, financing conditions and policies you what?
Wang Renlan: First of all thank the organizers of today, and we have the opportunity to make an exchange, in fact, today I have come to learn with the experts on stage De. talked about our Standard Chartered Bank is now in the territory of doing and commercial real estate-related financial services, I would like to note that the Standard Chartered Bank is supposed to be very traditional commercial banks, because I was the bank and the retail banking business, we main business is a traditional commercial banking business.
fact, the financing of commercial real estate, I think many domestic developers friends at this stage should bear more responsibility than foreign developers, I was so looking. Because before we also talked about the stage a lot of commercial real estate experts, Shoppingmall if fragmented, with no unified management of difficult to have a successful project. the developer at this stage we may assume that he is coordinating a large chair, and he need to coordinate presided over land resources, financial resources, as well as external resources consultants, architectural consultants is also included to this resource. developer financing channels, in fact, he generally must use the money to his relative, known , mainly in terms of time. At present our land developers may be more exposed to short-term bank credit funds, such short-term bank credit funds in fact, and our whole mode of operation of commercial real estate is not very proportionate. of course I say this not on behalf of our traditional commercial banks to meet the commercial real estate developers in making the necessary funds, I think the developers of commercial real estate project can operate successful, developers need to co-ordinate to grasp is the traditional commercial bank loans, there are some funds Such funds may come from abroad, domestic civil society groups have the support of private equity funds, so the developers should be greater use of debt and equity financing of these two methods to meet the needs of current financing commercial real estate.
This Abstract From: Shanghai private detective private detective private detective private detective
Shanghai we are currently in Beijing SME finance commercial real estate financing, we are the bank and of the public service sector. We are currently financing for commercial real estate is mainly concentrated in sales channels, if we say that the business in terms of our main business operators at home and abroad to provide financing services, primarily for the domestic and business premises to provide support. In fact, the current developer of the existing channels should be the overall grasp of the not just rely on a certain source of funds for the operation of the project that will bring some problems.
Zhu Rong: I have two problems there are to two different types of commercial centers, experts hope give answers to their ideas. The first problem is that Beijing suburbs, in fact, how the commercial center of suburban-type operation, how to make it further afield in the region of radiation even commercial projects for human consumption, the key factors? including how to so people can rest relatively long time willing to accept that type of shopping center to the suburbs to shop, to stay longer, the main point of what should be the key?
John Deenihan: how we kind of situation, The first point is that I want to talk about market research. would be a good spokesman for this afternoon, in the deep level to study the market and what it means in the end market, but also how to get the information in the end.
I want to talk about the first point is that in the end in a real estate development process, the model is kind of how this place is located where? very important that the development site is a better location, population composition, and also from the number of persons There are very good shopping areas tend to, in addition to another further how we can attract people to shop here. My simple answer is that you want this shopping center is very well designed, that is, people come the first would like the second time, because this place is very interesting to get different people to experience, what time can get a different experience. people if you want a quiet dinner can also be, like leisure and also, people can many times here, you can not necessarily come casual. For example, Disney World, all of you at that? very far from the only family to Disneyland, you may live in Southern California where we go once every year or every two to one, or our relatives have to go there, but the key point is that this place is better health, people want to get experience, which is not to say that opinions can satisfy a curiosity.
PaulJowett: required can have a wide variety of tenants, allowing consumers spending here, the state must have a variety of tenants. That is not wrong, to put together the different tenants, so that will not attract more customers, so You should be able to attract these so-called customers. As I have mentioned John Deenihan, your overall business center design must be to attract customers. For example, a commercial center of the lane very well designed, we designed the building body when the commercial center, not only is three to four years the design, but to consider the ten or twenty years after the case, of course, the design of the state population.
Colin Dowall: very important that the design must take a pretty commercial shopping center, speaking as an investor, you have to enable people to reach, is very convenient traffic must be able to make the guests can go to various parts of the commercial center, so as to increase your competitiveness. you should also have a shopping mall some of the features, it is necessary to have unique characteristics, with a unique competitive edge, there is time to design new methods, such as free guests to your mall to shop, because some people live far better than the other you shopping center to have cool merchandise, that is, diversification becomes very important to tenants. In addition you also can continue from the guests, tenants, get feedback, especially if you want to always do some business survey of your market, look into your guests think of you, once you master the market, understand the market, right on the view of your guests, this will help you achieve your goals, this is where we say the purpose of shopping.
