The Elephant Of Poulos Turns Around

In recent years, global has been enriching its label beyond the logistics real estate giant.

At this fair, the intention is more obvious: in addition to traditional advantageous businesses such as intelligent warehousing and intelligent logistics, global will focus on new business sectors such as supply chain finance, supply chain integrated services, cold chain and new energy facilities.

"Today's global is not only a logistics infrastructure provider and operator." Zhuge Wenjing, executive vice chairman of pros China, said in an interview with 21st century economic reporter that in terms of asset management category, the company has extended from logistics real estate to new infrastructure asset categories such as intelligent manufacturing industrial park, R & D office innovation park, new energy and data center.

Since the completion of privatization in 2018, the 100 billion "giant elephant" dominating the logistics real estate field has continued to expand the industrial ecology and seek to turn around.

The most significant action is the operation of the two important platforms - through the science and technology operation platform inter chain technology and private equity investment platform Yinshan capital, the logistics science and technology field is arranged, and the whole logistics intelligent ecology is tried to be built.

However, behind the continuous expansion of the ecosystem, will Poulos be "lost" on the road of diversified development? Zhuge is quiet and firm, and there is an internal logic in the investment of Poulos.

In recent years, global has been enriching its label beyond the logistics real estate giant. Visual China

Logistics real estate competition is increasingly fierce

When facing the problem of "how to position the present global", Zhuge Wenjing summarized it with "investment management and business innovation company".

This statement is somewhat abstract. She further introduced that based on the huge industrial assets such as "logistics real estate", "data center, new energy and other infrastructure", global will create "big logistics" ecology through investment and service sectors such as "private equity investment in large logistics field", "supply chain finance" and "intelligent asset operation and management service".

In Zhuge Wenjing's description, Poulos is doing a lot of things. Therefore, the outside world is also worried: is the traditional logistics real estate business development bottleneck behind the company's continuous expansion of diversified business in recent years?

As a spatial link connecting production and consumption, logistics industry has been developing continuously in recent years. Logistics real estate (also known as logistics warehousing) is an important part of it. But the enthusiasm of domestic logistics real estate investment is not high. According to the data of the National Bureau of statistics as of 2017, the investment in fixed assets of the national warehousing industry was 685.578 billion yuan, down 1.83% from 2016.

"This is mainly constrained by the tightening of land supply policy." An analyst who did not want to be named told the 21st century economic report that the contribution of logistics and warehousing projects to the output of commercial residential projects is relatively low, and the land acquisition link of developers is greatly constrained. At the same time, in the first tier cities, the competition of logistics warehousing projects is fierce, and the supply of land is more tense.

The analyst said that compared with overseas developed countries, there is still a big gap in the development of China's logistics and warehousing industry, while under the rapid development of e-commerce and the epidemic situation, medium and high-standard modern warehousing and logistics facilities have ushered in greater development space.

In the case of shortage of land supply, the improvement of storage land utilization rate and storage capacity has become the key to breakthrough, which makes the proportion of medium and high standard warehouse structure to be improved. According to the analysis report of China Securities Construction Investment Corporation, there is structural imbalance in the supply of domestic warehouses, and the stock of high-grade warehouses is relatively small. Taking the data in 2018 as an example, the domestic general warehouse area for business is 1.06 billion square meters, of which more than 90% are traditional general warehouses, and the proportion of high-level warehouses is only about 5%, with an area of about 50 million square meters.

"Logistics warehousing itself still has great development space and development potential, so we have been increasing the investment in logistics warehousing in China." In Zhuge Wenjing's view, the development space of domestic warehousing logistics is far from touching the ceiling. On the one hand, the domestic per capita storage area is far lower than that of overseas mature markets; on the other hand, many old and inefficient storage facilities are still in use, involving transformation and upgrading, which makes modern high-standard warehousing have a strong demand.

