一直以来，房地产都是我国国民经济体系的支柱性产业，是拉动经济增长的主要手段。自2000年以来，随着我国消费者住房观念的转变，住宅产业发展迅猛，呈现非理性的发展态势，房价持续的增长导致其价格已超出其实际价值，住房对我国青年群体产生深远的影响。随着我国政府对住宅地产企业宏观调控力度的不断加大和“房住不炒”经济政策冲击下，住宅地产面临着更加严峻的宏观经济环境。在房地产行业的整体增长和住宅地产宏观调控下，许多企业纷纷把目光投向商业地产，商业地产借势迎来发展高潮。2014年，商业地产投资增速首次超过住宅地产投资，商业地产的市场价值正在逐渐被我国房地产行业重视。我国房地产行业的发展自住宅地产的繁荣发展而来，房地产行业整体运营模式也根据住宅地产的经验发展。地产行业属于资金密集型产业，一直以来，我国房地产开发模式一直是拿地、开发、销售及运营的重资产运营模式。然而商业地产要求资金规模更庞大、回报周期更长、对企业资本运营要求要更高。以往适用于住宅地产的重资产模式阻碍了商业地产企业的稳定、快速、持久的发展。许多企业纷纷转向“轻资产运营模式”寻求发展前景。与传统重资产运营模式不同的是，轻资产模式并不要求开发商参与项目开发的全链条流程，而往往只扮演管理者、参与者或经营者中的一个角色。 大悦城地产也是轻资产运营模式转型企业中的一员，2015年年底开始，大悦城地产采取轻重并举的运营策略，逐步弃重就轻、轻装前行。大悦城地产是如何实现轻资产运营模式转型的？3年后的大悦城地产是否能够取得轻资产运营模式转型的效果？为了研究这些问题，笔者以大悦城地产为研究对象，利用商业地产行业内数据和大悦城地产2014-2017年的公开数据为关键数据，从财务指标和非财务指标两个方面进行分析，对大悦城地产轻资产运营模式转型的实施过程和短期转型效果进行研究。首先分析大悦城地产转型的原因和可行性，对其转型过程进行解析，然后从财务指标和非财务指标两个方面分析大悦城地产轻资产运营模式转型的效果，得出其转型的结论和提出发展建议。以大悦城轻资产运营模式转型为样板，阐述其对其他商业地产企业轻资产运营模式转型的启示。 通过本文的研究，理论上以期完善学界对商业地产轻资产运营模式的研究和讨论。实践上希望能够对大悦城地产未来发展方向提出建议，并对我国其他商业地产企业的轻资产运营模式转型提供参考意义。

Real estate has always been the pillar industry of China's national economic system and the main means of driving economic growth. Since 2000, with the change of consumer's housing concept in China, the housing industry has developed rapidly and presented an irrational development trend. The continuous increase of housing price has led to its price exceeding its actual value, and housing has exerted a profound impact on the youth groups in China. With the continuous increase of the government's macro-control on residential real estate enterprises and the impact of the economic policy of "no speculation in housing", residential real estate is facing a more severe macroeconomic environment. With the overall growth of the real estate industry and the macro-control of residential real estate, many enterprises have turned their attention to commercial real estate, and commercial real estate has taken the opportunity to usher in a development climax. In 2014, the growth rate of commercial real estate investment exceeded that of residential real estate investment for the first time, and the market value of commercial real estate is gradually being valued by China's real estate industry. The development of China's real estate industry comes from the boom of residential real estate, and the overall operation mode of the real estate industry also develops according to the experience of residential real estate. The real estate industry is a capital-intensive industry. The real estate development mode in China has always been the asset-heavy operation mode of land acquisition, development, sales and operation. However, commercial real estate requires more capital, longer return cycle and higher capital operation requirements for enterprises. In the past, the asset-heavy model applied to residential real estate hindered the stable, rapid and lasting development of commercial real estate enterprises. Many enterprises have turned to the "asset-light operation mode" to seek development prospects. Different from the traditional asset-heavy operation mode, asset-light mode does not require developers to participate in the whole chain process of project development, but often plays only one role among the managers, participants or operators. Joy City real estate is also one of the enterprises in the transformation of asset-light operation mode. Since the end of 2015, Joy City real estate has adopted the operation strategy of emphasizing both the heavy and the light, and gradually abandoned the heavy and moved forward with light. How does Joy City real estate realize the transformation of asset-light operation mode? Can Joy City real estate achieve the effect of asset-light operation mode transformation after 3 years? To study these problems, the author Joy City real estate as the research object, the use of commercial real estate industry data and Joy City property of public data in 2014-2017 as the key data, from two aspects of financial indicators and non-financial indicators were analyzed, and the light Joy City real estate assets operation mode transformation of the implementation of the process of transformation and short-term effect were studied. Firstly, the reasons and feasibility of Joy City real estate transformation were analyzed, and its transformation process was analyzed. Then, the effect of Joy City real estate asset-light operation mode transformation was analyzed from two aspects of financial indicators and non-financial indicators, and the conclusion of its transformation and development Suggestions were drawn. Taking Joy City asset-light operation mode transformation as a model, this paper expounds its enlightenment on other commercial real estate enterprises' asset-light operation mode transformation. Through the research of this paper, it is theoretically expected to perfect the research and discussion on asset-light operation mode of commercial real estate in the academic circle. In practice, I hope to put forward Suggestions on the future development direction of Joy City real estate and provide references for the asset-light operation mode transformation of other commercial real estate enterprises in China.