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LingKS

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- LingKSLingKS
  ·2021-08-10
  I $AMD(AMD)$
  The Great Ebb: Can Plunging Shells Still Go Shore?
  贝壳正站在悬崖边，股价一度跌破发行价。中概股暴跌，波及到贝壳。美国东部时间8月5日收盘，贝壳跌破发行价至19.81美元每股、市值236亿美元（人民币约1525.39亿元），与去年8月刚上市相比，市值
  The Great Ebb: Can Plunging Shells Still Go Shore?
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- LingKSLingKS
  ·2021-07-25
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  ·2021-07-25
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- LingKSLingKS
  ·2021-07-24
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- LingKSLingKS
  ·2021-07-24
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At the close of trading on August 5th, Eastern Time, the shell fell below the issue price to 19.81 USD per share, with a market value of 23.6 billion USD (about 152.539 billion RMB). Compared with its listing in August last year, the market value shrank by more than half.</p><p>It is not unreasonable that the shell has been affected this time. All along, there have been constant voices questioning the monopoly of this real estate agency \"Big Mac\".</p><p>Remediation came soon. On July 23rd, eight departments, including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission and the Ministry of Public Security, issued a notice on continuous rectification and standardization of the order of the real estate market.</p><p>The situation suddenly changed, and the intermediaries of Gaoge Kaijin faced strong rectification. Zuo Hui, the founder of Shell, has passed away. Can the Shell led by the successor get out of hesitation?</p><p><img src=\"https://static.tigerbbs.com/4ee4a6f1c40c1e7f49292c6ff0039d5b\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\">Photo by Sister Morse of a Shell Signing Service Center in Yubei, Chongqing</p><p>Shell Story</p><p>Shell, the largest real estate trading platform in China, has mixed reviews in the industry.</p><p>In 2001, Zuo Hui founded Chain Home, honestly doing the intermediary business of matching real estate transactions, and embracing the Internet from time to time to prevent being photographed on the beach.</p><p>Looking back on the development history of this company, under the leadership of Zuo Hui, Chain Home has successively merged 11 real estate agencies in different ways in first-and second-tier developed cities such as Chengdu, Shanghai, Beijing, Shenzhen and Hangzhou, including Yicheng, Deyou, Yijia, Zhonglian, Beijing Gaoce, Shengshi Guanjia, Daxingye, Furui Real Estate, Mantanghong, Haomongjiao and Yuansheng Real Estate.</p><p><img src=\"https://static.tigerbbs.com/5247820fa7ed73839a30febdeafe6100\" tg-width=\"1000\" tg-height=\"578\" referrerpolicy=\"no-referrer\">The development of shells, drawing by Sister Morse</p><p>This is not enough. Zuo Hui took Peng Yongdong (now the chairman and CEO of Shell Housing) as the pioneer to expand its territory on the Internet. In April 2018, amid doubts, Shell House Search went online, and it was positioned as an open industry platform. In fact, Peng Yongdong also has questions in his heart. After all, he already has a chain home network. Will it be \"a waste of money\" to do the shells that were shelved in 2014?</p><p>In fact, the essential difference is that the traditional intermediary of Chain Home is not good at telling stories in the capital market, while the story of Shell, which is the main Internet technology platform, is more attractive. Shell is actually a means to relieve the listing dilemma of Chain Home.</p><p>Shell's development platform is reflected in the rapid expansion and cooperation of offline stores and intermediaries through ACN network (note: broker collaboration network).</p><p>Intermediary brands settled in the shell platform can obtain more houses and potential customers through shared resources, and promote commercial housing transactions. After the transaction, according to the current ACN network rules, the shell platform and the brand will deduct the performance commission of the store transaction according to a certain proportion, and the remaining part will be shared by the stores, transaction brokers, housing entrants, maintainers, recommenders, financial consultants and other roles.</p><p>In a transaction, more than 10 people may participate, which is the finishing touch of Shell.