On May 19, 2018, the “Win-win by Cooperation and Achieving Success with Energy” 2018 Investor Annual Meeting & Investment Strategy Meeting of Gemdale WINS Investment was held ceremoniously at Shangri-La Hotel in Futian Shenzhen. This grand gathering is sponsored by WINS Investment, Gemdale's private real estate fund. We were delighted to invite Professor Ba Shusong, chief economist of the China Banking Association, and senior managers from banks, securities, trust, asset management companies, fund companies and other industries cooperated with this great project. Many experts and scholars and industry leaders gave wonderful speeches and round-table discussions on the topics of China's economic and financial policies in 2018, real estate market research, real estate investment opportunities and stock assets under the new regulations on large capital management, and urban renewal and development trends.

Mr. Huang Juncan, president of Gemdale

The conference began with a speech by Mr. Huang Juncan, president of Gemdale. He said that Gemdale established the development strategy of “One Body, Two Wings” in 2010, that is, “taking residential development as the main body and commercial real estate and real estate finance as the two wings”. As a strategic carrier on the financial flank, WINS Investment has been continuously exploring the real estate finance field. By the end of 2017, the accumulated asset management scale of WINS Investment reached RMB 34.1 billion. In 2018, it is hoped that WINS Investment will continue to give full play to its core competitiveness based on the real estate development business in Gemdale, deepen the construction + investment business in coordination with the group, and further explore the asset-backed securitization business at the same time. As for the development of WINS Investment, Gemdale will, as always, give strong support, fully utilize their respective resource advantages and carry out more cooperation with various institutions and investors, keep step with the wise, in the form and background of changes, so as to achieve win-win results!

Mr. Xu Yafeng, president of WINS Investment

Mr. Xu Yafeng, president of WINS Investment, delivered a welcoming speech on behalf of the organizers of the conference. President Xu extended warm welcome to all the leaders and guests present. Next, President Xu said that as a real estate fund backed by a strong platform of Gemdale, in the future, WINS Investment will intensify research and development and promotion of innovative services in addition to steady development of traditional investment and financing services. It will give full play to the WINS’ investment capabilities and Gemdale's asset operation and management capabilities, creating more cooperation opportunities and return on investment for investors and realizing win-win results in many ways!

Professor Ba Shusong, chief economist of the China Banking Association,

Professor Ba Shusong, chief economist of the China Banking Association, delivered a keynote speech entitled “New Era, New Trend - Prospect Of China's Economic and Financial Policies In 2018”, explaining China's economic and financial situation and policy orientation under the new era, as well as the new trend to be presented in the real estate investment market. In his speech, professor Ba Shusong first combed out the economic trends that have surged forward and fluctuated greatly in the past two decades, and made an analysis and forecast of the development trend of China's economy in the future. Professor Ba pointed out that the growth rate of China's economy will gradually decline from a high-slope growth trend until it hits the bottom and enters a new platform of medium-speed and stable growth, presenting a short-term and medium-term platform fluctuation trend. Professor Ba Shusong also said in his speech that China's stage of investment-driven and high investment growth will almost come to an end. Manufacturing industry will extend from the middle and low end to the middle and high end of the global industrial chain, while the other focus of China's economic growth will be the service industry. Corresponding to the real estate market, it means that professional services around the real estate industry will be crucial. The real estate industry will show the characteristics of stable total volume and micro-differentiation. At this stage, professional operation ability, urban layout strategy, and how to make professional judgment on the differentiated market are especially important. Next, professor Ba explained the macro policy. The keynote of fiscal policy has gradually shifted from past stimulus to risk prevention. The core of monetary policy is to deleverage and prevent risks. Therefore, how to improve the efficiency of asset allocation is particularly important. In addition, professor Ba pointed out that China will rapidly enter a deep aging, with different population structures, different savings and investment behaviors, and different real estate industries. The changes in the population structure have far-reaching effects and come soon, which will lead to a major change in the asset structure. How to bring the wealth benefits and asset allocation benefits of houses into play and realize the financialization and investability of assets will affect the real estate industry to enter a new stage of development.

Mr. Hao Yibin, vice president of Gemdale

Mr. Hao Yibin, vice president of Gemdale, delivered a keynote speech entitled “Share of Research on China's Real Estate Market”. He analyzed and summarized the development of China's real estate market and industry from four aspects: market operation rules, industry opportunity judgment, recent market analysis, and industry development trend. President Hao pointed out that real estate has dual properties of residence and finance and is the main carrier of finance. The relationship between supply and demand determines the price fluctuation. All factors indirectly affect the price by acting on the supply side or the demand side. Price is not only the reaction result of the relationship between supply and demand, but also the tool to adjust the relationship between supply and demand in the market. The real estate industry belongs to a strong cyclical industry. The cyclical fluctuations are extremely clear in the past and present, and will not change in the future. China's real estate market has rotational conduction among different cities, and the effect of rotational conduction among cities is more obvious. To avoid focusing only on a single market, investment needs to increase the breadth of investment layout, utilize the market rotation rule, seize the investment opportunities of cities in the market start-up period, and judge the investment opportunities by combining the hyperbola of housing price fluctuation. China's real estate market has not yet seen a trend turning point, and there is still room for urbanization development. Second-tier and third-tier cities have structural opportunities due to industrial upgrading and transfer and population mobility, and should focus on cities with good economic development fundamentals for layout. Finally, president Hao pointed out that the market concentration of the real estate industry and the scale of leading real estate enterprises are rapidly increasing, and the advantages of real estate enterprises with a certain scale are increasingly obvious. The real estate industry will also show a trend of diversified development and professional subdivision, entering the era of professional profitability.

Roundtable Forum 1 - Real Estate Investment Opportunities under the New Regulations on Large Capital Management

Roundtable Forum 2 - Stock Assets and Urban Renewal and Development Trends

The forum also held round-table discussions on real estate investment opportunities and modes, stock assets and urban renewal and development trends under the background of the new regulations on capital management. The invited dialogue guests included many senior managers in financial community, which are Liu Alin, managing director of Ping An Securities Investment Banking, Liu Zheng, managing director of Zhejin Trust, Qiu Jie, vice president of Real Estate Finance Department of Ping An Bank, Wang Jian, general manager of BOSC International Equity Investment Fund, Wang Yijun, deputy general manager of Harvest Capital, Kevin Bian, head of MACQUARIE China Commercial Real Estate Company China Investment, Christine Chan, chief investment executive officer of KNOWX Asset Management Co., Ltd., Li Chengran, president of strategic customers of the head office of China Merchants Bank, Liu Weimin, general manager of CITIC Goldstone Fund Management Co., Ltd. And Jack Zheng, director of Fortress Investment Group, and so on. Many master experts have bright viewpoints and witty remarks. They have deeply discussed new opportunities and feasible business models real estate investment under the background of the current new regulations on capital management, as well as the future development trend in the area of stock assets and urban renewal, leaving the participants immersed in the shock and joy brought by the collision of ideas.