The paper took 12 groups of parent companies and subsidiaries as the samples, in which the property service companies, spun from the real estate companies, have successfully on the capital market. The research showed that the average abnormal return (AAR) of real estate companies’ stocks was positive on the first announcement date of possible spin-off listing, while the cumulative average abnormal return (CAAR) remained positive for 21 days during the (–11, 9) days around the first announcement of possible spin-off and listing. Further, the changes in operating performance of real estate companies and property service companies were analysed after the successful spin-off for 3 consecutive years, compared with the year before the spin-off and listing. The results showed that after the spin-off and listing, real estate companies and property service companies have greatly improved their performance. Therefore, the fact that real estate companies spun off property service companies created positive values for shareholders.
Keywords
- real estate companies
- property service companies
- spin-off and listing
- value creation
As global capital markets become more closely connected and domestic companies become more familiar with asset restructuring and spin-off listing, China's listed companies have attempted to apply the spin-off listing model to restructure their assets [17, 19, 20]. Although the merger of companies can produce synergies [6], the spin-off leads to a reduction in the scale of the parent companies and can also bring new wealth growth points for shareholders. Mergers create value by active synergy, while spin-offs create value by effectively managing the resources of entity-specific units to achieve sustainability [1]. Dasilas and Leventis [7] prove that the spin-off listing has brought significant positive returns to the shareholders of the parent companies by asymmetric information hypothesis and asset-stripping hypothesis, but 2 years later, the market value of the parent companies declined. However, some scholars revealed that spin-off and listing can effectively improve the operating performance of parent companies and subsidiaries [2, 11, 14, 15]. To improve the long-term stock benefits, the companies are likely to use the announcement effect of spin-off and listing [5].
Nowadays, China's real estate market has increasingly diversified, and various real estate companies rely on their existing businesses and resources to develop many new business growth points. Among them, property service has become a core business that measures the product quality of real estate companies and enhances their brand premium. Traditional property service companies mostly rely on real estate companies to survive and develop. Why have property service companies pursued landing in the capital market in recent years? In 2014, Fantasia Holding Group successfully spun off its subsidiary Color Life Services, which successfully landed on the Hong Kong stock capital market. In just 3 days, the market value of the subsidiary company Color Life Services, exceeded that of its parent company. In 2015, China Overseas Land & Investment was split to list China Overseas Property Management in Hong Kong, and the profit growth rate of subsidiary China Overseas Property Management exceeded 20% in the same year. In 2016, Greentown China split Greentown Property Services in Hong Kong, and the profit growth rate of subsidiary Greentown Property Services exceeded 45% in the same year. These successful cases have caused many real estate companies to change their strategies one after another, and start the procedure of spin-off and listing of property subsidiaries or sectors to enter the promising area. Therefore, it is of great practical significance to explore the market value of parent and subsidiary companies before and after real estate companies successfully spun off property service companies, and land on the capital market. However, can spin-off and listing create value for real estate companies? Are the operating performance of real estate companies and property service companies consistent after the spin-off and listing?
To address these problems, this paper made an in-depth analysis of 12 groups of parent and subsidiary companies, among which China's real estate companies have successfully spun off property service companies. On the one hand, this paper explores the changes in AAR of real estate companies around the first announcement date of the real estate companies’ possible spin-off of property service companies, thus analysing whether the spin-off and listing of property service companies has created positive value for real estate companies. The AAR of real estate companies is one of the important criteria for measuring the successful spin-off and listing of property service companies. Only when the AAR of real estate companies make a positive market response can the shareholders of real estate companies create value from the spin-off and listing of property service companies. Therefore, this paper will focus on the changes in AAR of real estate companies. On the other hand, this paper analyses the changes in business performance of real estate companies and property service companies after the successful spin-off and listing, compared with the year before the spin-off and listing for three consecutive years, exploring whether spin-off and listing can effectively improve the operating performance of parent and subsidiary companies. The change in operating performance before and after the spin-off is an important aspect for studying whether the real estate companies’ spin-off of property service companies can create value when they are listed. Therefore, this paper will focus on such questions as, for example, how the operating performance of real estate companies and property service companies fluctuates before and after the spin-off, and whether the change in operating performance is directly caused by the spin-off and listing.
