粤派房企标杆企业深度研究报告2012年2月24日目录一、粤派地产及标杆企业发展现状综述···································31.1粤派地产发展现状概述··················································41.2标杆企业发展现状概述··················································5二、企业发展战略比较和研究················································92.1万科·········································································92.1.1企业定位和战略···················································92.1.2区域布局及土地策略·············································92.1.3产品线及商业模式···············································132.2保利········································································172.2.1企业定位和战略··················································172.2.2区域布局及土地策略············································182.2.3产品线及商业模式···············································212.3恒大········································································222.3.1企业定位和战略··················································222.3.2区域布局及土地策略············································222.3.3产品线及商业模式···············································232.4碧桂园·····································································252.4.1企业定位和战略··················································252.4.2区域布局及土地策略············································262.4.3产品线及商业模式···············································2812.5佳兆业····································································302.5.1企业定位和战略··················································302.5.2区域布局及土地策略············································302.5.3产品线及商业模式···············································33三、企业管控模式比较和研究·················································353.1万科········································································353.2保利········································································363.3恒大········································································373.4碧桂园·····································································383.5佳兆业····································································38四、企业财务运营指标比较和研究···········································394.1业务规模··································································394.2短期偿债能力····························································424.3运营效率··································································444.4长期偿债··································································464.5盈利能力·································································47五、企业资本运作比较及研究·················································515.1万科········································································515.2保利········································································535.3恒大········································································555.4碧桂园·····································································575.5佳兆业····································································572背景纵观我国房地产行业的发展史，粤派地产的地位举足轻重。从1979年我国第一个商品住宅小区在华南诞生开始，兼容并包、务实果敢的?粤派地产?勇于开拓、敢为人先，短短的30年实现了跨越式发展，成为全国房地产行业的领跑者。30年的发展，粤派地产成就了万科、保利、合生创展、富力、恒大这样的?巨无霸?，也成就了碧桂园、雅居乐这样的?农村包围城市?的典范。?大盘开发?、?品牌经营?、?全国化发展?、?以客户为导向的物管服务?等，都开创了国内房地产的先河。如今，粤派地产的血脉已经衍射至行业的各个角落，?华南系?早已跨越板块，成为中国地产文化之表率。2011年房地产品牌价值TOP10、房地产上市公司综合实力TOP10等官方榜单上，无疑粤派地产依旧占据半壁江山。源于华南，领先中国，影响世界，粤派地产的魅力不可复制。伴随着2010年以来宏观调控的逐步深化，中国的房地产市场已步入?十二五?规划的开局之年，战略转型和结构调整成为发展的主旋律。政策与市场环境的变化，孕育、催生了新的行业发展格局。解密粤派地产的成功基因并非仅仅对经典的崇拜，而是温故知新,为新局势下的中国地方产的发展做好准备。综合考虑企业特征和其代表性，本文将选取万科、恒大、富力、佳兆业、碧桂园为标杆企业，从企业战略、管控模式、财务运营模式、资本运作模式等方面，深度剖析粤派标杆地产商的基因密码，解密?岭南系?。3一、粤派地产及标杆企业发展现状综述1.1．粤派地产发展现状概述改革开放以来，粤派地产历经三十余年的耕耘，年度投资额从1986年的10亿元增加至2010年的3659.69亿元，占当年全省固定资产投资总额的比率从4.6%提高至22.7%，累计完成开发投资25002.5亿元，房地产开发经营已成为社会经济建设的重要组成部分，为国民经济发展作出了突出贡献。全省城镇人均居住面积由改革开放初期的3.5平方米增长到2010的34.13平方米，增长了近10倍。据权威统计，截至2011年10月底，上市房企销售额前五位分别为万科、恒大地产、中海地产、保利地产、碧桂园全为粤派地产。据国务院发展研究中心发布的《2011年中国房地产品牌价值研究报告》显示，2011中国房地产行业领导公司品牌分别为中海（206.8亿元）、万科（206.8亿元）和保利，均为粤派开发商。另外，岭南系的恒大、合生创展、金地、碧桂园、星河湾均进入2011中国房地产公司品牌价值TOP10排行榜。根据发展研究中心另一项关于中国房地产上市公司企业价值TOP10排名的研究显示，在沪深上市企业中，万科、保利、金地分列企业价值