Is the relocation of the company a disguised layoff?

This article is reproduced from -PropTech Institute, author Chenxi.

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Eggshell panic

Is the crisis over?

In the tense moment that lasted for nearly a month, the landlord, tenant and Danke apartment were tit for tat.

If it weren't for this epidemic, Danke Apartment should have been listed as the second long-term rental apartment and enjoyed the attention of star listed companies.

But a few days after the company went public, everything got worse.

The fuse began with "rent-free". At the beginning of the epidemic, real estate-related enterprises were trapped in this "rent-free" movement, whether out of sincere charity relief, biting their teeth to follow up, or winning a good reputation.

However, this "kindness" came to Danke apartment, but something happened.

As a representative brand of decentralized long-term rental apartments, there are nearly 200,000 small landlords behind eggshells. The rent-free plan for eggshells is to persuade the 200,000 landlords to rent-free for one month and negotiate with eggshells to solve the difficulties.

However, the landlord refused.

Contradictions broke out like this. In order to avoid losses, individual landlords drove away tenants by bypassing eggshells, and tenants complained about eggshells, which further escalated the contradiction.

After 40 days, the negative public opinion eased slightly, but the eggshell crisis was not completely lifted.

Why does a well-intentioned "good deed" trigger a wave of going against the sky?

Looking back at the situation at that time, Danke Apartment attributed these problems to the poor communication of front-line business personnel who were still at home during the holiday.

"Communication was not smooth at first." The relevant person in charge of Danke Apartment recalled to -PropTech Research Institute, an investment network in China, that 4-5 days after the company started to implement the rent-free strategy on June 30, 65438, the top management of the apartment learned about the problem from the front-line employees, and the root of the contradiction began to be exposed within the company.

The relevant person in charge of Danke Apartment recalled that when the senior management team came back from the United States on June 22, 65438, they had realized the seriousness of the epidemic and prepared an emergency working group. After returning home, they immediately launched a strategy, assigned tasks, and asked front-line business personnel to communicate with the landlord in batches to negotiate rent-free matters. However, during the epidemic, most employees were at home, feeling anxious, and customer service used personal mobile phones to communicate. Because there was no monitoring, their speech was somewhat irregular.

The relevant person in charge of Danke Apartment said that the customer service usually makes outbound calls in the company, and there will be outbound equipment. The company will monitor the communication process between the salesman and the landlord and tenant, and also control the communication quality.

When the conflict just broke out, the landlord and tenant chose to complain through eggshell's 400 telephone, but the 400 telephone can only be operated by people in Beijing, and the connection rate is less than 20%. Poor communication channels further aggravate the contradiction between eggshells and landlords and tenants.

The person in charge of eggshell believes that most of the crisis has been lifted, and the company is ready to begin to meet the peak period of renting after the tide of returning to work.

However, how did this crisis come about? One month after the conflict, is the dispute between the landlord, tenant and eggshell shelved or completely lifted? At this point, who made a compromise? How do eggshell insiders who have been "aphasia" view this crisis?

During the two-week period, China Investment Network -PropTech Research Institute interviewed landlords, tenants, internal employees, eggshell officials, third-party practitioners and other roles, trying to restore the original appearance of this 40-day "rent-free door" dispute.

02

Did the landlords "compromise"?

"The call is normal today, and the rent will be paid normally in the future. The cancellation letter issued in the previous period will be invalid." On February 26th, one of the eggshell landlords in Hangzhou commented that what Danke Apartment is doing now is "really like a child's play".

Dialogue between eggshell landlord and rights protection groups

Source: China Investment Network

On the evening of February 2 1, a landlord claimed to have received the rent paid by Danke Apartment. Before that, the landlord was most concerned about whether he could receive the rent of Fangdanke apartment on time.

At present, some landlords who have not collected rent are prepared to "compromise" after nearly half a month of entanglement with Danke apartment: "I am considering whether to waive half a month so that I can collect rent."

Dialogue between eggshell landlord and rights protection groups

Source: China Investment Network

David, the landlord of Eggshell Hangzhou, told China Investment Network -PropTech Research Institute that before the outbreak of the epidemic, Danke Apartment had not paid the rent on time according to the contract. Up to now, the eggshell has been in arrears for two months, and it is still unknown when the rent can be recovered.