Based on the research on spin-off and listing, scholars mostly focus on the impact of spin-off and listing on the stock price of the parent companies or the operating performance of the parent companies and their subsidiaries, but they rarely combine the two sides. This paper takes the real estate companies that have been successfully spun off and listed as a whole to explore the impact of spin-off and listing of property service companies on their value, and the results will be more convincing. Therefore, by comparison with the existing relevant researches, the research on the economic conditions of the spin-off of real estate companies and the listing of property service companies will be more comprehensive.
Property service, as a product of the market economy in the early 1980s, was introduced from Hong Kong to Shenzhen, Guangdong, along with reform and opening up of the economy. So far, property service companies have been booming all the way, and the property service industry has begun to transform into a modern service industry as a stock market.
The property service industry derives from the real estate industry, and in the early days most property service businesses, such as cost accounting, belonged to the internal business of real estate companies. As the constituents of the property service industry have become increasingly significant, some property service companies were separated from the original real estate companies and became independent subsidiaries, and even split their businesses to complete their independent listings.
However, the property service companies still have a close relationship with the original real estate companies. For most property service companies, their parent companies’ projects are an important source of property service projects. With the development of the urban real estate industry, the property service enterprise market has gradually formed due to the management needs of the built houses. However, since the property service companies provide excellent after-sales service after the completion of the house, it has effectively promoted the economic development of the real estate market. In the process of property management and real estate development, the two must cooperate and assist each other. China's real estate companies are the cause of property service companies, while property service companies are the fruits of China's real estate companies.
At the end of the 20th century, spin-off and listing as an important means of asset restructuring was very popular in Europe and the United States. The spin-off market in these countries was equally developed when compared with the MA market. Based on this fact, Mulherin and Boone [12] conducted a research on asset sale activities of US listed companies from 1990 to 1999, which showed that the sale of assets creates positive value for shareholders of the listed spin-off companies. However, based on the analysis of the capital market reactions to the stock prices of the parent companies and their subsidiaries after the spin-off in China, some scholars have arrived at different conclusions [10, 21], which showed that the capital market responses differ before and after the spin-off announcement in China. To further study the market value of real estate companies whose listed property service companies have spun off from, the second part of this paper analysed the changes on the AAR of the stocks of real estate companies that have successfully spun off the property service companies into the capital market on and around the first announcement date by performing the event study method.
At present, a small number of real estate companies in China have listed spin-off property service companies, and most of them are listed in Hong Kong. As of the end of 2019, 15 property service companies have landed in the capital market, as shown in Table 1. At present, the property management industry mainly includes two types of property service companies: one relies on the development of real estate companies and the other is operated by an independent third party. The following are the examples of type one: Shenzhen Color Life Services Group Co., Ltd. (Fantasia Holdings Group Co., Ltd.), S-Enjoy Services Group Co., Ltd. (Season Holdings Co., Ltd.), Greentown Property Service Group Co., Ltd. (Greentown China Holdings Limited), A-Living Services Group Co., Ltd. (Agile Group Holdings Limited), China Overseas Property Management Co., Ltd. (China Overseas Land and Investment LED.), Kaisa Prosperity Holdings Limited (Kaisa Group Holdings LTD), Country Garden Services Holdings Co., Ltd. (Country Garden Holdings Co., Ltd.), Ever Sunshine Lifestyle Services Group Limited (CIFI Holdings (Group) Co. Ltd), Hangzhou Binjiang Property Management Co., Ltd. (Binjiang Service Group (Hong Kong) Co., Ltd.), Aoyuan Healthy Life Group Co., Ltd. (China Aoyuan Group Limited), Languang Justbon Property Services Co., Ltd. (Sichuan Languang Development Co., Ltd.) and Yincheng Life Services Co., Ltd. (Yincheng International Holdings Co., Ltd.). Therefore, this paper selected 12 groups of parent companies of various real estate companies and subsidiaries of property service companies as samples for in-depth analysis.
Brief Introduction of Listed Property Service Companies.