</p><p>On the road of expansion, Shell increased its chips in the field of second-hand housing, obtained cooperative brands to join by making profits, and exchanged the decline of commission rate for the increase of overall market share. Its overall GTV increased from 0.7 trillion yuan in 2017 to 1.9 trillion yuan in 2020, the commission rate decreased from 2.5% to 1.6%, and the overall market share increased from 12.3% to 26.2%.</p><p>Through this model, each participant gets a share of the transaction and fattens the volume of the shell.</p><p>Shell's prospectus shows that Shell has become the second largest commercial platform in China in 2019, second only to Taobao, and higher than<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">Jingdong</a>, Ctrip, etc.</p><p>As the leading real estate intermediary, as of the disclosure of the 2020 annual report, Shell has 47,000 offline stores, 493,100 intermediaries and 9.11 million online VR houses.</p><p>Among them, Shell has two large-scale entities, one is 80% of the direct chain family, and the other is 20% of 21st century real estate and other cooperative franchise brands.</p><p>In an intermediary industry without technical content, scale alone is not enough. Therefore, in order to compete against competitors, Shell implements the standardization of three elements of housing data, services and brokers, and strengthens the moat, which is also an important foundation for its uniqueness in the industry.</p><p>Especially in terms of housing data, Shell relies on the collection of housing information and the construction of a \"real estate dictionary\" implemented by Chain Home since 2009 to open the verification of real housing. As of the end of the first quarter of 2020, the \"Real Estate Dictionary\" had 226 million real house information. With a huge market scale, blessing real housing is a competitive barrier that is difficult to match by outside peers.</p><p>Shell's ACN broker cooperation network mode and the concept of \"Real Estate Dictionary\", a big database of housing information, have attracted the interest of overseas investors.</p><p>On August 13, 2020, Shell successfully launched an IPO, raising more than US$2 billion, an increase of more than 80% on that day, and its market value reached more than 290 billion yuan. At that time, the market value of shells was equivalent to 1.5<a href=\"https://laohu8.com/S/02007\">Country Garden</a>2 Sunac.</p><p>Under the influence of the huge transaction data of stock housing business (second-hand housing intermediary and leasing intermediary business) and new housing business, Shell's total transaction volume in 2020 was 3.5 trillion yuan, revenue was 70.5 billion yuan, and net profit was 2.78 billion yuan.</p><p>\"Monopoly\" Question</p><p>Too big to fail is usually people's question of the disorderly expansion of capital and the monopoly of everything. Today, the shell, which has become the \"target of public criticism\", also faces this problem.</p><p>After Shell became a platform, it jumped to a higher level, and its profit model was upgraded from doing it yourself to letting other companies work for it. It is understandable that the settled intermediary is drawn a commission. If any platform adopts strong control for a long time to squeeze it, it will inevitably cause a rebound.</p><p>To what extent is strong control? After settling in, you can't join other platforms, and under the income sharing mode, the settled intermediary needs to hand over the core secrets such as personnel and financial rights to the shell.</p><p>Based on a set of assessment criteria, intermediaries are classified into four grades: A, B, C and D. Each level has different permissions. C-level and D-level stores have relatively few permissions to view customers and houses. Brokers will also be divided into different levels, and their exposure will also be different.</p><p>This strong control of shells has made intermediaries in the industry (including both those who have not settled in shells and those who have already settled in shells) complain, and there have been many boycotts.</p><p>Two of them have been criticized:</p><p><ul><li>As a self-operated project of Shell, Chain Home is believed to have received more resource tilt and platform exposure, which has been criticized for \"both making rules and playing, and being both a referee and an athlete\";</p><p></li></ul><ul><li>Shells are in an absolute leading position in the industry, which can easily lead to the overhead brand of cooperative intermediaries, the loss of teams, the handover of commercial secrets such as houses and customers, and the commission can only be left to the mercy of shells.</p><p></li></ul>In fact, developers are not very happy either.