惠譽:中國物業管理行業整合將加速
惠譽評級表示,過去三年內房紛紛將物業板塊分拆上市,並通過併購快速擴大市場份額,預期未來幾年中國物業管理行業將加速整合。
根據中指研究院數據,內地物管行業集中度較低,去年在管面積位列前264名和前12名的參與者佔有市場份額分別爲49.7%和10.2%。惠譽表示,調研發現2018至2020年間,59家以住宅物業爲主營業務的物管公司,在管面積實現按年增幅達到20%至40%的中位數增速,增長主要來自於併購及從非關聯方房企獲取項目。
惠譽舉例指,雅生活服務(03319.HK)自2017年以來已收購至少10家規模較小的物管公司及其他相關業務,碧桂園服務(06098.HK)在上市前及上市後至少進行11次收購。
惠譽預期,物管公司將通過增加股權融資或增發債券加快併購,以實現規模擴張;由於與可抵押土地使用權及房產的房地產開發商相比,物管公司往往採用輕資產業務模式,因此銀行向物管公司放貸的意願或較低。
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