Real estate companies | Property service companies | Announcement date | Listing date | Listing location of properties service companies | |
---|---|---|---|---|---|
1 | Fantasia Holding Group | Color Life Services | 2013.6.14 | 2014.6.30 | Hong Kong |
2 | China Overseas Land & Investment | China Overseas Property Management | 2015.5.18 | 2015.10.23 | Hong Kong |
3 | Greentown China | Greentown Property Services | 2015.5.18 | 2016.7.12 | Hong Kong |
4 | Clifford Group | Clifford Modern Living | 2016.11.8 | Hong Kong | |
5 | Agile Group | A-Living Services | 2017.9.14 | 2018.2.9 | Hong Kong |
6 | Country Garden Holding | Country Garden Services | 2018.3.19 | 2018.6.19 | Hong Kong |
7 | Season Holdings | S-Enjoy Services | 2018.4.24 | 2018.11.6 | Hong Kong |
8 | Kaisa Group | Kaisa Prosperity | 2018.6.22 | 2018.12.6 | Hong Kong |
9 | CIFI Holding Group | Ever Sunshine Lifestyle Services | 2018.8.9 | 2018.12.17 | Hong Kong |
10 | Binjiang Service Group | Binjiang Property Management | 2018.11.26 | 2019.3.15 | Hong Kong |
11 | China Aoyuan Group | Aoyuan Healthy Life | 2018.8.31 | 2019.3.18 | Hong Kong |
12 | Hevol Group | Hevol Services | 2019.7.12 | Hong Kong | |
13 | Xinyuan Group | Xinyuan property management | 2019.10.11 | Hong Kong | |
14 | Languang Development | Languang Justbon Property Services | 2019.9.5 | 2019.10.18 | Hong Kong |
15 | Yincheng International Holdings | Yincheng Life Services | 2019.7.2 | 2019.11.16 | Hong Kong |
Source: NKEX news
The second part of this paper analysed the changes in the AAR of the stocks of the real estate companies that have successfully spun off the property service companies into the capital market before and after the announcement date by performing the event study method. A small number of scholars have applied the event research method to study real estate-related issues. Scholars such as Hite et al. [9] studied the division of the real estate market by the event study. Glascock et al. [8] conducted an empirical analysis of asset acquisitions between real estate companies and non-real estate companies by the event study and the results showed that it is the real estate that determines that acquisitions fail to create additional revenue. Rutherford [16] empirically analysed the impact of the leaseback real estate company's operating situation on the company's stock price by the event study. Wang et al. [18] led an empirical analysis by the event study and proposed that different dividend policies of real estate investment trusts have differential announcement effects on the stock market. Brounen and Eichholtz [3] made an empirical analysis of the influencing factors of real estate ownership and the results proved that there is a significant negative correlation between real estate ownership and corporate system risk. The event study method is often used to explore the impact of an event occurred in the capital market or the information distribution on relevant parameters. The second part of this study explored the influence of the spin-off announcement event on the changes of the AAR of the real estate companies’ stocks. The event study method was divided into three steps: first, to clarify the research content and relevant hypotheses, second, to determine the event date, that is, the potential timing of the event that the capital market was informed rather than the actual timing of the even and third, to analyse the degree of influence of an event on the research goal.
The second part of the study was mainly divided into five stages: (1) the determination of the event date of the listed property service company spun off from the real estate company and the identification of the event window centred on the event date; (2) the determination of the estimation period, that is, an event range during which the normal return of the stocks can be measured and that does not include the event window; (3) the establishment of a market model of the real estate companies’ stock returns; (4) the calculation of the expected return of stocks of real estate companies in the event window; and (5) the calculation of the AAR and CAAR of the real estate companies’ stocks in the event window.
The market model assumes that there is a linear relationship between the stock returns of real estate companies and the market returns. The relationship can be formulated as follows:
Among the above,
The real return of the stocks of the real estate company
Among the above,
This paper adopted the Shanghai Composite Index, Shenzhen Composite Index and Hang Seng Index to calculate the actual return
Among them,
For each real estate company, the actual return of the stocks in the estimation period on the actual return rate of the capital market was regressed by using the market model to obtain the estimated parameters of
In the event window (
During the event window (
The AAR
According to the signalling theory, the announcement of the listing of spin-off property service companies by the real estate companies can be seen as a typical market transmission signal, and the capital market, in return, reacts to the event. However, the entire spin-off process of the listing of the spin-off property service company from the real estate companies lasts a long period. Therefore, this paper took the first public disclosure of the possible listing of the spin-off property service company from the real estate companies as the event's announcement date. This paper made the period of 61 trading days from the 30th day before to the 30th day after the announcement day as the event window and the period of 150 trading days from the 180th day to the 30th day before as the estimation period. Among above companies, the interval between the listing date of Yincheng International Holdings (6 March 2019) and the spin-off and listing announcement date of Yincheng Life Services (2 July 2019) was short; so, the estimation period was from the 77th day to the 30th day before the spin-off and listing announcement day. In this paper, the spin-off announcement date was marked as 0; before the announcement as ‘−’; after the announcement as ‘+’, the (−180,−30) was the estimation period, and the (−30,+30) was the event window.
