我国商业地产无论从其投资总量的增长还是在房地产中所占比例的增长,都可以看

出商业地产正处于快速发展的阶段。但由于建设商业地产的开发商多为从住宅开发产业

直接过渡而来,这些开发商缺乏开发运营商业地产的专业经验,导致了其开发运营过程

中出现了一系列问题。一方面,由于开发运营商对短期利益的重视,而忽视运营阶段的

经营管理,导致商业地产开发模式的不稳定,最终导致行业的不稳定;另一方面,开发

运营商缺乏对商业地产价值链的认识,不能准确把握各主体及关键活动,处于盲目运营

的状态。

我国商业地产运营现在釆取的主要模式有;只售不租、只租不售、租售结合、不售

不租和与商家联营几种模式。我国商业地产价值链的关键行为主体有:投资者、政府、

开发商、运营商、消费者和经营者。不同的商业地产运营模式的优劣势不同,各主体的

角色不一样,所获得的价值也不一样。商亚地产项目整体的价值实现是基于各主体协同

合作,为着统一的目标——项目整体价值实现,而不是只考虑价值链上某一环节或节点

的价值实现,谋求短期利益而忽视长远利益。

本研究从价值链的角度出发,系统地对我国商业地产运营模式进行研宄。首先,对

我国商业地产现状和商业地产运营的模式现状和困局进行了探讨;其次,对商业地产价

值链互动关系和价值流动进行了分析,并在此基础上对价值链上的关键主体的角色和市

场行为进行了分析;再次,针对具体的各类商业地产运营的模式分别进行价值链分析;

最后,对案例YW项目的运营模式进行概况分析。

关键词:商业地产;价值链;运营模式

I

Abstract

The commercial property in China is rapidly developed that can be seen from the total size

of investment and the increased ratio of investment in real estate industry. Since most

commercial property developers come from the residential property developing industry, they

lack professional experience and knowledge in operation management of commercial property.

There rises a series of problems. On one hand, developers emphasize short-term interests but

ignore operation control in operation stage, which leads to unstable operation models. On the

other hand, developers and operators have a poor understanding of the value chain of

commercial property, so they cannot accurately control the roles of key participants and also

their behaviors,the market is in a disorder status.

There are five main operation models in commercial property by far, they are “ pure sale”,

“ pure rental,“ not only for sale , “ sale and rental and “ associated operation with

sellers” . The main roles in the value chain of Chinese commercial property include the

government, the developer, the investor, the operator, the seller and the customer. Different

operation model has different advantages and disadvantages, different functions of roles and

the roles get different value. To recognize the value of the whole chain, we cannot focus on a

certain link or short-term interests.

This paper aims at researching the operation models of commercial property from the

value chain theory. Firstly, it discusses the current situation of commercial property industry

and its operation models as well as their problems. Secondly,it analyses the mutual relations

and value flow in the value chain of commercial property. Thirdly, it studies the value chain of

each model. Finally, it shows a case study to analyze its operation model.

Key words: Commercial Real Estate; Value Chain; operation mode