</p><p>In the field of new houses, the A-level and B-level cooperation of shells implements exclusive distribution of \"with me without him, with him without me\", that is, housing enterprises can't choose other channel providers if they choose shells; Only in C-level cooperation can housing enterprises cooperate with other channel providers at the same time.</p><p>How high is the status of shells? \"It is really simple to be a real estate executive now. Either come up with a tried-and-true killer to cut prices; Or persuade the boss to buy shells.\" An industry insider said distressed.</p><p>Shell controls the right to speak, and the pricing power of profit sharing is also in its hands. Shell new house commission rate increased from 2.54% in 2017 to 2.74% in 2020. Under the high commission, the total transaction volume of shell new house business increased from 252.6 billion yuan to 1.4 trillion yuan. When it is high, shell commission is equivalent to cosmic housing enterprises<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>(03333.HK) net profit margin of 6% in 2020.</p><p>Shell stands at the top of real estate profit sharing, even overwhelming the always strong developers. Some people quit, Evergrande took the lead in offering RV treasure to compete, and other housing enterprises also began to build their own marketing channels.</p><p>Shell's jealous dividends and crushing competition make other Internet peers feel uncomfortable.</p><p>On April 10 this year,<a href=\"https://laohu8.com/S/WUBA\">58INTERCITY</a>CEO Yao Jinbo angrily posted this<a href=\"https://laohu8.com/S/WB\">Weibo</a>: \"In the field of real estate transactions, there is a more blatant choice of two packages as voluntary, and we strongly call on the state to antitrust and fine shells 4 billion yuan for finding houses.\"</p><p>Since 2019, Jinhua, Shaoxing,<a href=\"https://laohu8.com/S/N4E.SI\">Nanchang</a>In many places, there have been \"anti-shell alliances\" in which real estate agents boycott shells. Earlier, it was Yao Jinbo who was \"anti-shell\". In June 2018, 58.com United<a href=\"https://laohu8.com/S/000560\">I love my family</a>Centaline Real Estate, 21st Century Real Estate and other housing agencies have set up the \"Anti-Shell Alliance\".</p><p>With the expansion of Shell, Shell has infinite possibilities in data application, and this infinite possibility hides the danger of stepping on antitrust.</p><p>Once the shell becomes a \"channel terminator\", all customers have to be obtained through the shell. With this, Shell has mastered a more real transaction situation in the real estate market.</p><p>Compared with the online signing data, and the price and transaction volume of new houses are easily affected by the supply and location, the second-hand housing market is a freer market, and its transaction situation often better reflects the actual temperature of the urban real estate market.</p><p>Therefore, the future application scenarios of the database built by Shell have a lot of imagination, including but not limited to the basis of government policy formulation, the basis of housing market investment and the basis of investment institutions.</p><p>The tide is low</p><p>Shells criticized for being suspected of monopoly may feel innocent.</p><p>Shell has developed rapidly in recent years and has become a well-deserved industry leader.</p><p>Zuo Hui, who once suffered from black intermediaries, said before his death, \"I am a long-term person. I don't care about short-term interests, and I am more willing to do that difficult but correct thing.\" It was under the guidance of this idealistic plot that Shell did fight out a bloody path.</p><p>In recent years, relevant departments have put forward \"strengthening anti-monopoly and preventing disorderly capital expansion\" three times in a row. This makes many industry giants suspected of monopoly tremble,</p><p>In the second-hand housing market, Chain Home, the predecessor of Shell, had a precedent of being investigated and punished for suspected monopoly.</p><p>The predecessor of Shell Chain Home invented the \"exclusive housing entrustment\" trading mode, and paid a price for it. In 2016, Chain Home was investigated and punished for suspected monopoly in first-tier cities such as Beijing and Shanghai.</p><p>Antitrust action in property transactions is ramping up. Previously, the administrative guidance meeting of Internet platform enterprises led by relevant departments, among the 34 Internet enterprises participating in the meeting, in addition to<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Wait for giants, and shells to find houses.