The second part studied the regression of the actual return of the stocks of the 12 real estate companies in the estimation period on the actual return rate of the capital market using SPSS software and calculated the AAR and CAAR of real estate companies on each day. The salient detection of AAR was mainly used to judge whether the AAR was caused by the random fluctuation of stock prices. In this paper, the
Table 2 showed the AAR and CAAR on each day of the 61 days from the 30th day before to the 30th day after the spin-off and listing announcement day. As shown in Table 2, the AAR of the real estate company on the spin-off and listing announcement date was 0.0046, and the AAR of the stocks was positive. The
AAR and CAAR for 60 Days from the 30th day before to the 30th day after the Spin-off and Listing Announcement.
Day | Day | ||||||||
---|---|---|---|---|---|---|---|---|---|
−30 | −0.014364 | −0.014364 | −2.601000 | 0.025000 | 1 | 0.006150 | 0.018463 | 0.819000 | 0.430000 |
−29 | −0.005780 | −0.020144 | −0.483000 | 0.638000 | 2 | 0.008067 | 0.026530 | 1.775000 | 0.104000 |
−28 | −0.000064 | −0.020208 | −0.019000 | 0.985000 | 3 | −0.004282 | 0.022248 | −0.643000 | 0.533000 |
−27 | −0.002446 | −0.022654 | −0.334000 | 0.745000 | 4 | −0.007594 | 0.014654 | −1.106000 | 0.292000 |
−26 | 0.004739 | −0.017916 | 0.814000 | 0.433000 | 5 | 0.015214 | 0.029868 | 2.175000 | 0.052000 |
−25 | −0.000058 | −0.017974 | −0.012000 | 0.991000 | 6 | −0.010746 | 0.019122 | −1.770000 | 0.104000 |
−24 | −0.006119 | −0.024093 | −0.678000 | 0.512000 | 7 | −0.018029 | 0.001093 | −1.713000 | 0.115000 |
−23 | 0.001499 | −0.022594 | 0.195000 | 0.849000 | 8 | 0.004856 | 0.005949 | 0.656000 | 0.526000 |
−22 | 0.005748 | −0.016846 | 0.784000 | 0.449000 | 9 | −0.000758 | 0.005191 | −0.080000 | 0.938000 |
−21 | −0.005914 | −0.022760 | −0.702000 | 0.497000 | 10 | −0.005627 | −0.000436 | −1.268000 | 0.231000 |
−20 | −0.000592 | −0.023352 | −0.093000 | 0.928000 | 11 | 0.002062 | 0.001626 | 0.229000 | 0.823000 |
−19 | −0.003818 | −0.027171 | −0.771000 | 0.457000 | 12 | 0.004971 | 0.006596 | 0.972000 | 0.352000 |
−18 | −0.007565 | −0.034736 | −1.177000 | 0.264000 | 13 | 0.009536 | 0.016132 | 1.165000 | 0.269000 |
−17 | 0.003794 | −0.030941 | 0.571000 | 0.579000 | 14 | −0.000936 | 0.015196 | −0.398000 | 0.698000 |
−16 | 0.007752 | −0.023189 | 1.214000 | 0.250000 | 15 | −0.009960 | 0.005236 | −1.159000 | 0.271000 |
−15 | 0.007235 | −0.015954 | 1.221000 | 0.248000 | 16 | −0.010216 | −0.004980 | −1.691000 | 0.119000 |
−14 | −0.002138 | −0.018093 | −0.342000 | 0.739000 | 17 | −0.022083 | −0.027063 | −2.057000 | 0.064000 |
−13 | 0.003503 | −0.014589 | 0.575000 | 0.577000 | 18 | 0.004559 | −0.022504 | 0.612000 | 0.553000 |
−12 | 0.004701 | −0.009889 | 1.415000 | 0.185000 | 19 | 0.000432 | −0.022072 | 0.130000 | 0.899000 |
−11 | 0.017875 | 0.007987 | 1.508000 | 0.160000 | 20 | −0.000609 | −0.022680 | −0.091000 | 0.929000 |
−10 | 0.010113 | 0.018100 | 1.119000 | 0.287000 | 21 | 0.004959 | −0.017721 | 0.922000 | 0.377000 |
−9 | −0.004370 | 0.013729 | −0.708000 | 0.494000 | 22 | 0.005511 | −0.012210 | 1.024000 | 0.328000 |
−8 | 0.002590 | 0.016319 | 0.220000 | 0.830000 | 23 | −0.003534 | −0.015744 | −0.372000 | 0.717000 |
−7 | −0.001642 | 0.014678 | −0.292000 | 0.776000 | 24 | 0.002426 | −0.013319 | 0.382000 | 0.710000 |
−6 | 0.003541 | 0.018218 | 0.393000 | 0.702000 | 25 | −0.012021 | −0.025340 | −2.560000 | 0.027000 |
−5 | 0.002815 | 0.021033 | 0.345000 | 0.737000 | 26 | −0.008011 | −0.033351 | −1.344000 | 0.206000 |
−4 | −0.010377 | 0.010656 | −1.253000 | 0.236000 | 27 | 0.000694 | −0.032657 | 0.154000 | 0.881000 |
−3 | −0.005140 | 0.005517 | −0.712000 | 0.491000 | 28 | −0.001621 | −0.034278 | −0.496000 | 0.630000 |
−2 | 0.005395 | 0.010911 | 1.430000 | 0.180000 | 29 | −0.001598 | −0.035876 | −0.203000 | 0.842000 |
−1 | −0.003237 | 0.007675 | −0.546000 | 0.596000 | 30 | 0.008988 | −0.026888 | 1.118000 | 0.287000 |