However, even as the industry leader, global has to face the impact from real estate enterprises, logistics enterprises, e-commerce platforms and other different entities in the field of logistics real estate. Private express giant SF holdings is one of them. In September this year, the company announced the establishment of a logistics real estate fund jointly with CITIC Capital subsidiary, with a target scale of 2.1 billion yuan equivalent in US dollars, to invest in logistics properties or project companies with strategic positions in first tier cities, 1.5 tier cities and second tier cities with logistics industry shortage.

In fact, the logistics real estate business of PLoS has not been sluggish. This can be seen from the financial reports of its core subsidiary, pros China Holdings Co., Ltd. (hereinafter referred to as pros China).

According to the 2019 financial report released by Pros China in May this year, the rent and related income of prolos China reached 852 million US dollars during the reporting period. Compared with that in 2018, the revenue of this business increased by about 2% year on year.

The 21st century economic reporter learned that up to now, global has a logistics infrastructure worth US $30 billion in China, covering an area of 46 million square meters and a total of 32 million square meters of completed and planned construction area. In addition, in the first half of 2020, the area of new and renewed logistics facilities in China reached 7.4 million square meters, an increase of 48% compared with last year.

In the face of increasingly fierce competition in the logistics real estate industry, the "ambition" is not only. Zhuge Wenjing told the 21st century economic reporter, "based on the chassis assets in recent years, pros hopes to increase investment in science and technology to help the whole logistics industry" reduce costs and increase efficiency. "

"Global logistics"

"With the development of technology, we are restructuring the logistics industry." At the national logistics park work annual meeting two years ago (2018), the co-founder and CEO of global logistics co-founder and CEO Mei Zhiming said that the company was in the process of "building a platform to lead and gather new logistics models and technological innovation".

In an interview with the 21st century economic reporter, Zhuge Wenjing admitted that what pulos wants to establish is an ecological system for the development of "large logistics" industry. In the past ten years, global logistics has built a huge network of logistics infrastructure, and the time of transformation and upgrading has long come.

The reporter of 21st century economic report noted that in this year's fair, the booth of Poulos was engraved with a strong mark of "wisdom and intelligence".

As for the investment and operation of Poulos, Zhuge Wenjing has a lot of experience. In addition to being the executive vice chairman of global China, Zhuge Wenjing's identity also includes the chairman of global finance and the chairman and President of global capital, who is in charge of strategic planning, investment and financing in China.

Zhuge Wenjing told the 21st century economic reporter that the fund asset management scale of global in China has reached 19 billion US dollars. Focusing on the concept of "big logistics", global has made a lot of achievements in recent years. The four significant aspects are PE investment, cold chain logistics, new energy facilities and supply chain finance.

In 2019, pros founded Pulin international to provide whole process cold chain logistics services. It is reported that since its establishment more than a year ago, the company's cold chain operation network has been deployed in more than a dozen cities across the country, and the cold chain infrastructure area has reached nearly one million square meters.

In the field of new energy, the company established a joint venture with Canadian alternative asset management company Brookfield in 2018, focusing on investment and operation of roof solar power generation. At present, it has more than 1.73 million square meters of rooftop photovoltaic panels in the world, with an installed power generation capacity of 122mw.

The 21st century economic reporter also learned that the installed capacity of global PV grid connected power generation in China increased by about 34 MW in the first half of this year, an increase of 113% over the same period of last year. The company's investment target is 421 MW by the end of 2027mw.

"We are expanding our ecosystem through new business." Zhuge Wenjing told reporters of the 21st century economic report that there is an inherent logic in the diversified investment of PLoS, such as the expansion of asset categories, industrial parks and R & D offices, which are derived from investment and services to meet market demand, so as to promote the development of the "big logistics" industry and its upstream and downstream.

Since entering the Chinese market in 2003, with the continuous evolution of the market and the industry, and driven by internal and external factors, global logistics has gone to the deep road of logistics industry development. Whether it can become the real builder of logistics ecosystem remains to be tested by time.