John Deenihan: I would like to share with you my last view is from the management of this perspective, we need to do some promotional work in marketing, which means you have a very, very positive, active sales team, to formulate promotion plan, can continue to be a big promotion, promotional activities, so as to attract more customers, such as car show, fashion show, and so are very useful activities, can help you to attract customers back to the shop center, so that they become repeat customers. we all know that you are constantly changing the forms, you have to constantly adapt to this change, so guests return to create opportunities for them to return to the commercial center of the process of creating new energy.
Also back to the design of this point of view, as a designer to be able to continue to create such a space, that is, to create this space in the shopping center, to attract customers, such as your door to design very large, to be able to make cars into your shopping, that is, you show a certain degree of flexibility in the design process should not be limited to a variety of factors.
Zhu Rong: I think this issue to the PaulJowett, which is on the tenants problems. We know that China has established a lot of stores, they also offer customers a local rent to be able to attract more tenants. So how they make such a decision, based on what factors make such decisions?
PaulJowett: How do you say the decision is between the tenant to make such decisions. I would like to return to the previous question, why the shopping center must be managed by a management team, if you're shopping for retail sale, then the may not have a unified management approach, so if we have two retailers, they sell two different products may appeal to different customers, so there will need to have some so-called aggregation, collection of rent you are from A, because they have two choices, the tenant A can provide a more exciting experience; we see the second quote is not necessarily attractive, but it's also very good, it can give me a lot of rent, how to integration of these two tenants to it? A This means that you may receive the rent, it would have to withdraw to the B, you may have to be such a balance, and therefore need to be combined in different tenants, but also is low-rent tenants and high rents tenants effective combination, so you must have a unified management team, so that a unified management team to manage them in the same
we see large and small tenants, the ratio between the tenants, the so-called sublet tenants can attract a lot of retail or consumer, or a lot of traffic, how do we allow different tenants in a large Among the sub-stores. Carrefour is a good example of a very good center in Beijing, the center of them in their many different retailers, the combination of these retailers are also very typical. in Zhongguancun south Carrefour has done very well, that he has 30 to 40 tenants, and sometimes there may be 60 retailers, and he has such a variety of tenants support of his store, this time you need another large tenants sublet, I think there's a fixed ratio, that is, large households and there is no ratio between the scattered households, between the two can complement each other as long as can.
Zhu Rong: We have from strategy-based shopping center portfolio of customers mentioned, there is also a problem related to the commercial center of the community-based, community-based, there is no commercial center design features in the customer portfolio and the commercial center of regional-based strategy to consider whether problem?
PaulJowett: Let me give you an example, Carrefour is a very good example is the community-shopping center. you can see a combination of them in the shop, you can then shop where you can spend an hour or two hours, that this is a very good shopping experience or a shopping experience, you can stay inside the store 30 to 40 minutes or so, there are carts in the layer of the channel, etc., You can fast-track access to the restaurant, as well as fresh fruit, a combination of different shops. So-called community-based shopping center, we must take into account the convenience of guests must be convenient to shopping.
example, in International Trade the following, which is not a community-based shopping center, but the combination of high-end shops. We look at the World Trade following a supermarket, but their target customers, their positioning? is a so-called high-end shopping center, so his traffic is very high, never too empty, the bottom of the vacant space has never been, from the very, very good in terms of traffic, in fact, to the International Trade from the Xidan shopping center are a great traffic. from the World Trade We also to see such a good mix of shops, so I hope I can shop with you to explain the so-called portfolio problem, is a store portfolio in fact, he should also have a lot of different shops, including restaurants, small restaurants and more. Of course there are times when unsuccessful, meaning that the top will be low, felt very stuffy, but the shop is indeed very successful in terms of combinations, that is, will seize a lot of passenger traffic, an increase of combination, increase traffic.