0 | 0.004639 | 0.012314 | 2.868000 | 0.040400 |
To clearly show the changes on the AAR of real estate companies’ stocks before and after the spin-off and listing announcement, a further analysis was conducted concerning the CAAR on each day before and after the announcement, which provided a more intuitive understanding of the spin-off and listing.
As shown in Figure 1, the CAAR was positive during the (−11,9) days before and after the spin-off and listing announcement and kept rising during the (−1,2) days. Consequent to the continuous increase, it reached 2.65% on the 5th day and peaked at 2.99%, which showed that the AAR of real estate companies’ stocks was positive before and after announcement date and that the announcement can increase the shareholder value of real estate companies, thus verifying the signalling theory of spin-off proposed by Nanda [13]. During the (5, 30) days after the spin-off and listing announcement, the CAAR sometimes increased and sometimes decreased, and was unstable. This phenomenon might be related to the overreaction of China's capital market to the expected good news, but this still showed that there was a reaction of the stocks of real estate companies to the listing announcement of the spin-off property service companies.
Fig. 1
30 days before and after the spin-off announcement.

Therefore, we found that the listing announcement of the spin-off property service companies from the real estate companies had positive information content. The AAR of real estate companies’ stocks was positive, indicating that spin-off and listing activities can create value.
Although the AAR of real estate companies’ stocks before and after the listing announcement of the spin-off of property service companies was positive, can this return reflect the true information about the market value of the companies, and can the performance of both the parent and subsidiary companies be improved after the spinoff and listing? Therefore, to provide answers to these questions, the third part of this paper further analysed the changes on operating performance of real estate companies before and after the listing of the spin-off property service companies based on the annual financial statements published by the HiThink Royal Flush Information Network Co., Ltd.
Since the changes on the operating performance of listed companies are mainly manifested in profitability, operating capacity, growth-ability, etc., the third part of this paper selected the following financial indicators: total asset growth rate, growth rate of shareholders’ equity, revenue growth rate, earnings per share growth and net profit growth rate. The base period was the year before the spin-off listing; further, the financial indicators of the first, second and third after the spin-off and listing year were, respectively, compared with the financial indicators of the previous year of the spin-off and listing. Therefore, the growth rates of each indicator were obtained with the average of the same index as the analysis basis. Since some property service companies were spun off and listed in the past 2 years, this paper analysed the data during the last 1 or 2 years.
The parent companies’ daily business can be further concentrated after the spin-off and listing; so, it can obtain excess returns on assets after the spin-off and listing; in addition, the subsidiary's operating performance is significantly improved after the spin-off and listing due to the increased liquidity to support its daily operations (Chahine and Zeidan, 2014). Therefore, in this paper, the financial report data of 12 groups of real estate companies and the samples of property service companies were processed and the results of the changes on the operating performance of real estate companies after spin-off and listing are shown in Tables 3 and 4.
