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At this time, the state encourages and supports the issuance of bonds by mainland enterprises. It has pushed the direct financing model of corporate bond markets to the cusp, and also found a new investment channel for capital.
The data shows that in the first four months of 2016, the total amount of corporate bond projects underwritten by brokerages was about 1.7 trillion yuan, and the average monthly underwriting scale reached 423.5 billion yuan. Among them, the total size of bond underwriting of 77 brokers in March broke through the high point of 700 billion yuan. On June 14 this year, Dalian Wanda Commercial Real Estate Co., Ltd. announced that the fourth issue of corporate bonds was completed. The final issuance of the fourth bond was RMB 3 billion, and the final coupon rate was 3.88%.
Following Wanda, recently, another commercial real estate company, Guangzhou Kaihuacheng Real Estate Development Co., Ltd. (hereinafter referred to as “Kahua Cityâ€) intends to issue bonds to qualified investors. The initial issuance scale is 700 million yuan. The subordinated debt is rated as AA and the debt rating is AA+. 
According to public information, Kaihua City was established in 2001 and has a total assets of over RMB 20 billion. It is a wholly-owned subsidiary of Kaihua Group Co., Ltd. At present, Kaihua City holds two core properties, namely Guangzhou International Textile City and Kaihua International Center.
Corporate debt broadens financing channels
“Objectively speaking, as a heavy asset of financial class, commercial real estate holds operating companies, and has a high demand for stable and long-term funds,†said a senior commercial real estate source. This business model is reflected in the company's capital level, that is, as the scale of business expands, the company's heavy assets ratio will also rise.
It is reported that in 2014, the issuer purchased the office building Kaihua International Center, which is scheduled to complete the renovation of the super-grade office building in 2016 and officially put into operation. “The search for diversified and low-cost financing channels has become an important consideration for companies to ensure stable profit margins,†said the senior commercial real estate source.
The help of the policy also makes it possible for long-term low-cost financing of holding businesses. On January 15, 2015, the new “Corporate Bond Issuance and Transaction Management Measures†was promulgated. This reform has provided a new financing path for mainland companies – the scope of the issuer has been extended to all corporate legal entities, and a rich bond issuance method has been introduced. Specific measures such as increasing bond trading venues and streamlining the issuance review process.
Therefore, from the point of view of time, the bond issuance is at the intersection of the release of capital investment demand and the expansion of the group size. For investors, a convincing endorsement is still needed to support investor confidence. 
Slow mode seeks value symbiosis 
Kaihua Group's flagship project Guangzhou International Textile City
The successful operation of Guangzhou International Textile City for more than ten years is a good footnote.
Guangzhou International Textile City is a first-class theme mall in China's textile industry with more than 3,000 shops. According to the industry, the textile city is one of the best in China. It is a one-stop sourcing platform for textile and garment surfaces and accessories. The first to fourth floors are fabric trading centers, which bring together hundreds of thousands of novel fabrics all year round. The fifth and sixth floors are It is set as the brand fabric perennial exhibition and trade center, which is a collection of world fabrics; the first floor is the accessories trading plaza; the seventh floor is the customer service center, multi-function hall, conference center, fast food restaurant, bank and other comprehensive supporting service areas.
If we say that the core of the business model of real estate "golden age" is the rapid turnover of assets, emphasizing a standardization, batchization and short-term "value replication", then, in the real estate into the "silver age" today, similar In Guangzhou International Textile City, this kind of holding-operated commercial property is more prolonged with the “value symbiosis†– the high standard of entry barriers and the slow-working business philosophy to make customers and enterprises their own value. Achieve together.
For example, a commercial shop owned by an issuer is only leased outside and not sold. Although this move means a longer return on capital for Kaihua City, it guarantees the unity and rationality of the overall planning of Guangzhou International Textile City.
In the selection of the lessee, according to the introduction of the prospectus, the entry barrier of Guangzhou International Textile City requires that it engage in the textile industry for more than 5 years, and must have actual business contents during the lease period, and the lessee transfers the leasehold rights of the store. Need to be authorized by the company and filed.
What is commendable is that in addition to hardware construction, Guangzhou International Textile City also provides popular information, artist salons, etc., and also held 11 consecutive China Guangdong University Students Fashion Week. This is a set of “smooth and silent†styles. Through the integration of information, talents and channels, we are always at the forefront of fashion, both in terms of discourse power or customer stickiness. .
This business model determines the stability and sustainability of the operating cash flow of the business. As a return on operations, Kaihua provides comprehensive services to merchants and collects rent from merchants. Even in the context of China's economic restructuring and the development of the textile industry in 2013~2015, the rent of Guangzhou International Textile City has maintained a steady upward trend.
The "slow" thinking of the L-type era 
Kaihua Group's new office project Kaihua International Center
However, the success of Guangzhou International Textile City has not become the reason for the rapid expansion of the Group in the short term. The person in charge of the Kaihua Group said, “The company has a strict selection criteria for the project. The company has been focusing on building the Guangzhou International Textile City project for more than a decade, and only invested in the Kaihua International Center in 2014.â€
The person in charge called the standard, the core area of ​​the first-tier cities, to create a sustainable benchmark commercial property. Take Kaihua International Center as an example. The project is located in Zhujiang New Town, Guangzhou. The Tianhe CBD is one of the three “national†central business districts and is a large CBD in South China. "Stable and long-term development is the consistent pursuit of our group," said the person in charge.
Compared with the “natural advantage†of the golden location, the difference between commercial real estate operation and traditional real estate sales model is whether the holder can provide high-quality “software service†and further combine the interests of the group with the interests of the customers. Value symbiotic relationship, which requires a more "slow" rhythm and patience than the chosen position.
According to the reporter's understanding, Kaihua International Center's renting does follow the philosophy of the past, not blindly seeking fast, but with the help of the international network and professional capabilities of the four major global banks, carefully select some high-quality, powerful long-term stable tenants; Choose internationally renowned property management partners to serve customers who demand high quality of property management.
The “L-shaped†economy will continue, but the market does not represent a chance to make money. Luo Siyuan, director of research at Fuxi Assets, said in an interview with the media recently that the current bond market price in China is of a configuration value. For example, Kaihua Group, a company that focuses on holding properties, is slow and steady in rhythm, and stability is the valuable quality of economic fluctuations.
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