Colin Dowall: I think the center of community-based, first of all it should be to attract the traffic in the small community is not large, he considered that the composition of the population so that some of the factors, so the community should be one type of shopping center location can be reached on foot, it should be for certain areas, including urban areas, like PaulJowett large community speaking, high-end communities. general community shopping centers must be able to do real, so it should be very close from the community, should be very convenient, very convenient, walking can be achieved, the product you sell should also be popular type, to facilitate customers.
John Deenihan: From a design point of view, must be easy, convenient and also easy to identify, so in the United States each a community center, every fact we all need a shopping center can be reached by car, driving to reach areas, such as to drive in China, then it must take into account the parking lot, that is, once the guests must be provided for shopping large enough parking lot, in addition to the lane for car use, including walking on the sidewalk for pedestrians, etc., in the design of which should be fully taken into account, these are the designs must take into account the factors, you should be able to have such the ability of tenants to be able to let you be able to see on the street in shopping malls or traffic flow of people, and of course the design also made us a great challenge. In short, these are the expectations of your customers , so you achieve a balance in terms of design, from the design point of view, your shopping guests must be easily identified. Also have a distinct identity to reflect the community-shopping, of course, there are a number of different guests to the shopping center, requires a different shopping experience, and the big shopping experience is different.
Zhu Rong: Due to time reasons, I can not put all the issues raised, and the afternoon session there will be dialogue at that time All speakers will please come up, some questions please answer them will be more convenient. I'm here for the last question, the problem is related to China's overall commercial real estate development in this industry, the question is to ask the experts to answer the whole of China commercial real estate development, and compares with the West now, is not still in a backward state? how it can do in a short time with international standards, we are now facing the biggest problems? what kind of solution? < br> John Deenihan: I believe your architect, you have to believe that the design team the best he can give you design a shopping center, that is, I now have the best team. Shopping in fact sometimes too much style , too far ahead, that is, you have to take full advantage of this opportunity, seize this opportunity and seize his size, large and comprehensive shopping center is not a good thing, you must do enough in this market research, so that you business center for real estate projects to the surrounding environment, the composition of the population, weather, must take into account the overall situation around.
whether China is lagging behind the world, it is difficult to answer, in a sense the problem entirely generated in this problem, is that China too would like to integrate into the world, you build such a large shopping center, not a major trend of the world, it is impossible to achieve perfection. in other parts of the shopping center is not big, there are many shops are vacant and has not been fully utilized, that is, when you come to a shopping mall, you will see them use efficiency is not good, there is not the size and location with your matter, the developer must have team spirit, to be able to do a lot of preliminary work, a lot of work to do before that a lot of market research. these are the cause of China's real estate industry over a number of other differences between or behind the foundation.
Wang Renlan : We in the West commercial real estate has been 50,60 years or even centuries of history, we should be within the commercial real estate formerly state-owned department stores from the beginning to the developer of the housing reform followed the mature, and gradually grew up a group of commercial real estate operations providers. At this stage of history we are less than 20 years, or even 10 years, this history, at this stage the developer or business operators face many problems, there are many challenges. In fact, developers His biggest task is to organize and coordinate resources.
commercial real estate operations is the relatively sharp contradictions sources of funding, because the entire commercial real estate operations, in particular, a good real estate business projects must have a good title so decided to return on commercial real estate investment is more than 10 years, and in the first five years the net investment cash flow pressure is great, so I personally believe that we commercial real estate operators may need to spend more time to address is the question of money. Of course the other co-ordination of the problems are also more important.
Colin Dowall: I think the Chinese real estate development does not mean worse than other countries, nor is it scientific level is not high enough Of course, there is room for further improvement. If you want to establish some joint ventures would be better of course, from the joint venture for this level, for example, can engage in a number of property management companies, property management for shopping centers because it is very important If the cost of management may not be very high, the last of the rental income to take care of the cost to you is not enough, so I think it is very important. I think for business partners, business cooperation model this perspective, we emphasis should have a comprehensive team, there should be engaged in marketing, engage management and engage in all aspects of the market, there should be all sorts of people who manage to make shopping centers, so as to enable them to shopping malls in the design to achieve, I guess you do take some time.
PaulJowett: I think in the end how to catch up with developed countries like China has done very good. than ...
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