Changes on the Operating Performance of Real Estate Companies after Spin-off and Listing.
Revenue growth rate | Net profit growth rate | Earnings per share growth | Total asset growth tare | Growth rate of shareholders’ equity | |
---|---|---|---|---|---|
The first year after the spin-off and the year before the spin-off | 0.3176 | 0.3629 | 0.3259 | 0.4228 | 0.4095 |
The second year after the spin-off and the year before the spin-off | 0.5696 | 0.7586 | 0.5488 | 0.7360 | 0.7546 |
The third year after the spin-off and the year before the spin-off | 0.6891 | 0.3492 | −0.1844 | 0.7124 | 0.7632 |
Changes on the Operating Performance of Spin-off Property Service Companies after Listing.
Revenue growth rate | Net profit growth rate | Earnings per share growth | Total asset growth tare | Growth rate of shareholders’ equity | |
---|---|---|---|---|---|
The first year after the spin-off and the year before the spin-off | 0.4558 | 0.7966 | 0.5120 | 1.1077 | 3.2656 |
The second year after the spin-off and the year before the spin-off | 1.4567 | 2.2070 | 1.4756 | 2.0316 | 4.3108 |
The third year after the spin-off and the year before the spin-off | 2.2036 | 2.2774 | 1.6222 | 3.4105 | 7.7011 |
Table 3 reflected the changes on the operating performance of real estate companies after the spin-off and listing. It can be found that in the 3 consecutive years after the spin-off and listing of the property service companies, both the shareholders’ equity and total assets of the real estate companies were increased when compared with those of the year before the spin-off and listing. The shareholders’ equity and the total assets increased by 75.46% and 73.60%, respectively, in the second year after the spin-off and listing, and by 76.32% and 71.24%, respectively, in the third year after the spin-off and listing, indicating that the capital of the real estate companies after the spin-off has been improved and the scale of the companies has gradually expanded. Revenue income and net profit, two indicators of profitability, have exceeded the growth rate of more than 30% for the 3 consecutive years compared with the year before the spin-off, and the ability of capital appreciation has gradually improved. This may be because the spin-off and listing has made the business of real estate companies more concentrated and the real estate companies obtained premium income from assets in the process of the listing of the property service companies. In addition, by studying the changes on the operating performance of individual real estate companies, it can be found that the earnings per share growth of Fantasia Holdings Group was negative for 3 consecutive years, decreased by 4.35% in the first year after spin-off, by 8.70% in the second year and by the 39.13% in the third year, and the net profit in the third year after the spin-off decreased by 33.66% compared with the year before the spin-off. Possibly, these decreases were because the spin-off and listing separated the high-quality assets from the Fantasia Holding Group. It can be seen from Table 3 that in the 3 consecutive years after the spin-off, the average growth rates of various indicators of real estate companies were positive and improved year by year, and the operating performances were significantly improved.
Table 4 reflected the changes on the operating performance of the spin-off property service companies after listing. It can be found that after the listing of the spin-off property service companies, the shareholder's equity and asset size have greatly improved, of which the total assets in the third year after the spin-off were 3.4 times the year before the spin-off, and the shareholders’ equity in the third year after the spin-off was 7.7 times the year before the spin-off, indicating that the listing facilitated the spin-off property service companies’ access to more capital and enhanced their operating efficiency significantly. The earnings per share growth, revenue and the net profit all increased steadily at the same time, mainly because the management scale gradually increased. In addition, by studying the operating performance level of the individual property service company, we found that the net profit and EPAG of Kaisa Prosperity in the first spin-off year were negative with a decrease of 24.33% in net profit and a decrease of 27.54% in earnings per share growth. In the short term, the spin-off Kaisa Prosperity from the Kaisa Group failed to cause improvement in the operating performance of the property service company. However, the net profit in the second year after the spin-off increased significantly, 1.2 times of that in the first year, and the earnings per share growth in the second year after the spin-off increased by 69.57%. It was because it has gradually expanded its scale through internal growth, external mergers and acquisitions, and cooperation, thus gradually being recognised by the capital market. Generally speaking, in the 3 consecutive years after the spin-off, the profitability and the growth-ability of property service companies have improved significantly. The spin-off and listing has greatly increased the value of the property service sector. With the help of capital, the Chinese property industry has ushered in a better era.