On the other hand, eggshells have another explanation for defaulting on the landlord's rent.

The relevant person in charge of Danke Apartment said that it is impossible to default on the landlord's rent for two months, unless it is a cancellation agreement or the landlord's bank card number is problematic.

As for the rent owed to other landlords, Danke Apartment said that according to the cooperation mode between Danke Apartment and the landlord, the rent paid by eggshell to the landlord is the rent in advance, which is the rent for the next three months, so there is no possibility that Danke Apartment will default on the previous rent.

When will the landlord who has not received the rent receive it? Danke Apartment told China Investment Network -PropTech Research Institute that according to the contract, the rental payment period in Danke Apartment is 15 working days from the date of payment. Because each landlord's payment date is different, if the landlord does not receive the rent, it may be because of the payment cycle.

"We will not breach the contract, and we will pay the rent to the owner according to the contract." The relevant person in charge of Danke Apartment said that all payments had been made on February 2 1 day, and there was no real breach of contract.

Eggshell landlord Weibo broke the news screenshot

Source: Weibo.

However, the direct dispute between the landlord and the eggshell did not stop on February 2 1.

On the evening of February 26th, a netizen named Sunshine soleil claimed that Danke Apartment had not paid the landlord's rent for 15 days, and forced the landlord to avoid paying one month's rent.

The rent dispute between the landlord and Danke apartment occurred in early February. A number of landlords and tenants said that since February 4, they have been receiving phone calls or SMS notifications from Danke Apartment.

Many landlords and tenants responded that during the epidemic period, Danke Apartment forced the landlord to cancel the contract without collecting rent on the grounds of "force majeure" of the epidemic; On the other hand, the tenants' rents are not mistaken, and even some tenants are required to change their rents; However, it is very difficult for tenants whose real rental contracts have expired to check out.

In a WeChat rights protection group of nearly 500 people in Danke Apartment, many landlords said that in Danke Apartment, all processes such as contract change and rent withdrawal application have to go through background operations, but whether the application can be passed depends entirely on the eggshell.

On 20 18, Yang Ye, the landlord, entrusted an apartment of nearly 80 square meters to Danke apartment at a price of more than 4,000 yuan, and the signing period was 3 years.

However, on June 30th, 65438, Yang Ye did not receive the rent, but received two requests from the eggshell staff. "For the first time, the mandatory rent-free period is 1 month or more. The second time, you see that your house has never made money, so let's cancel the contract. If you don't operate, you won't make money. "

Yang Ye didn't agree to the request of Danke Apartment, so on February 15, Yang Ye received a legal letter from eggshell, demanding that the contract be terminated without responsibility.

Letter of termination received by the eggshell landlord

Source: China Investment Network

Yang Ye thinks that Danke Apartment actually wants to terminate the contract by force majeure.

Contract terms

Source: China Investment Network

However, independent commentator Zhou Zhengguo believes that the epidemic situation can be considered as force majeure in principle and the loss is a fait accompli. Whether the possible losses in the future are force majeure or changes in circumstances depends on the specific circumstances, and the contract price cannot be changed at will under the pretext of taking the opportunity.

In addition, Zhou Zhengguo said that the risks that may generally be lost are normal business risks and cannot be exempted, and should be borne by the enterprises themselves.

Yang Ye, the landlord, said frankly that the first time he entrusted the house to Danke Apartment, it was easy, and the second was because the rent given by eggshells was higher than that given by 200 yuan. However, after this incident, Yang Ye said that he would never give the house to the second landlord again.

David, the landlord of Hangzhou, had a similar experience with Yang Ye. David said that he entrusted an 89-square-meter hardcover three-bedroom apartment to Danke Apartment at a price of 2,800 yuan, and Danke Apartment rented it to the tenant at a price of 4,600 yuan. But up to now, Danke apartment has been in arrears for two months.

"Two days ago, (Danke Apartment) called me and told me that I was free (rent) 15 days, and then I paid the rent."

Short message conversation between eggshell customer service and car owner

Source: China Investment Network

David said that the house was bought with a loan, and the rent was originally used to repay the mortgage. But now eggshells don't pay rent, which is equivalent to losing part of their economic resources. In addition, affected by the epidemic, wage income has declined, and the overall economic situation is not optimistic.