</p><p>Since July, efforts to rectify the chaos of real estate transactions have continued to increase. Everyone is waiting to see. Who will be the leading bird to be beaten?</p><p>Under the background of \"the higher the house price, the higher the house turnover, and the more commission the intermediary will pay\", the existing business behaviors and marketing methods of real estate intermediaries have become one of the important accelerators for the rise of house prices. It is not new that some intermediaries are involved in promoting the enthusiasm of real estate speculation.</p><p>In the recently reported \"Shen Fang Li\" incident, 44 intermediaries were included in the \"blacklist\" for providing convenience for illegal real estate speculation.</p><p>Since 2021, Shell Housing Search has successively raised its agency fees in some key cities in China, including Shanghai, Shenzhen, Guangzhou, Chengdu, Zhengzhou, Chongqing and other places, from 2% in the past to 3%, of which buyers bear 2% and sellers bear 1% (0% in the past). Wool comes from sheep, and the price of second-hand houses is naturally affected.</p><p>For the intermediary, although the commission can improve the profit of the intermediary, it will also have other negative effects. In December 2014, the competent price department of Tianjin fined a total of 5.31 million yuan for the price conspiracy of I Love My Home, Chain Home Real Estate and Zhongyuan Real Estate to raise the intermediary fee at the same time.</p><p>Under the increasing regulatory pressure, the second-hand housing market business is becoming more and more difficult to do.</p><p>According to the latest data of agency statistics, the transaction volume of second-hand houses in 10 major cities across the country fell by 30% in July, which is far higher than that of new houses.</p><p>Shell went online in April 2018; Aug 13, 2020 Shell listed on Nasdaq; In the Fortune China 500 list released in July 2021, Shell ranked 164th.</p><p>Undoubtedly, the shells of the past have caught up with good times, and the shells of the future should get used to the ebb and flow. Xu Jiaying once sang in the song \"Shell\": \"I am a shell, and I can't advance or retreat between the sea and the sand. The sand's heart can't guess, and the sea still waits without regret.\"</p>","source":"highlight_huxiu","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Great Ebb: Can Plunging Shells Still Go Shore?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Great Ebb: Can Plunging Shells Still Go Shore?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">虎嗅</strong><span class=\"h-time small\">2021-08-10 23:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/BEKE\">Shell</a>Standing on the edge of a cliff, the share price once fell below the offering price.</p><p>Chinese stocks plummeted, affecting shells. At the close of trading on August 5th, Eastern Time, the shell fell below the issue price to 19.81 USD per share, with a market value of 23.6 billion USD (about 152.539 billion RMB). Compared with its listing in August last year, the market value shrank by more than half.</p><p>It is not unreasonable that the shell has been affected this time. All along, there have been constant voices questioning the monopoly of this real estate agency \"Big Mac\".</p><p>Remediation came soon. On July 23rd, eight departments, including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission and the Ministry of Public Security, issued a notice on continuous rectification and standardization of the order of the real estate market.</p><p>The situation suddenly changed, and the intermediaries of Gaoge Kaijin faced strong rectification. Zuo Hui, the founder of Shell, has passed away. Can the Shell led by the successor get out of hesitation?</p><p><img src=\"https://static.tigerbbs.com/4ee4a6f1c40c1e7f49292c6ff0039d5b\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\">Photo by Sister Morse of a Shell Signing Service Center in Yubei, Chongqing</p><p>Shell Story</p><p>Shell, the largest real estate trading platform in China, has mixed reviews in the industry.</p><p>In 2001, Zuo Hui founded Chain Home, honestly doing the intermediary business of matching real estate transactions, and embracing the Internet from time to time to prevent being photographed on the beach.</p><p>Looking back on the development history of this company, under the leadership of Zuo Hui, Chain Home has successively merged 11 real estate agencies in different ways in first-and second-tier developed cities such as Chengdu, Shanghai, Beijing, Shenzhen and Hangzhou, including Yicheng, Deyou, Yijia, Zhonglian, Beijing Gaoce, Shengshi Guanjia, Daxingye, Furui Real Estate, Mantanghong, Haomongjiao and Yuansheng Real Estate.