Industry status

China’s tourism real estate has experienced several transformations and upgrades over the past 30 years. At first, the city houses were simply copied to the scenic spots, and then the products were designed according to the local conditions and the natural characteristics of the tourist destination. Now, with the improvement of national income, the change of life style and the diversification of real estate products, the tourist real estate is gradually transiting to the living real estate, and it is advanced to the “living +” era which emphasizes service.

Tourism real estate has become the black horse of real estate sales. Since China’s reform and opening up, economic development has been very fast, especially in the real estate industry, which has reached a time of sudden change. At present, tourism is becoming a new mode of life and consumption, which is an integral part of everyone’s life. Accordingly, tourism real estate will become a new investment hotspot. In the context of consumption upgrading, the demand for vacation is becoming rigid, and the overflow of urban rigid demand customers. As an asset and a kind of consumer goods, tourism real estate has the role of value-added preservation, in line with the spirit of policy, and is protected under comprehensive control. Tourism real estate is becoming an investment hot spot for developers to rush in.

Market capacity

By the end of 2016, the total number of tourism real estate projects has been 8918. Although the growth rate of the number of tourism real estate projects in the whole year has declined, the actual investment amount of China’s tourism real estate has reached a record high of 1299.7 billion yuan.

With the improvement of the degree of tourism real estate integration, the project scale shows an upward trend, and the development volume has a small increase. The total construction area of tourism real estate in the whole year is 3107.361 million square meters. Under the favorable policies of characteristic towns, culture and tourism industry and the stimulation of a large number of released demands, enterprises in various fields are still optimistic about tourism real estate.

From the perspective of the resources relied on by the project, the impact of product diversification in the era of national leisure and vacation tourism is that the largest number of projects and land area are other tourism real estate including “theme park”, “yacht wharf”, “ancient town”, etc., with 110 new projects and 6.01 million square meters of land respectively; followed by “mountain tourism real estate”, with 83 new projects and 4235 Ten thousand square meters of new land. In 2016, the core products of most tourism real estate projects are still the traditional strong apartment products and villa products; some of them have both ordinary apartment products and villa products. With the promotion of policy support and consumption upgrading, tourism investment has accelerated, and tourism resort real estate has been in the tuyere period.

China’s tourism and holiday real estate products have increasingly shown a comprehensive and diversified development trend. In the future, the development of tourism real estate will be based on the tourism real estate mode of theme park, golf and other core projects.

In recent years, overseas Chinese town, Greenland, Yunnan Urban Investment, Evergrande, country garden, green city and other first-line developers have laid out cultural and tourism real estate, and Yunnan, Guizhou and Shaanxi are all favored by cultural and tourism real estate. Shaanxi’s tourism real estate is also springing up. A large number of characteristic towns such as Guanzhong Tianxia of Baoji and Huangguan health town of Qinling have been built and completed in succession. With the increase of national income, the change of life style and the diversification of living products, the development of the industry is gradually transiting to “living real estate”, and developing to the era of “living +”. “Sojourn +” is based on the sojourn real estate. The sojourn destination pays more attention to hardware supporting and soft service, builds the concept of community, organizes community activities, and makes the sojourner not only live in the local area, but also integrate into the local area and become a “local person”.

Pattern analysis

In 2016, the number of Chinese tourism real estate investment and development enterprises showed a slight increase. In 2016, 106 new investment and development enterprises were added, with 5403 enterprises developing and operating tourism real estate projects by the end of the year. It also shows the two characteristics of higher development concentration and higher specialization. In the tourism real estate development subject, 80% of the development subjects are real estate enterprises. However, with the diversification of enterprise development formats, cultural media enterprises are very active in the overall market in 2016, accounting for about 5% of the development projects, based on their relatively rich cultural resources and today’s popular strong IP (strong brand). Top 10 tourism real estate development enterprises are Evergrande group, country garden Holding Co., Ltd., Yajule real estate Holding Co., Ltd., Vanke Enterprise Co., Ltd., Poly Real Estate (Group) Co., Ltd., China Resources Real Estate Co., Ltd., century Jinyuan Group Co., Ltd., capital real estate Co., Ltd., Hesheng Chuangzhan Group Co., Ltd., Beijing Wantong Real Estate Co., Ltd limited company.

Prospect forecast

In 2017, China’s tourism real estate will show the following trend: the access threshold is higher and higher. After years of development, the tourism real estate market has formed a competitive pattern dominated by traditional tourism enterprises, real estate developers, foreign investors and unrelated tourism enterprises. A number of leading tourism real estate enterprises have taken the lead in the possession of high-quality and characteristic eco-tourism resources, and the era of tourism real estate industry concentration and brand development is accelerating.

Project positioning presents thematicization and differentiation. Industry development is becoming more and more mature, tourism real estate development is difficult to rely on natural resources, project development subjects pay more and more attention to the theme of positioning to highlight personality, characteristics and enhance competitiveness. Functiontends towards compounding and industry towards diversification. With the improvement of people’s income level, the diversified demand of tourism consumption is constantly activated, and the development of tourism real estate has also changed from a relatively single mode of function to compounding, and has increasingly become an irreversible trend of the times. Deep integration of culture is the new direction. With the help of high-tech to enhance the sense of experience, de-real estate, strengthen the operation of the industrial chain, tourism real estate health, old-age, from heavy assets to light assets, tourism real estate projects to operate financial, and the integration with the Internet is becoming increasingly close.

Problems

Although tourism real estate has gained great opportunities and growth space after the third wave, it still faces a series of difficulties and problems. First of all, the development of tourism real estate industry should face policy issues.

At present, real estate is greatly restricted. Many real estate projects can only seek development through composite industrial chains such as industrial real estate, commercial real estate and tourism real estate. However, in the process of vigorously promoting the development of tourism industry, it seems that the government pays more attention to the development of tourism industry itself, and it is usually sensitive to investors’ implantation of real estate projects in tourism projects, or even explicitly rejected. This makes the development of tourism real estate in the policy level of uncertainty and instability.

Secondly, land use is facing multiple difficulties. Tourism real estate projects usually cover a large area, ranging from hundreds of Mu to tens of thousands of mu, and most of them are in the rural or ecological environment zone outside the city, so the forbidden area of land appears. And the balance of interests of local residents is also more serious. In the past, some important industrial types of tourism real estate have been restricted by policies.

The problem of unclear project positioning still exists. Most of the tourism real estate lacks clear cultural themes, only some functional combinations. In this way, the development direction will be unclear, leading to the project into a dilemma of sustainable growth. The choice of industrial structure and profit model; the cultivation and guidance of market demand; the lack of experience and talents.

Now a large number of tourism real estate projects have been launched, many enterprises that did not do this business have joined in succession, resulting in a lack of professional talents, many enterprises have to force cross-border operations, resulting in problems such as violation of the development law of tourism real estate, deviation of development direction, significant increase in investment and operation costs, poor business performance, etc.

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