"I dragged on like this and didn't say when to give this money." David said, "After the epidemic is over, I will take back the house."

"The second landlord is too unreliable, and the pit is dead." David was disappointed.

But on February 27th, David informed -PropTech Research Institute, an investment network in China, that he had received the rent of 1 month, but the rent in February had not been received.

"They changed the payment date in the APP, and now it shows March 6, but it should actually be February 15." David said that the rent in February would have to wait until March 15.

The landlord of Chengdu had a similar experience in the south. He recalled with -PropTech Research Institute, an investment network in China, that on February 3, Danke Apartment contacted him, hoping to rent-free for one month, but he refused because the house was full. On February 16, Danke Apartment called again and raised the issue of rent-free. He still refused to go to Nan, and told Danke apartment that if he didn't pay when due, he would see him in court.

"The other party said that it would fight for payment, and then it was gone."

"He informed me twice in a row that I was free of rent. I am worried that many landlords in the group have not received the money." Nan expressed concern about whether he could receive the rent on time.

Has the eggshell initiated an irresponsible termination since the outbreak?

"In fact, we terminated the contract with the owner according to the commercial contract." Relevant persons of Danke Apartment explained to -PropTech Research Institute, an investment network in China, that when the landlord has problems such as job-hopping, going abroad and getting married, he can ask Danke Apartment to terminate the contract at any time. At the same time, there will also be cases where Danke apartment and the landlord voluntarily cancel the contract. For example, the rental price of houses around the zoo is very high, but when the zoo moves, the house rent cannot be rented out, and the vacancy rate is high; For another example, there is no garbage dump around a certain community, and the satisfaction rate is particularly high. When a garbage dump, a hospital or high-voltage electricity suddenly appeared next to it, no one lived in the community. At this time, the situation of the house was completely different from that when the house was closed. Based on various circumstances, Danke Apartment will take the initiative to terminate the contract.

"I think it's mainly the change of the market, because his rental situation will change a lot at this time than at that time (when Danke apartment signed a contract with the owner). As a company, it is really impossible to operate at a loss for a long time. " The relevant person in charge of Danke Apartment bluntly said.

As for the tenants who were forced to change their rents because the landlord canceled the contract with Danke Apartment, Danke Apartment said that this situation is very rare. When tenants change their rents, Danke Apartment will also give them the biggest discount, and the housekeeper will also help them move, provide moving expenses and subsidize the tenant's service fee.

In this regard, several tenants said that although eggshell has given the above concessions, it needs to extend the contract period by one year.

Dialogue between eggshell tenants

Source: China Investment Network

The landlord and eggshell couldn't hold on any longer, and then the rent of eggshell was paid in installments, which further intensified this contradiction.

A landlord of Danke Apartment said that since Danke Apartment has no obligation to force the landlord to cancel the contract rent-free, the plan on how to pay the rent to the landlord has been changing. What the landlord couldn't accept most was that Danke apartment informed the landlord by SMS, and the monthly rent 12 was returned in installments from then on.

SMS conversation between eggshell and landlord

Source: China Investment Network

However, the relevant person in charge of Danke Apartment denied the information that the monthly rent 12 was returned in installments, saying that it was not sent by Danke Apartment. If it is sent from inside Danke Apartment, the words "Danke Apartment" will be displayed at the beginning of the message, but there is no relevant words at the beginning of the message.

An employee inside the eggshell, who did not want to be named, told PropTech Research Institute that some people said that the above news may be true and some people said it was false, but at present, many landlords have adopted the method of installment (collection), and the rent in February can be divided into 24 installments at most.

What happened to the tenant during the 40-day stalemate between the landlord and Danke apartment?

03

Tenants in trouble

Our landlord took the money. My landlord didn't look for me. On February 26th, in the WeChat group of Beijing Eggshell Rights Protection Team, tenants shared the latest news. At the same time, in the Shenzhen eggshell tenant discussion group, some tenants also conveyed similar information. The anxiety of the landlord in the two WeChat groups who can't receive money to arrest people seems to have eased.

Dialogue between eggshell landlord and rights protection groups

Source: China Investment Network

But a week ago, the tenant was caught in a tug-of-war between the landlord and the eggshell.