</p><p><img src=\"https://static.tigerbbs.com/5247820fa7ed73839a30febdeafe6100\" tg-width=\"1000\" tg-height=\"578\" referrerpolicy=\"no-referrer\">The development of shells, drawing by Sister Morse</p><p>This is not enough. Zuo Hui took Peng Yongdong (now the chairman and CEO of Shell Housing) as the pioneer to expand its territory on the Internet. In April 2018, amid doubts, Shell House Search went online, and it was positioned as an open industry platform. In fact, Peng Yongdong also has questions in his heart. After all, he already has a chain home network. Will it be \"a waste of money\" to do the shells that were shelved in 2014?</p><p>In fact, the essential difference is that the traditional intermediary of Chain Home is not good at telling stories in the capital market, while the story of Shell, which is the main Internet technology platform, is more attractive. Shell is actually a means to relieve the listing dilemma of Chain Home.</p><p>Shell's development platform is reflected in the rapid expansion and cooperation of offline stores and intermediaries through ACN network (note: broker collaboration network).</p><p>Intermediary brands settled in the shell platform can obtain more houses and potential customers through shared resources, and promote commercial housing transactions. After the transaction, according to the current ACN network rules, the shell platform and the brand will deduct the performance commission of the store transaction according to a certain proportion, and the remaining part will be shared by the stores, transaction brokers, housing entrants, maintainers, recommenders, financial consultants and other roles.</p><p>In a transaction, more than 10 people may participate, which is the finishing touch of Shell.</p><p>On the road of expansion, Shell increased its chips in the field of second-hand housing, obtained cooperative brands to join by making profits, and exchanged the decline of commission rate for the increase of overall market share. Its overall GTV increased from 0.7 trillion yuan in 2017 to 1.9 trillion yuan in 2020, the commission rate decreased from 2.5% to 1.6%, and the overall market share increased from 12.3% to 26.2%.</p><p>Through this model, each participant gets a share of the transaction and fattens the volume of the shell.</p><p>Shell's prospectus shows that Shell has become the second largest commercial platform in China in 2019, second only to Taobao, and higher than<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">Jingdong</a>, Ctrip, etc.</p><p>As the leading real estate intermediary, as of the disclosure of the 2020 annual report, Shell has 47,000 offline stores, 493,100 intermediaries and 9.11 million online VR houses.</p><p>Among them, Shell has two large-scale entities, one is 80% of the direct chain family, and the other is 20% of 21st century real estate and other cooperative franchise brands.</p><p>In an intermediary industry without technical content, scale alone is not enough. Therefore, in order to compete against competitors, Shell implements the standardization of three elements of housing data, services and brokers, and strengthens the moat, which is also an important foundation for its uniqueness in the industry.</p><p>Especially in terms of housing data, Shell relies on the collection of housing information and the construction of a \"real estate dictionary\" implemented by Chain Home since 2009 to open the verification of real housing. As of the end of the first quarter of 2020, the \"Real Estate Dictionary\" had 226 million real house information. With a huge market scale, blessing real housing is a competitive barrier that is difficult to match by outside peers.</p><p>Shell's ACN broker cooperation network mode and the concept of \"Real Estate Dictionary\", a big database of housing information, have attracted the interest of overseas investors.</p><p>On August 13, 2020, Shell successfully launched an IPO, raising more than US$2 billion, an increase of more than 80% on that day, and its market value reached more than 290 billion yuan. At that time, the market value of shells was equivalent to 1.5<a href=\"https://laohu8.com/S/02007\">Country Garden</a>2 Sunac.</p><p>Under the influence of the huge transaction data of stock housing business (second-hand housing intermediary and leasing intermediary business) and new housing business, Shell's total transaction volume in 2020 was 3.5 trillion yuan, revenue was 70.5 billion yuan, and net profit was 2.78 billion yuan.