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Roofs in Demand Greater China – Investments: Real Estate Reprint of article published in the 6th Jun, 2018 Subscribers’ Weekly Key Points ● President Xi Jinping’s advocacy of both housing purchase Roofs in and rental in October last year has led to an investment boom in this sector – ◦ US$1.4 bn committed to 10 property rental platforms since May 2017 ◦ capital deployments have been focused on China’s affluent Demand cities – Tier 1 and New Tier 1 cities President Xi’s advocacy of China’s rental market sets off a flurry of ● Soaring property prices and millennials’ quest for improved investment activities lifestyle have led to increased demand for rental apartments – ◦ in 2016: the Rmb25,896 commanded per square metre in Tier 1 cities was six times that for 2002 n his speech delivered at the the housing needs of all of our people.” his call was heeded with a flurry of 19th National Congress of the According to the National Health investments in the rental market. ICommunist Party of China that and Family Planning Commission Since May 2017, capital deployment was held in October 2017, President Xi ( ), 67.3% to China’s rental market has surged. In Jinping addressed the country’s housing of國家衛生和計劃生育委員會 China’s 250 million “floating” a period of 12 months, no less than issue. He said: “We must not forget population, largely referring to migrant 13 transactions were consummated that housing is for living in, not for workers, are in need of rental housing that represented over US$1.3 billion speculation. With this in mind, we will facilities. Added to this is the yawning in commitments. move faster to put in place a housing gap between those who can and The latest to enrobe itself as a system that ensures supply through those who cannot afford to own their landlord is GIC Pte Ltd (‘GIC’). multiple sources…. and encourages properties. When President Xi asked The Singapore sovereign wealth both housing purchase and renting. for his nation to provide sufficient fund has drawn out its blueprint for This will make us better placed to meet supply of living space for his people, China’s rental market by setting up 70 ASIA PRIVATE EQUITY REVIEW July 2018 Greater China – Investments: Real Estate Greater China – Investments: Real Estate a Rmb4.3 billion (US$675 million) its latest capital injection into NOVA, in ). The target rental apartment platform with NOVA January this year, the global investment 如信息科技有限公司company operates an online apartment Property Investment (Shanghai) Co firm teamed up withSequoia Capital rental platform, Ziroom, which Ltd (‘NOVA’) ( China and Tencent Holdings Ltd manages 500,000 apartments and 上海盛煦房地產投資 ). By far, among the largest ( ) and co-led in the Rmb4 rooms and serves 1.2 million tenants 有限公司 騰訊控股 commitments undertaken by foreign billion series A fundraising exercise in nine major cities across China. investors, this venture focuses on undertaken by Beijing Ziru Information The investment received enthusiastic China’s Tier 1 cities. Technology Co Ltd (‘Ziru’)( response from other investor groups, 北京自 The First Landlords Notable PE Investments in China’s Rental Market (2017 – May 2018) In response to President Xi’s call, Warburg Pincus was among the Investee Investor(s) Amount first global investment firms to step Joint Venture between GIC 675 up its investment in China’s rental GIC and NOVA(1) market. In the same month when President Xi asked his nation to address China Renaissance Group, Beijing Ziru Information General Atlantic, Sequoia Capital China, 621.1 the housing issue, Warburg Pincus Technology Co Ltd Shenzhen Haixia Asset Management Ltd, pledged an additional US$183 million Source Code Capital, Warburg Pincus to NOVA. The latter is the brainchild of Warburg Pincus, founded in 2015, NOVA Warburg Pincus 183 and is primarily engaged in converting Legend Capital, Matrix Partners China, uoko.com 157.2 its acquired properties into service Shenzhen Capital Group, SIG China apartments for rental purposes. The capital injection from Warburg Pincus Purple Wutong (Beijing) Banyan Capital, Bertelsmann Asia was intended to facilitate NOVA to Asset Management Co Investments, CMC Capital Partners, 100 Ltd Joy Capital, Vision Plus Capital expand its franchise into cities outside of Shanghai. All amounts in US$ m GIC = GIC Pte Ltd (1) the transaction is expected to be completed in NOVA = NOVA Property Investment (Shanghai) Since then, Warburg Pincus has the third quarter of 2018 Co Ltd further consolidated its China rental market position. A few months after Fig. 20 Source: ASIA PRIVATE EQUITY REVIEW: Locations of Property Rental Portfolio in China (2017 – May 2018) – Selective • May 2017 – May 2018: of the 13 transactions that focused on China’s rental market, 10 companies have raised an aggregate US$1.4 bn from investors Beijing • Investors have focused their capital Dalian deployment