"I came back yesterday and was already in the street."

On February 2 1 day, the tenant of Beijing Yidanke Apartment said in a rights group of more than 200 people: "Eggshell said she would come back and move, and then she came back. As a result, she came back and couldn't even get into the community. "

The tenant said that due to the breakdown of negotiations between the owner and Danke apartment, he was now homeless and finally had to live in an empty room arranged by Danke apartment.

Wang Leyan, a tenant of Danke Apartment who is also in Beijing, told China Investment Network -PropTech Research Institute that on February 14, he received a phone call from the landlord at work. The landlord told Wang Leyan that he would take back the house on the 20th according to the contract signed with Danke Apartment because Danke Apartment failed to pay the rent on time, and asked Wang Leyan to find a house and move in advance.

Dialogue between eggshell tenants

Source: China Investment Network

To this end, Wang Leyan called Danke Apartment four times to inquire. The first three times, Danke Apartment said that it was communicating with the landlord, but the fourth time, Danke Apartment gave the answer that if the landlord really rushed people, he would contact Danke Apartment again.

On February 19, the landlord called Wang Leyan again and told her that Danke Apartment agreed to pay her rent, but it would have to wait until after March.

"The eggshell said that we can rest assured that they have solved it, but if the landlord does not collect money, we are not sure whether the eggshell has really been solved." Wang Leyan is very worried about this.

Outside Beijing, tenants in Shenzhen and Shanghai also have disputes with Danke Apartment.

Wang Yang, a Shanghai tenant of Danke Apartment, said that the rented house didn't expire until May this year, but on February 7th, the landlord came to tell Wang Yang that if he didn't receive the payment from Danke Apartment in February 10, he would change the lock, and he also planned to "please" Wang Yang and his three roommates.

On February 10, after 3: 00 pm, the landlord came to the door again and warned Wang Yang: "If Danke apartment doesn't pay him all the rent for the first quarter within 5 days, 15 will change the lock and let us in."

Wang Yang asked the housekeeper of Danke apartment about this matter and sought a solution. At first, the housekeeper said that it had been reflected to the leader, and the leader did not reply.

On the afternoon of February 12, Danke Apartment returned to Wang Yang to live a normal life first. If the landlord threatens to come to the door again, the tenant can apply for exemption and rent withdrawal; If the eggshell cancels the contract with the landlord, Wang accepts the placement of Danke apartment and can apply for a price difference of less than 300.

On February 16, the landlord in Wang Yang got a phone call from Eggshell, saying that the payment would be made on March 2. The landlord told Wang Yang that he could stay until March 2, but if on March 2, the landlord only received two months' rent from Danke apartment, and Wang Yang and his roommate wanted to continue renting, they needed to supplement the landlord with one month's rent that was not rented to Danke apartment. If Wang Yang and others don't accept this condition, they will have to move out. The landlord will also cancel the contract with the eggshell and sue the eggshell for breach of contract (two months rent).

"I'm coming out of the eggshell this morning." Wang Yang said bluntly.

To this end, Wang Yang and his roommates also tried to find a suitable new house through their own relationship and housing intermediary channels during the epidemic, and tried to move after finding a suitable house.

Unfortunately, when Wang Yang moved, they were kicked out by the property and volunteers.

"Now the landlord has accepted a plan of eggshell and paid the rent to the landlord in stages, which has stabilized temporarily, but we still intend to move out as soon as possible." Wang Yang said.

The lease contract signed between the tenant and Danke Apartment has not expired. Does the landlord directly have the right to ask the tenant to move out?

Xiao Sa, director of the Law Research Association of the Bank of China, said that the owner (landlord) and eggshell are only entrusted with management, while the owner (landlord) and tenant are leased. On the premise that the tenant has paid the rent as agreed, even if it is paid to the eggshell, it is legally regarded as paid to the owner (landlord), and the owner (landlord) has no right to ask the tenant to vacate the house.

04

Behind the panic in Danko apartment

What was supposed to be a charity "rent-free" was finally passed on to tenants, and it was really embarrassing for them to bear it.

