It may be the last line of defense for social animals to rent houses. Affected by the epidemic situation, since this year, there have been more and more news about the problems of eggshell apartments. In early February, the news that the eggshell apartment was “forced” to rent-free landlords, but did not give rent-free to tenants, caused public opinion to question. Subsequently, the eggshell apartment owners asked for rent and gathered to protect their rights in Shenzhen. < p > < p > on June 18, eggshell apartment announced that CEO Gao Jing was under investigation by relevant local government departments, and announced the appointment of Cui Yan, co-founder, director and President, as acting CEO. < p > < p > eggshell apartment explained that Gao Jing’s investigation was related to his previous personal business investment, but not to eggshell apartment. But Southern Weekend reported in August that Gao Jing’s investigation was suspected to involve state-owned assets. < p > < p > on October 14, the news of eggshell apartment “going bankrupt” was on the hot microblog search list. Later that day, eggshell officials responded that some of the partners had taken drastic actions and spread false statements because of the dispute.
in November 6th, according to China’s implementation of the information disclosure network, the shell shell apartment related subsidiary purple tree Tung (Beijing) Asset Management Co., Ltd. added 2 more information to the executor, and the executive target exceeded 5 million 200 thousand yuan. After graduating from Beijing Jiaotong University in 2005, he has worked in many Internet companies, such as renmin.com, Baidu, haolemai and nuomi.com. Perhaps it is these past experiences that have made it relatively easy to finance eggshell apartments. < p > < p > in 2015, Gao Jing obtained an angel investment from Shen Boyang, his old leader in nuomi.com, and then eggshell apartment successfully raised tens of millions of RMB. < p > < p > in just four years, the eggshell has covered 13 cities, and the number of houses in hand has reached 407000, a full 166 fold increase. < / P > < p > capital favors and the expansion speed is fast, which makes eggshell apartment taste the sweetness of long-term rental apartment. On January 17, 2020, eggshell apartments landed on the NYSE, becoming the first China capital stock exchange in 2020. < / P > < p > according to the financial report released by eggshell apartment, in 2017, eggshell apartment had a revenue of 657 million yuan and a net loss of 272 million yuan; in 2018, the revenue of eggshell apartment was 2.675 billion yuan, with a loss of 1.37 billion yuan; in 2019, the revenue was 7.129 billion yuan, with a loss of 3.447 billion yuan; in the first quarter of 2020, the loss was 1.231 billion yuan. < / P > < p > the accumulated loss was 6.32 billion yuan. As of the first quarter of 2020, the eggshell cash and cash equivalent is 826 million yuan, but the total debt is 9.027 billion yuan, and the asset liability ratio is as high as 97.06%. < p > < p > in 2020, under the influence of the new crown epidemic, the rent of the whole market will drop, and the unit price of eggshell will continue to decline. According to the risk warning chapter in the eggshell prospectus, the company generally signed 4-6-year-old contracts with landlords to lock in the cost price because of their optimistic attitude towards the future rent rise. If the market price drops in the future, there is a risk that the rent difference will be negative. < p > < p > the so-called rent loan means that the tenants rent their houses through loans. After the contract is signed, the financial platform will pay all the rent of the tenant to the apartment party in one time. In turn, tenants can pay monthly or quarterly rent to the financial platform for repayment. < / P > < p > in this process, on the one hand, the apartment party gets all the rent in advance, on the other hand, it still pays the landlord monthly. And this because of the time difference between the emergence of capital precipitation, also became the apartment can freely control the cash. < / P > < p > on the one hand, the funds obtained by long-term apartments through rent loans are actually the rents that long-term apartments need to pay to landlords in the future. So when apartments use the money for market expansion, they have to keep the occupancy rate of new developments. Because only in this way, the apartment can use the rent prepaid by the new tenant to pay the rent that should be paid to the landlord before. < / P > < p > therefore, in this case, once the market fluctuates, such as the expansion is not smooth, the occupancy rate is lower than expected, or there is a sudden large number of tenants to check out, etc., the long-term rental apartment will face the risk of breaking the capital chain. < p > < p > according to the 21st century economic report, the person in charge of a free project once proposed that the stable cash flow can be achieved only when the occupancy rate of decentralized long-term apartments reaches 95%. However, the occupancy rate of eggshell apartment from the first quarter of 2019 to the first quarter of 2020 is less than 95%, and the loss is expected. On the other hand, due to the lack of capital supervision, there will be some long-term apartments which will not use the funds for market expansion, but will invest the funds into the stock market or other capital markets in pursuit of higher return on investment, which will further increase the risk of capital loss. In addition, since August this year, eggshell apartments in Beijing, Guangzhou, Shenzhen and other places have been disconnected from the network. The tenants contacted the housekeeper for warranty, but the repair order was cancelled. Eggshell apartment has been complained by a large number of tenants because of slow refund and unreasonable disconnection. < / P > < p > the eggshell apartment, which claims to know the youth best and “give a warm home to the young people who are working outside”, has gradually lost its reputation among the young people. < / P > < p > previously, eggshell apartment announced that Ji Gang had resigned as the director of eggshell apartment on June 14, 2020 for personal reasons. Ji Gang is vice president of ant financial group and head of strategic investment department. He is also a key figure in ant financial’s investment in eggshell apartment. According to Fastdata’s report on the development of China’s long-term rental apartment industry in 2019, by the end of 2018, the number of floating population in China reached 241 million, and by the end of 2019, the scale of housing rental market in first tier and new first tier cities reached 1 trillion yuan. With the upgrading of rental consumption, the penetration rate of long-term apartment app is increasing. As of October 2019, the overall active user scale of long-term apartment app has exceeded 2.2 million. Compared with the huge market demand, the current long rental apartment industry is still in the “climbing period”, and the prospect is still broad. In addition, the policy is also giving support to long-term rental apartments. The housing leasing regulations (Draft) proposes that housing rental enterprises should be given certain financial policy support, and they can enjoy financial, tax and land preferences in accordance with relevant national regulations. < / P > < p > it can be predicted that in the future, long-term apartments will still be a demand market. However, the players flooding into the market still need to think about how to balance the profit and market share. Global Tech