[摘　要]　 在我国新的市场环境下，目前以滚动开发经营模式为主的房地产开发企业的产业生命周期将逐步进入成熟期，开发商开始探索企业战略转型的方向和路径。物业持有和轻资产运营是未来房地产企业转型的两大方向。轻资产运营模式太超前，而现阶段大幅增加持有型物业的比重快速完成转型也不是现实最佳选择。考虑我国住宅开发企业的特点和现状，不断增加社区配套项目的持有规模是开发商完成运营模式转型的突破方向。
[关键词]　房地产开发；物业持有模式；轻资产运营；转型研究
Abstract: The industry life cycle of the real estate enterprises business based on rolling development mode will gradually stepp into mature stage under the new market conditions. The domestic developers have attempt strategic transformation. Developer ＆ owner mode and asset-light business mode are two directions for future transition of real estate enterprises. Asset-light business mode is ahead of its time. Meanwhile, a dramatic increase of long term property investment in the portfolio of developer is not a realistic choice at this stage. For the domestic residential developer, investment in community commercial centres is supposed to be a way to complete the transformation.
Key words: real estate development; property investment mode; asset-light business mode; transformation research
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建筑经济，2013（8）：76-79