on apartment rental companies in the 4 Tier 1 cities • Through their portfolio companies, investors have indirectly covered New Nanjing Tier 1 cities f Shanghai • It is significant that interest in Tier 2 cities, Chengdu Wuhan Jiaxing such as Dalian and Xiamen, has been o tepid, suggesting that the rental market concept has so far been confined to the T Xiamen affluent cities 1 T o Shenzhen NB: No. shown next to each city denotes the number of private equity-backed portfolio companies with operations in the referred city Fig. 21 Compiled by: ASIA PRIVATE EQUITY REVIEW July 2018 ASIA PRIVATE EQUITY REVIEW 71 Greater China – Investments: Real Estate with China Renaissance Group ( nation. In the same period, New Tier private equity investors which pursued 華 ), General Atlantic and Source 1’s demand was even stronger, rising by an asset-light model, platforms that 興資本 Code Capital ( ) joining in as more than 150% (Fig. 21). connect landlords with tenants. investors of Ziru源碼資本 as well (Fig. 20). Added to all these is the increase in demand for branded apartments, Comments For the Affluent Only resultant from millennials who are Beijing recognises the country’s So far, investors who have seeking improved lifestyles but are runaway property market. The State committed capital to China’s rental deterred by rocketing housing prices. Information Centre ( ), 國家信息中心 market share a similar view as GIC in As of 2016, the average floor price of in its 29th March 2018 release, also focusing on Tier 1 cities. Of the 13 Tier 1 cities stood at Rmb25,896 per acknowledged that regulators have to transactions completed in 10 companies square metre, six times the Rmb4,269 further step up their efforts to curb that are focused on the rental market, all back in 2002. Yet in 2016, the average rising property prices in “serious areas”, are operating in at least one of the four income for workers in Tier 1 cities but fell short of identifying such locales. tier 1 cities being Beijing, Guangzhou, stood at Rmb9,302.4 per month, only In a separate survey undertaken by Shanghai and Shenzhen (‘Tier 1’). a third of the floor price per square Chinese Academy of Social Science However, most of these 10 companies metre (Fig. 22). ( ), it found that 55% of 中國社會科學院 are also extending their franchise into The latest trend in China’s property millennials prefer to carry a less onerous the so-called “New Tier 1” cities, market has already led Harbour debt loan by not owning property. This which include Changsha, Chengdu, Apartments ( new attitude of those born after the 上海灣寓投資管理有限 Hangzhou, Wuhan, and Zhengzhou. So ), a portfolio company of Gaw 90’s, the next generation of society, 公司 far, opportunities in Tier 2 cities such as Capital Partners (‘Gaw’)( ) foretells a booming future for the rental 基匯資本 Dalian and Xiamen have attracted only and TrustBridge Partners ( market in Asia’s largest economy and 摯信資 tepid interest from investors. ), to launch a Rmb10 billion fund the world’s most populous nation. 本 Savvy investors have correctly that seeks opportunities to buy land read the trend. According to a report to develop rental flats. This asset- Editor’s Note: by 58.com Inc (58 ), the leading heavy model will subsequently allow The tier-ranking system is widely used online information 同城provider in China, Harbour Apartments to issue real estate in reports and analysis relating to China’s in the four years between 2012 and investment trusts when its real estate housing market. However, there are no such 2016, demand for rental apartments portfolio reaches a certain scale. This official lists from the government in ranking in Tier 1 cities has risen by 120% and compares favourably to six out of the the cities. This article employs a widely-quoted represented 20% of that of the whole 10 portfolio companies invested by list from Yicai.com, a financial commentary website. n Housing Price of Tier 1, New Tier 1 & Tier 2 Cities (2002 – 2016) Tier 1 New Tier 1 & Tier 2 (Rmb/sq. m) (Rmb/sq. m) 30,000 15,000 CAGR: 25,000 Tier 1 : 13.7% 12,500 New Tier 1 : 11.1% • China’s soaring property prices have led to the rise of a booming property rental 20,000 Tier 2 : 10.2% 10,000 market. In Tier 1 cities, in 2016 – ◦ the average monthly wage is Rmb9,302.4 15,000 7,500 (US$1,449) ◦ the average selling price per square metre for properties is Rmb25,896 10,000 5,000 (US$4,033.7) 5,000 2,500 0 0 2002 2004 2006 2008 2010 2012 2014 2016 NB: the floor price information from the National Bureau of Statistics of China only covers the following cities – Tier 1 : New Tier 1 : Tier 2 : Beijing, Guangzhou, Shanghai, Shenzhen Changsha, Chengdu, Chongqing, Hangzhou, Changchun, Dalian, Fuzhou, Guiyang, Harbin, Hefei, Nanjing, Ningbo, Qingdao, Shenyang, Tianjin, Jinan, Kunming, Lanzhou, Nanchong, Nanning, Wuhan, Xi'an, Zhengzhou Shijiazhuang, Taiyuan, Ürümqi, Xiamen Fig.
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