</p><p>\"Monopoly\" Question</p><p>Too big to fail is usually people's question of the disorderly expansion of capital and the monopoly of everything. Today, the shell, which has become the \"target of public criticism\", also faces this problem.</p><p>After Shell became a platform, it jumped to a higher level, and its profit model was upgraded from doing it yourself to letting other companies work for it. It is understandable that the settled intermediary is drawn a commission. If any platform adopts strong control for a long time to squeeze it, it will inevitably cause a rebound.</p><p>To what extent is strong control? After settling in, you can't join other platforms, and under the income sharing mode, the settled intermediary needs to hand over the core secrets such as personnel and financial rights to the shell.</p><p>Based on a set of assessment criteria, intermediaries are classified into four grades: A, B, C and D. Each level has different permissions. C-level and D-level stores have relatively few permissions to view customers and houses. Brokers will also be divided into different levels, and their exposure will also be different.</p><p>This strong control of shells has made intermediaries in the industry (including both those who have not settled in shells and those who have already settled in shells) complain, and there have been many boycotts.</p><p>Two of them have been criticized:</p><p><ul><li>As a self-operated project of Shell, Chain Home is believed to have received more resource tilt and platform exposure, which has been criticized for \"both making rules and playing, and being both a referee and an athlete\";</p><p></li></ul><ul><li>Shells are in an absolute leading position in the industry, which can easily lead to the overhead brand of cooperative intermediaries, the loss of teams, the handover of commercial secrets such as houses and customers, and the commission can only be left to the mercy of shells.</p><p></li></ul>In fact, developers are not very happy either.</p><p>In the field of new houses, the A-level and B-level cooperation of shells implements exclusive distribution of \"with me without him, with him without me\", that is, housing enterprises can't choose other channel providers if they choose shells; Only in C-level cooperation can housing enterprises cooperate with other channel providers at the same time.</p><p>How high is the status of shells? \"It is really simple to be a real estate executive now. Either come up with a tried-and-true killer to cut prices; Or persuade the boss to buy shells.\" An industry insider said distressed.</p><p>Shell controls the right to speak, and the pricing power of profit sharing is also in its hands. Shell new house commission rate increased from 2.54% in 2017 to 2.74% in 2020. Under the high commission, the total transaction volume of shell new house business increased from 252.6 billion yuan to 1.4 trillion yuan. When it is high, shell commission is equivalent to cosmic housing enterprises<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>(03333.HK) net profit margin of 6% in 2020.</p><p>Shell stands at the top of real estate profit sharing, even overwhelming the always strong developers. Some people quit, Evergrande took the lead in offering RV treasure to compete, and other housing enterprises also began to build their own marketing channels.</p><p>Shell's jealous dividends and crushing competition make other Internet peers feel uncomfortable.</p><p>On April 10 this year,<a href=\"https://laohu8.com/S/WUBA\">58INTERCITY</a>CEO Yao Jinbo angrily posted this<a href=\"https://laohu8.com/S/WB\">Weibo</a>: \"In the field of real estate transactions, there is a more blatant choice of two packages as voluntary, and we strongly call on the state to antitrust and fine shells 4 billion yuan for finding houses.\"</p><p>Since 2019, Jinhua, Shaoxing,<a href=\"https://laohu8.com/S/N4E.SI\">Nanchang</a>In many places, there have been \"anti-shell alliances\" in which real estate agents boycott shells. Earlier, it was Yao Jinbo who was \"anti-shell\". In June 2018, 58.com United<a href=\"https://laohu8.com/S/000560\">I love my family</a>Centaline Real Estate, 21st Century Real Estate and other housing agencies have set up the \"Anti-Shell Alliance\".</p><p>With the expansion of Shell, Shell has infinite possibilities in data application, and this infinite possibility hides the danger of stepping on antitrust.</p><p>Once the shell becomes a \"channel terminator\", all customers have to be obtained through the shell. With this, Shell has mastered a more real transaction situation in the real estate market.