At the beginning of the implementation of "rent-free", did eggshells make financial calculations? Or are you going to let the landlord and tenant bear it indirectly from the beginning? Eggshell, is this crisis a stupid thing with "kindness"? Is it behind the cancellation of the contract to deliberately deal with inefficient assets through the epidemic?

In these 40 days, what did they do from the perspective of eggshells?

The "rent-free benefit" of eggshells to tenants can be traced back to February 3 at the earliest. On the same day, eggshell said that it would return one month's rent to tenants who could not return to Wuhan due to the epidemic. Other regions will subsidize as Appropriate, and the subsidy will be returned to the wallet of the eggshell app after March 2.

On February 14, Danke Apartment launched the eggshell landlord support plan during the epidemic, saying that the landlord should support one month's rent with love during the epidemic, and hoped that the landlord would give support.

The landlord has three choices: one is to return one month's rent when the contract expires; The second is to return one month's rent in installments; The third is to support a half-month rent-free period.

The landlord must make one of three choices. Is there no other choice?

Eggshell landlord support program

Source: Danke Apartment WeChat official account

"If the landlord disagrees with the three options, we have also reserved another entrance, and he can feedback this question." The relevant person in charge of Danke Apartment said.

"I have never chosen. None of these three schemes is my subjective will. Why should I choose? " A landlord in Hangzhou said: "Many landlords have this logic."

On February 17, Eggshell once again posted a message on its official WeChat account, clarifying the previous behavior of forcing the landlord to cancel the contract without charging rent. On the other hand, for newly signed tenants, tenants who renew their leases have introduced relevant benefits, such as 50% monthly rent reduction in the first month and 50% return in March.

Interpretation of eggshell rent-free

Source: Danke Apartment WeChat WeChat official account

However, the "charity" of eggshells did not win the trust of tenants.

"He has restrictions. Tenants must live for one year, otherwise they will be discounted. " Hu Yang, an insider of eggshell, said that eggshell's move was only to bind old users, minimize the number of renters and maintain cash flow.

Some renters told -PropTech Research Institute, an investment network in China, that they are not eligible to apply for relevant subsidies, because the premise for renters to get subsidies must be-tenants who cannot live normally in Danke apartment due to the epidemic.

Screenshot of Danke Apartment Supplementary Application Interface

Source: eggshell app

In this regard, PropTech Research Institute consulted the eggshell housekeeper, and the housekeeper said that the tenants who had stayed from February 1 to February 10 could not get subsidies.

"It's great to play word games. Any preferential policies he (Danke Apartment) has for tenants are purposeful. " Hu Yang, an eggshell insider, commented.

Hu Yang said that it is conditional for Danke Apartment to give tenants rent-free, which is one month in Wuhan and 10 day in non-Wuhan, but the exempted fee can only be used for the tenant's future service fee and maintenance fee, and cannot be extracted; In addition, tenants who do not renew or withdraw their rents cannot enjoy discounts and benefits.

"But the landlord, they (Danke apartment) are free of rent and went into his pocket. Think about it, there are scissors. " Hu Yang said.

Ignoring the contract signed by the landlord and tenant, falling into the whirlpool of public opinion and withdrawing cash flow, is the situation of eggshells really dangerous? %3F

On February 14, Beijing House reported that the director of Danke Apartment publicly stated that Danke Apartment had encountered an unprecedented crisis. At present, there are 600,000 houses in eggshell (600,000 houses are provided by the person in charge of eggshell), of which 2/3 are vacant, and the cost is rising instead of falling, resulting in a high vacancy rate, which directly leads to an increase in the financial pressure of Danke apartment.

In order to prevent the capital flow from breaking, Danke Apartment had to take a series of measures to save the cash flow.

Danke apartment divides the houses into three categories and marks them with different colors, namely red, green and yellow. Among them, red represents a house that is difficult to rent, has no partition, and loses money; Green represents good housing, which is generally cheap and has a high occupancy rate. The yellow house is a balanced house.

After labeling, Danke Apartment will optimize the housing according to different labels, such as canceling the contract of loss-making housing, negotiating strongly with the landlord of green housing, striving for rent-free and keeping yellow housing. As a result of the implementation of these plans, the landlord was forced to cancel the contract without rent, and some tenants demanded to return.

