Ping An View:
Current situation of China's elderly care community: insurance enterprises and real estate enterprises have entered the bureau one after another. The main participants of China's pension community include insurance companies, real estate companies, pension service institutions and other investors, of which insurance enterprises and real estate enterprises are the two main participants. The operation mode of elderly care community is mainly divided into asset heavy operation mode, asset light operation mode and light weight combination mode; The heavy asset operation mode requires large capital scale and long investment cycle, but it is easy to be managed uniformly and can ensure the service quality of pension projects. The profit model of pension community includes sales, sales + holding service, leasing and the combination of leasing and sales. Specifically: 1) with its rich experience and land resources, real estate companies mostly adopt the self construction mode of heavy assets. 2) Head insurance enterprises have inherent advantages in capital and customer resources. They layout the elderly care community and mostly provide value-added services for high-end customers to buy insurance products. Heavy asset model is easier to maintain business quality and shape brand image; However, the asset light operation mode will not occupy a lot of funds in the short term, and the return of funds is fast. Therefore, small and medium-sized insurance enterprises mostly use asset light or light combination to layout the elderly care community. However, the asset light model has low income and thin profit, and the stability of property holders is in doubt, which may affect the cooperative relationship.
Insurance companies: focus on CCRC and focus on high-end passenger business. At present, the insurance enterprises that have arranged the pension community adopt the mode of combining insurance with pension community, that is, when purchasing their insurance products, they can enjoy the privileges of deposit free occupancy right, priority room selection right and so on, so as to realize the combination of insurance and pension. From the perspective of operation mode, mainstream insurance enterprises mostly enter the Bureau by using the heavy asset operation mode of self built or cooperative construction of elderly care communities, while Hezhong and Taiping adopt the mode of light and heavy combination. From the perspective of community type, insurance enterprises mostly learn from CCRC community model, but their focus is different. From the perspective of charging model, insurance enterprises generally adopt the profit model of leasing. From the perspective of target customers, insurance enterprises and pension communities are mostly aimed at high-end customers, with a threshold of more than 2 million yuan of premium; Only Ping An Insurance (Group) Company Of China Ltd(601318) for high net worth customers, the premium threshold is RMB 10 million; Union life aims at mid-range customers, with a threshold of 300000 yuan.
Real estate enterprises: the layout routes have their own advantages. Real estate enterprises participate in pension real estate mainly through the asset oriented operation mode of self built communities, such as Vanke Suiyuan Jiashu project, poly Tianyue and Xihui project. Some real estate enterprises cooperate with the government to "build public and private", use existing properties to provide elderly care institutions for operation, and adopt asset light operation mode, such as Vanke zhihuifang project and Lvcheng Yuhang retirement apartment project. The profit model is mainly "sales + holding" and "leasing".
Insurance enterprises and real estate enterprises have their own characteristics, and REITs will be a new driving force for future development. In contrast, insurance companies have more advantages in positioning high-end customer service and medical service; Real estate enterprises use the parallel way of selling real estate and leasing to make the capital return faster. Looking forward to the future, insurance enterprises and real estate enterprises should enrich the asset heavy investment mode and promote the layout of elderly care in the mode of asset light + specialization; At the same time, expand the pension industry ecosystem and improve the comprehensive competitiveness; CCRC community development can learn from American experience and expand location selection.
Risk tips: 1) the aging of the population is accelerating, and the problem of insufficient basic pension reserves is exacerbated. 2) The implementation of the policy was less than expected, and the development of the pension industry was less than expected. 3) The development cycle and investment cycle of the pension industry are long, the demand of the elderly population is released slowly, and the return on investment of the pension industry is lower than expected