</p><p>Compared with the online signing data, and the price and transaction volume of new houses are easily affected by the supply and location, the second-hand housing market is a freer market, and its transaction situation often better reflects the actual temperature of the urban real estate market.</p><p>Therefore, the future application scenarios of the database built by Shell have a lot of imagination, including but not limited to the basis of government policy formulation, the basis of housing market investment and the basis of investment institutions.</p><p>The tide is low</p><p>Shells criticized for being suspected of monopoly may feel innocent.</p><p>Shell has developed rapidly in recent years and has become a well-deserved industry leader.</p><p>Zuo Hui, who once suffered from black intermediaries, said before his death, \"I am a long-term person. I don't care about short-term interests, and I am more willing to do that difficult but correct thing.\" It was under the guidance of this idealistic plot that Shell did fight out a bloody path.</p><p>In recent years, relevant departments have put forward \"strengthening anti-monopoly and preventing disorderly capital expansion\" three times in a row. This makes many industry giants suspected of monopoly tremble,</p><p>In the second-hand housing market, Chain Home, the predecessor of Shell, had a precedent of being investigated and punished for suspected monopoly.</p><p>The predecessor of Shell Chain Home invented the \"exclusive housing entrustment\" trading mode, and paid a price for it. In 2016, Chain Home was investigated and punished for suspected monopoly in first-tier cities such as Beijing and Shanghai.</p><p>Antitrust action in property transactions is ramping up. Previously, the administrative guidance meeting of Internet platform enterprises led by relevant departments, among the 34 Internet enterprises participating in the meeting, in addition to<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Wait for giants, and shells to find houses.</p><p>Since July, efforts to rectify the chaos of real estate transactions have continued to increase. Everyone is waiting to see. Who will be the leading bird to be beaten?</p><p>Under the background of \"the higher the house price, the higher the house turnover, and the more commission the intermediary will pay\", the existing business behaviors and marketing methods of real estate intermediaries have become one of the important accelerators for the rise of house prices. It is not new that some intermediaries are involved in promoting the enthusiasm of real estate speculation.</p><p>In the recently reported \"Shen Fang Li\" incident, 44 intermediaries were included in the \"blacklist\" for providing convenience for illegal real estate speculation.</p><p>Since 2021, Shell Housing Search has successively raised its agency fees in some key cities in China, including Shanghai, Shenzhen, Guangzhou, Chengdu, Zhengzhou, Chongqing and other places, from 2% in the past to 3%, of which buyers bear 2% and sellers bear 1% (0% in the past). Wool comes from sheep, and the price of second-hand houses is naturally affected.</p><p>For the intermediary, although the commission can improve the profit of the intermediary, it will also have other negative effects. In December 2014, the competent price department of Tianjin fined a total of 5.31 million yuan for the price conspiracy of I Love My Home, Chain Home Real Estate and Zhongyuan Real Estate to raise the intermediary fee at the same time.</p><p>Under the increasing regulatory pressure, the second-hand housing market business is becoming more and more difficult to do.</p><p>According to the latest data of agency statistics, the transaction volume of second-hand houses in 10 major cities across the country fell by 30% in July, which is far higher than that of new houses.</p><p>Shell went online in April 2018; Aug 13, 2020 Shell listed on Nasdaq; In the Fortune China 500 list released in July 2021, Shell ranked 164th.</p><p>Undoubtedly, the shells of the past have caught up with good times, and the shells of the future should get used to the ebb and flow. Xu Jiaying once sang in the song \"Shell\": \"I am a shell, and I can't advance or retreat between the sea and the sand. The sand's heart can't guess, and the sea still waits without regret.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.huxiu.com/article/447430.html\">虎嗅</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4ee4a6f1c40c1e7f49292c6ff0039d5b","relate_stocks":{"BEKE":"贝壳"},"source_url":"https://www.huxiu.com/article/447430.