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China's Property Management Industry China Research - 2021 SPOTLIGHT China's Property Savills Research Management Industry 2 China's Property Management Industry MARKET BACKGROUND The commercialisation of the property The industry started to undergo greater CONTENTS management industry in China started in liberalisation in 2014-2016, with property 1981 with the incorporation of China’s first managers no longer required to obtain property management company managing the national ‘Certified Property Manager’ Market Background 3 a residential property in Shenzhen. In the qualification license and commodity housing subsequent ten years, residential property management fees caps removed and instead Market Overview 4 management continued to mature with the set by market forces. In more recent years, eventual establishment of the Shenzhen Real property managers have started providing Market Consolidation 6 Estate Management Bureau in 1985. One value-added services (VAS) to boost of the first Grade A office buildings to be revenues and profit margins. At the same professionally managed was the Guangzhou time, many developers have spun off property Technology 8 World Trade Centre in 1992, where it was management divisions in separate listings, co-managed by Savills and Guangzhou Pearl with many of them given the mandate to Equities 10 River Hotel Management. aggressively expand market share, often through mergers and acquisitions. The Sustainability In Property 12 In the early days of property management property management industry is now also in China, the sector remained immensely taking on a broader range of property types. Large Contracts Signed 13 scattered and only basic property In addition to the more standard commercial management services were provided. The and residential developments, firms are be Outlook 14 China Property Management Association contracted for work at schools, hospitals, was eventually established in 2000, with airports, sports stadiums and public utilities, the first nationwide property management to name just a few. regulations issued in 2003. As the property management sector continued to grow, local governments set standards for the market, requiring firms to obtain operation licenses and setting residential property management fee caps. 3 Hainan Retail MARKET OVERVIEW The property management sector is believed also easier to change a property manager as employing and removing the property to be approximately 35 billion sq m by the a result of Article 278 of the Civil Code ( management service enterprise requires the end of 2020, according to CRIC, up from 19.3 ) published in May 2020 and enforced民 consent of just half of the exclusive units by billion sq m just five years ago with revenues on法典 January 1, 2021. This article states that a unit owners and area. of RMB1.27 trillion. The biggest 100 property quorum of at least two-thirds of exclusive management companies account for roughly units by unit owners and area are required 33% of space under management (11.55 bn for owner committee joint decisions, while sq m), having consolidated their market share from 18.1% in 2015. This tremendous growth can be attributed to the country’s rapid urbanisation and continued investment in property development. Meanwhile, a Figure 1: Commodity Housing Starts And Completions constant stream of new stock, in addition to the consolidation of existing market share, New starts Completed represents significant market opportunities 2.5 for managers in the near future. MANAGER CHANGES Historically, very few residential 2.0 developments changed property managers after project completion, with low fees and sign-off requirements from ownership 1.5 committees, making it challenging for firms to secure new profitable engagements of existing developments. Nevertheless, 1.0 according to a survey carried out by CRIC sq m billion after the pandemic, around a third of residential neighbourhoods considered 0.5 changing property management companies as they place increased importance on health, safety and upkeep. This could prove to be a considerable opportunity as leading property 0.0 managers continue to refine processes, add 2011 2017 2012 2013 2015 2018 2016 2019 2014 2001 2010 2007 2002 2020 2003 2005 2008 2006 2009 2004 services to differentiate themselves and 2000 offer significant value to tenants. It is now Source National Bureau of Statistics; Savills Research 4 China's Property Management Industry PARENT COMPANY SUPPORT in vetting, training, mobilising and government is also providing subsidies for While the top 100 firms have a 33% share of supervising staff. The property management training staff and will provide public rental the market, the top 10 are believed to have sector in Shanghai is reported to employ housing to elderly care service employees. roughly 11% share, equating to an average close to 900,000 workers, according of 387 million sq m. These large property to the Shanghai Property Management managers are continuing to build their Association, equivalent to 7% of the city’s market share; data from listed property working population. To attract workers, the managers’ 2019 annual reports show that the big three players (Poly Property Services, Country Garden Services and A-Living) secured 287 million sq m of additional management contracts of existing Figure 2: Top 100 PM Firms Scale And Market Share developments in 2019 (equivalent to 60% of the total) as well as an additional 443 million Top100 (LHS) Others (LHS) Growth of Top 100 (RHS) Growth of Others (RHS) sq m in contracts for future projects (56% of the total). 40 40% 27 out of the 30 companies listed in Hong 35 35% Kong are spun off from developers, with these managers relying heavily, though not necessarily exclusively, on their parent 30 30% company for future market expansion opportunities. Almost two-thirds of the 25 25% space managed by Country Garden Services was developed by its parent company, while 20 20% 64% of space managed by First Service is billion sqm billion related to its parent company, Modern Land. 15 15% BRAND ATTRACTION The leading brands are also likely to 10 10% gain traction with contracts for existing developments. A recent survey by CRIC 5 5% indicated that 72% of property owners think of brand reputation when deciding a property 0 0% manager, while 36% indicated that they 2015 2016 2017 2018 2019 2020 would only consider leading companies. A recent survey by Citi also indicated that two- Source CRIC; Savills Research thirds of households would be willing to pay higher management fees, while that figure goes up to 71% of households when limited to those located in first-tier cities. Figure 3: Importance Of Property Management Brand GOVERNMENT SUPPORT The government is now actively encouraging further development of the sector by reducing costs, e.g., additional VAT deductions (Oct/19-Dec/21) for the life services industry, of which property management is a part of, or through 48% establishing industry standards, improving 15% transparency, expanding the scope and scale of the industry and promoting greater technology adoption and sustainability within the industry. 1% FUTURE OPPORTUNITIES China has a rapidly ageing society, with 12.6% of the population (176 million) already aged 65 or above by 2019. This figure is expected to grow to 26% of the population by 2050 Essential (366 million). This represents a significant Important challenge for the country, which is now 36% Not important turning to property managers to marshal Not considered their resources to set up in-home elderly care services. The property management sector employs a large workforce and has experience Source CRIC; Savills Research 5 China's Property Management Industry MARKET CONSOLIDATIONS 2020 was a big year for merger and acquisitions. Large property managers Figure 4: Property Management Fees By Asset Type And Region, 2019 actively expanded their market share through the acquisition of smaller local and Office Retail Healthcare Public regional peers. Some acquisitions were of Industrial Education Residential Other firms managing similar asset classes and primarily designed to increase business 14 scale, while others were of firms managing different asset classes, enabling the acquirer 12 to expand into new sectors and building specialisations. 10 Hong Kong-listed property managers (pre-2020 IPOs) spent around RMB978 8 million in the first half of 2020 in strategic acquisitions. Colour Life, Times 6 Neighbourhood, Aoyuan Health and S-Enjoy were particularly aggressive, accounting for RMB psm pmth 88% of acquisitions during the period. Most 4 acquisitions focused on increasing scale and geographic coverage, though there were also 2 some purchases of more diverse firms such as lift engineering, security and cleaning 0 services as property managers look to China 1st tier cities 2nd tier cities 3rd & 4th tier improve services provided. The second half cities of 2020 saw more acquisitions—Country Garden Services, for example, acquired an Source (Savills Research; China Index Academy advertising firm, a food technology company and environmental protection services. Residential property management remains the mainstay for most property Figure 5: Average Collection Rates Of Top 100 Property Managers, 2020 managers, with 95.4% of top 500 property managers providing some form of 100% services to residential developments, according to CRIC. Meanwhile, residential developments account for 60% of managed 98% space, equivalent to roughly 8 billion sq m. Nevertheless, residential property management
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