摘要：结合当前房地产市场形势，以凯德与万达为例，分析国内外房地产企业轻资产战略转型。凯德集团前期剥离非核心资产，进而通过“REITs+PE Funds”运作转型为商业地产基金管理者；万达利用自身优势发展万达金融，实现多元融资，通过总包交钥匙模式实现新资产服务收益模式。在此基础上，提出房地产企业轻资产战略转型的启示。

关键词：房地产企业；轻资产；转型战略；REITs+PE Funds

Abstract：Combined with the situation of real estate market，this paper analyzes analyzes the strategic transformation of light assets of domestic and foreign real estate enterprises taking CapitaLand group and Wanda group as typical examples. In the early stage，CapitaLand divests non-core assets，then transforms into a commercial real estate fund manager through the operation of “REITs + PE funds”. Wanda uses its own advantages to develop Wanda finance to realize diversified financing，and realizes new asset service income mode through turnkey model of general contracting. On the basis of the above，puts forward the enlightenment of real estate asset light strategic transformation.

Keywords：real estate enterprises；light asset；transformation strategy；REITs + PE funds

参考文献

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建筑经济，2020（4）：13-16