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158047258","content_text":"贝壳正站在悬崖边，股价一度跌破发行价。\n中概股暴跌，波及到贝壳。美国东部时间8月5日收盘，贝壳跌破发行价至19.81美元每股、市值236亿美元（人民币约1525.39亿元），与去年8月刚上市相比，市值缩水了一半以上。\n贝壳这次被波及并非没有道理。一直以来，质疑这个地产中介“巨无霸”垄断的声音不断。\n整治很快降临。7月23日，住房城乡建设部、国家发展改革委、公安部等八部门发布了关于持续整治规范房地产市场秩序的通知。\n形势陡然生变，高歌凯进的中介机构面临强力整治。贝壳创始人左晖已逝，接任者带领的贝壳能走出彷徨吗？\n重庆渝北某贝壳签约服务中心 Morse姐摄\n贝壳故事\n贝壳这个国内最大的房地产交易平台，业内对于其评价褒贬不一。\n2001年，左晖创立了链家，老老实实地做着撮合房产交易的中介生意，还不时拥抱互联网防止被拍在沙滩上。\n回顾这家公司的发展历程，在左晖的带领下，链家以扫荡式的气势，先后在成都、上海、北京、深圳、杭州等一二线发达城市以不同方式合并了伊诚、德佑、易家、中联、北京高策、盛世管家、大兴业、孚瑞不动产、满堂红、好旺角、元盛房产等共计11家房地产中介企业。\n贝壳发展历程 Morse姐制图\n这还不够，左晖以彭永东（现贝壳找房董事长、CEO）为先锋，在互联网开疆拓土。2018年4月，在一片质疑声中，贝壳找房上线，它被定位为开放的行业平台。其实，彭永东心里也有疑问，毕竟已经有了链家网，再做2014年就搁置的贝壳会不会“劳民伤财”？\n其实这中间本质的区别是，链家主打的传统中介在资本市场不好讲故事，而主打互联网科技平台的贝壳的故事更诱人，贝壳实为纾解链家上市困境的手段。\n贝壳的开发平台体现在，通过ACN网络（注：经纪人协作网络）快速拓展、合作线下门店与中介。\n入驻贝壳平台的中介品牌，可通过共享的资源获得更多的房源及潜在客户，促进商品房成交。成交后，按照目前ACN网络规则，贝壳平台与品牌方按照一定比例扣收门店成交的业绩分佣，剩余部分由门店、成交经纪人、房源录入者、维护人、推荐人、金融顾问等各方角色共同分享。\n一次交易中，参与的人可能达到10人以上，这便是贝壳点睛之处。\n扩张路上，贝壳在二手房领域加大筹码，通过让利获得合作品牌加盟，用提佣率的下滑换取整体市场占有率提升。其整体GTV从2017年0.7万亿元增长至2020年1.9万亿元，提佣率从2.5%下降至1.6%，整体市占率从12.3%提升至26.2%。\n通过这个模式，每个参与者分到交易分成，并催肥了贝壳的体量。\n贝壳招股书显示，贝壳2019年就已成为中国第二大商业平台，仅次于淘宝，而高于拼多多、京东、携程等。\n作为房地产中介龙头，截至2020年报披露时，贝壳线下门店4.7万家，中介49.31万人，线上VR房源911万套。\n这当中，贝壳有两个规模较大的主体，一个是占比80%的嫡系的链家，另一个是占比20%的21世纪不动产等合作加盟品牌。\n在没有技术含量的中介行业，光有规模是不够的。于是，为对抗竞争者，贝壳实施房屋数据、服务和经纪人三大元素标准化，加固护城河，这也是其在业界独树一帜的重要基础。\n尤其是在房屋数据方面，贝壳依托链家自2009年就实施的搜集房屋信息、构筑“楼盘字典”，开启真房源验证。截至2020年第一季度末，“楼盘字典”拥有2.26亿套真实房屋信息。坐拥巨大市场规模下，加持真房源，这是外界同行难以匹敌的竞争壁垒。\n贝壳的ACN经纪人合作网络模式以及打造的房屋信息大数据库“楼盘字典”等概念，戳中了海外投资者的兴趣点。\n2020年8月13日，贝壳成功IPO，募资超过20亿美元，当日涨幅超过80%，市值达到 2900多亿元人民币。彼时，贝壳的市值相当于1.5个碧桂园、2个融创。\n存量房业务（二手房中介和租赁中介业务）和新房业务庞大交易数据的影响下，贝壳2020年总交易额3.5万亿元，收入705亿元，净利润27.8亿元。\n“垄断”质疑\n大而不倒，通常是人们对资本无序扩张且垄断一切的质疑，今天成为“众矢之的”的贝壳同样面临这个问题。\n贝壳成为平台后就跃升到更高的台阶，它的盈利模式从之前的自己动手升级为让其他公司为它打工。入驻的中介被抽取佣金这倒无可厚非。任何平台如果长期采取强管控来压榨，必然会引起反弹。\n强管控到什么程度？入驻之后就不能再加入其它平台，而且在收入分成模式下，入驻的中介需要把人事、 财权等核心机密上交贝壳。\n基于一套考核标准，中介被分为 A、B、C、D四个等级。每个等级拥有不同的权限，C等级和D等级的门店在客源和房源查看权限等方面相对较少，经纪人也会分为不同等级，曝光率也会有所差异。\n贝壳这种强管控，使行业内中介（既包括未入驻贝壳，也包括已经入驻贝壳的）怨声载道，出现了很多抵制行为。\n其中有两点一直被诟病：\n\n链家作为贝壳的自营项目，被认为得到了更多的资源倾斜和平台曝光，这被批评为“既制定规则又下场比赛，既当裁判又当运动员”；\n\n\n贝壳处于行业绝对领先地位，容易导致合作中介被架空品牌、失去团队，交出房源和客户等商业机密，分佣抽成也只能听任贝壳摆布。\n\n其实，开发商也不太开心。\n在新房领域，贝壳A级、B级合作实行“有我没他，有他没我”排他性式分销，也就是房企选了贝壳就不能选择其他渠道商；只有在C级合作中，房企才能同时与其他渠道商合作。\n贝壳的地位有多高？“现在做房地产高管真的很简单，要么拿出百试不爽的杀手锏降价；要么说服老板上贝壳。”一个业内人士苦恼道。\n贝壳掌控了话语权，利润分成的定价权也握在了手里。贝壳新房提佣率从2017年的2.54%提升至2020年的2.74%。高佣金下，贝壳新房业务总交易额从2526亿元增长至1.4万亿元。高的时候，贝壳佣金等同于宇宙房企中国恒大（03333.HK）2020年6%的净利率。\n贝壳站在了房地产利润分成的顶端，甚至把一向强势的开发商压过一头。一些人不干了，恒大率先祭出房车宝抗衡，其他房企也开始自建营销渠道。\n贝壳让人嫉妒的红利，以及碾压式竞争方式，让其他互联网同行颇感不适。\n今年4月10日，58同城CEO姚劲波愤愤地发了这么个微博：“房产交易领域有更明目张胆地二选一包装成自愿，强烈呼吁国家反垄断罚款贝壳找房40亿元。”\n自2019年以来，金华、绍兴、南昌等多地出现了房产中介抵制贝壳的“反壳联盟”。更早“反壳”的还是姚劲波。2018年6月，58同城联合我爱我家、中原地产、21世纪不动产等房屋中介成立了“反贝壳联盟”。\n随着贝壳规模的扩大，贝壳在数据应用方面拥有无限可能，这种无限可能暗藏着踩上反垄断的危险。\n贝壳一旦成为 “渠道终结者”，所有客源都得通过贝壳获得。借此，贝壳掌握了房地产市场更加真实的成交情况。\n相比网签数据较滞后，且新房价格及成交量容易受供给量、所处区位等影响，二手房市场反而作为一个更加自由的市场，其成交情况往往更能反映城市房地产市场的实际温度。\n因此，贝壳构建的数据库未来的应用场景想象空间很大，包括但不限于政府政策制定依据、房企市场投资依据和投资机构投资依据等。\n大退潮了\n被诟病涉嫌垄断的贝壳，或许会觉得无辜。\n贝壳这些年发展迅猛，已经成为当之无愧的行业龙头。\n曾经饱受黑中介之苦的左晖生前说，“自己是一个长期主义者，不关心短期的利益，更加愿意去做那种难而正确的事情。”正是这种理想主义情节指引下，贝壳确实杀出了一条血路。\n近年来，相关部门已连续三次提出“强化反垄断和防止资本无序扩张”。这让不少涉嫌垄断的行业巨头瑟瑟发抖，\n二手房市场上，贝壳的前身链家曾有涉嫌垄断被查处先例。\n贝壳前身链家发明了“独家房源委托”交易模式，并因此付出过代价。2016年，链家在北京、上海等一线城市被以涉嫌垄断查处。\n房产交易领域的反垄断行动正在加大力度。此前，由有关部门牵头召开的互联网平台企业行政指导会，与会的34家互联网企业中除了腾讯、百度等巨头，还有贝壳找房。\n7月以来，整治房地产交易乱象的力度持续加大。大家都在拭目以待。谁会成为出头鸟被敲打？\n在“房价越高，房屋的成交额越高，中介的提佣就越多”背景下，房产中介现有的经营行为、营销手段，已经成为房价上涨重要的助燃剂之一。一些中介机构参与到推动炒房热情高涨方面早就不是新鲜事了。\n近日通报的“深房理”事件中，44名中介为违规炒房提供便利被纳入“黑名单”。\n2021年以来，贝壳找房陆续在国内部分重点城市，包括上海、深圳、广州、成都、郑州、重庆等地上调中介费，从过去的2%涨至了3%，其中买家承担2%，卖家承担1%（过去是0%）。羊毛出在羊身上，二手房房价自然受到影响。\n提佣对于中介来说，虽然能够提升中介利润，但是也会有其他负面影响。2014年12月，天津市价格主管部门就我爱我家、链家地产和中原地产同时上调中介费的价格串谋行为合计处罚531万元。\n监管压力加大下，二手房市场业务也越来越难做。\n机构统计的最新数据显示，7月份全国10个主要城市二手房成交量下滑了30%，降幅远远高于新房。\n2018年4月贝壳上线；2020年8月13日贝壳在纳斯达克上市；2021年7月出炉的《财富》中国500强排行榜，贝壳排名第164位。\n无疑，过去的贝壳赶上了好时候，未来的贝壳要好好习惯潮涨潮落。徐佳莹曾经在歌曲《贝壳》长这么唱道：“我是一片贝壳，在海与沙之间进退不得，沙的心无法猜测，海依然无怨无悔地等着。”","news_type":1,"symbols_score_info":{"BEKE":0.9}},"isVote":1,"tweetType":1,"viewCount":2366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177629977,"gmtCreate":1627212735899,"gmtModify":1703485614285,"author":{"id":"4089857555721630","authorId":"4089857555721630","name":"LingKS","avatar":"https://static.tigerbbs.com/46313d9cbd1139279abb014445d3fc21","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089857555721630","idStr":"4089857555721630"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] 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