Yu Xia, an insider, told -PropTech Research Institute, an investment network in China, that Danke Apartment has been taking the house endlessly for listing. These houses include not only inferior houses with inconvenient transportation and poor location, but also partitions.

"Houses with bad lots and houses with partitions cannot be profitable." Yu Xia said that under the financial pressure, Danke Apartment had to brush off some unprofitable houses in the name of the epidemic.

The original plan of Danke Apartment was to expand the scale of the house to meet the listing requirements, and use the rental season after the year to rent out the house. But unexpectedly, the sudden outbreak of the epidemic caused the demand for renting houses to drop sharply after the holiday, and the wishful thinking of Danke Apartment fell through.

"It is the pressure of the capital chain. Through a series of operations by landlords and tenants, the short-term financial pressure is alleviated. " Yi Song, a long-term rental apartment practitioner, bluntly said, "If the vacancy rate is high, throw away some low-yield assets and optimize asset allocation.

A series of operations since the "rent-free door" of eggshells are all aimed at disposing of inefficient assets and alleviating the financial pressure?

Regarding the vacancy rate, the person in charge of eggshell told PropTech Research Institute that as a long-term rental apartment industry, after the Spring Festival, it is the peak period of return. At present, the business volume of Danke apartment can account for one-third of a year, but this year, because of the epidemic, the peak season is gone.

In addition, because Danke apartment makes a lot of preparations for the peak season every year, people can't return to work during the epidemic, and the normal business of Danke apartment can't be carried out normally. In addition, the year before last was the peak of rent withdrawal. Therefore, Danke apartment itself must have operational pressure and survival pressure.

But this problem will not only happen to eggshells, but almost the whole long-term rental apartment industry is facing such challenges. Why does eggshell stand in this storm of public opinion? %3F

In this roller coaster-like 40 days, eggshells face not only external troubles, but also internal worries.

"Oh my god, Danke apartment actually used the national crisis to lay off employees in disguise. 5438+ 10 The company issued it in March, and most of the technical parts are not needed after the holiday. In February, they only paid the basic salary in Beijing. Does the familiar boss know how to report it? " On October 29th, 65438/kloc-0, eggshell employees left a message on the job description.

Eggshell employee broke the news screenshot

Source: pulse

Insider Yu Xia told PropTech Research Institute that a few days after the Spring Festival, many people in the sales department, functional departments and administrative department of Danke Apartment received a WeChat voice notice from the team leader or even the leader, saying: Due to the pneumonia epidemic, if you want to stay at home, your salary will be delayed until March, and only 70% of the minimum wage will be paid in February. In March101February, 65438+ minimum living allowance was issued. If you don't start work in February, you won't get paid in 1 month.

Internal working group communication in Danke apartment.

Source: China Investment Network

Internal working group communication in Danke apartment.

Source: China Investment Network

"20 19 There are still some people who have not issued year-end awards, and most of the housing collection departments are waiting for posts." Yu Xia revealed: "A discerning person knows at a glance that it is possible to lay off employees or save money."

On February 25th, a netizen who claimed to be an employee of Eggshell for three years issued a document saying that in addition to the delayed payment of wages, he also received a notice of dismissal from the company, asking him to take the initiative to leave.

Eggshell employee Weibo broke the news screenshot

Source: Weibo.

However, eggshell doesn't recognize what these employees say.

"It is a normal personnel flow, and the adjustment ratio should not exceed 10%." The relevant person in charge of Danke Apartment said that the optimization of the internal staff of Danke Apartment is something that has been done all the time, rather than being done temporarily at this stage. The platform hopes to grow together with outstanding talents. In this process, unsuitable employees will be eliminated, and the survival of the fittest is not a short-term thing, but a continuous process. Danke Apartment will start campus recruitment in 2020. "

However, according to the employees inside the eggshell, in fact, Danke Apartment is indeed laying off employees.

"In the past, many unnecessary positions had to be transferred or laid off, such as some functional departments, or they could be streamlined. It's all the same with or without him. I think it may be throttling. " An eggshell employee revealed to PropTech Research Institute of China Investment Network.

So far, in this "rent-free door", the landlord, tenant, internal staff and Danke apartment have all said their own words, and the real situation is still unknown.

Then, in the long-term rental apartment industry, does the eggshell problem come from itself or the industry model?

05

Eggshell for 40 days

After the epidemic, the industry will reshuffle.

Under the epidemic situation, the crisis caused by the "rent-free door" of Danke apartment may be just a symptom.

Wei Yun, a practitioner of long-term rental apartments, believes that the current predicament of Danke Apartment is influenced by many factors, namely, "excessive leverage of rental loans and rapid expansion lead to uneven housing quality+external environment occupancy rate+epidemic situation".

Another insider also said: "A knife can make delicious food in the hands of a chef, but it is a murder weapon in the hands of criminals, not the fault of the knife. This is the problem of the eggshell itself. "

"From a more far-reaching point of view, it may also be an eggshell dying struggle in the capital chain, which has both subjective consciousness and objective environmental factors." Liu Guangyu, a senior real estate critic and general manager of Zhuge Housing Operation Center, said: "The biggest problem is that the operating platform has lost its initial heart and the trust of both parties."

Liu Guangyu said that from the recent negative information about eggshells and tenants' rights protection, Danke Apartment is now in a state of blind expansion and wandering on the edge of the legal bottom line.

Another founder of long-term rental apartment said that busy expansion and quick success led to tight capital flow, or it was the chief culprit that led to the current predicament of Danke apartment.

Is Danke apartment blindly expanding for the surprise listing?

According to the prospectus of Danke Apartment, from the establishment of 20 15 to September 30th, 20 19, Danke Apartment * * * managed 406,700 rooms, while as of October 30th, 20165438/kloc-0, this

Behind the rapid expansion of scale is huge losses. In 20 17, the net loss of Danke apartment was 272 million yuan; 20 18 year net loss1369 million yuan; The net loss in the first nine months of 20 19 years was 25160,000 yuan.

An auditor who has worked for many years told China Investment Network -PropTech Research Institute that the short-term solvency of Danke Apartment in 20 17 years is 0.4 1 and that in 20 18 years is 0.69, indicating that the current assets of Danke Apartment are far from covering the current liabilities, and the financial risk is high.

Eggshell financial data

Source: eggshell prospectus

In addition, according to the prospectus of Danke Apartment, the net cash flow generated by the operating activities of Danke Apartment in 20 17 was-10.40 billion, and in 20 18 it was-10.64 billion, which was significantly lower than the previous year, which also revealed that.

Debt is high, cash deficit, where does the working capital of Danke apartment come from?

According to the prospectus of Danke Apartment, in the first nine months of 20 17, 20 18 and 20 19, 9 1.3%, 75.8% and 67.9% of the users in Danke Apartment used rental loans with loan amounts of 9.39% respectively. Obviously, rental loans have become the largest source of cash flow for eggshells.

However, it is worth mentioning that at present, due to the influence of supervision, rent loan has become the key supervision object of the supervision department, and the important source of funds for Danke Apartment is bound to be hit hard.

So, is the crisis of Danke apartment related to the long-term rental mode of apartments? Long-term rental apartments have been in crisis for several years in a row. Is it still valuable?

Liu Guangyu said that there is no problem with the long-term rental apartment model, but there is a problem with the people who do this model. The first is the concept and understanding. Everyone is basically making quick money, but long-term rental apartments can't make money like real estate in the past; Secondly, the service problem; The re-lease market is not yet perfect.

Luo, the founder of long-term rental apartments, believes that all business models need to be constantly adjusted. As long as the pain points can be solved, there will be opportunities.

"This industry needs everyone's understanding and support to develop. Without this industry, tenants and landlords will also face problems such as information asymmetry, inadequate services and black intermediaries. " Luo said bluntly.

As for the long-term rental apartment industry, will it disappear with the disappearance of public confidence during the epidemic? Many insiders said that the long-term rental apartment industry will not die because of the existence of demand.

However, this does not mean that practitioners are optimistic about the survival of long-term rental apartments.

"After this pneumonia, it was a big reshuffle, and many apartments may have to quit one after another. (Long-term rental apartment) is essentially a second landlord business with thin profits, which is more difficult this year. " Wei Yun said.

(At the request of the interviewee, Yang Ye, David, Xiang Nan, Wang Yang, Populus euphratica, Luo, are pseudonyms. )