Table 5 showed the changes on operating performance of real estate companies and property service companies. Fantasia Holdings’ spin-off subsidiary Color Life Services went public, which made Color Life's performance greatly improved, while performance of the parent company declined to a certain extent. Most property service companies relied on subsidies from real estate companies, but Color Life Services continued to achieve higher profits. On the one hand, it benefitted from its unique business model ‘commission system’ to collect property fees; on the other hand, it benefitted from the rapid growth of the revenues from value-added services brought by the expansion of the scale of the property management and services. The listing of the spin-off company Color Life Service from the Fantasia Holding Group has spun off the high-quality assets of the parent company, thereby weakening Fantasia Holding's ability for sustainable development. In addition, the spin-off had led to the gradual loss of the scale economy of the Fantasia Holding Group, thereby increasing the unit cost of real estate companies and compressing the parent company's own profitability and development space. The listing of the spin-off company China Overseas Property Management from the China Overseas & Investment greatly promoted the performance of both the parent and subsidiary companies. After the spin-off and listing, China Overseas Property Management has designed differentiated products in response to the different needs of diverse customers and exploited new service domain, which have greatly increased revenues. Further, China Overseas Property Management has promoted online and offline services and applied information technology to improve service quality, reduce manual dependence, control management costs and increase revenues, thereby releasing its own value. The listing of the spin-off company Greentown Property Services from the Greentown China has gradually shown improvement in the profitability and growth capacity of both the parent company and its subsidiary. After the successful spin-off and landing in the capital market, Greentown Property Services has become one of the few companies that have quickly shaken themselves out of the dependence on affiliated real estate companies, and its market value has even surpassed that of the affiliated real estate company Green-town China. In general, real estate companies and property service companies have significantly improved their operating performance after the spin-off and listing. The average performance of property service companies was better than that of real estate companies. The spin-off of property service companies from the real estate companies was conducive to improving the operating conditions of both the parent and subsidiary companies.
Changes on the Operating Performance of Real Estate Companies and Property Service Companies.
Name | Comparison in different years | Revenue growth rate | Net profit growth rate | Earnings per share growth | Total assets growth rate | Growth rate of shareholders’ equity |
---|---|---|---|---|---|---|
Fantasia Holding Group | The first year after the spin-off and the year before the spin-off | 0.0036 | 0.0329 | −0.0435 | 0.3498 | 0.4573 |
The second year after the spin-off and the year before the spin-off | 0.1214 | −0.0033 | −0.0870 | 0.4577 | 0.5630 | |
The third year after the spin-off and the year before the spin-off | 0.5001 | −0.3366 | −0.3913 | 0.6279 | 0.6755 | |
Color Life Services | The first year after the spin-off and the year before the spin-off | 0.6695 | 2.2907 | 1.8333 | 2.2389 | 4.9076 |
The second year after the spin-off and the year before the spin-off | 2.5536 | 2.7865 | 1.8333 | 4.5040 | 6.0707 | |
The third year after the spin-off and the year before the spin-off | 4.7597 | 3.2373 | 2.1667 | 7.1437 | 7.3261 | |
China Overseas & Investment | The first year after the spin-off and the year before the spin-off | 0.2244 | 0.2736 | 0.1279 | 0.4196 | 0.5559 |
The second year after the spin-off and the year before the spin-off | 0.2120 | 0.3611 | 0.0951 | 0.3928 | 0.6414 | |
The third year after the spin-off and the year before the spin-off | 0.2521 | 0.4988 | 0.1180 | 0.5735 | 0.9742 | |
China Overseas Property Management | The first year after the spin-off and the year before the spin-off | 0.1760 | 0.2059 | 0.0000 | 0.1156 | 0.1975 |
The second year after the spin-off and the year before the spin-off | 0.5240 | 1.4456 | 1.3333 | 0.6421 | 0.5613 | |
The third year after the spin-off and the year before the spin-off | 0.5524 | 2.1557 | 2.0000 | 0.8331 | 0.6362 | |
Greentown China | The first year after the spin-off and the year before the spin-off | 0.1125 | 1.8440 | 1.8000 | 0.1750 | 0.0727 |
The second year after the spin-off and the year before the spin-off | 0.6107 | 3.1165 | 2.0800 | 0.6319 | 0.2764 | |
The third year after the spin-off and the year before the spin-off | 1.3152 | 0.8853 | −0.2800 | 0.9359 | 0.6399 | |
Greentown Property Services | The first year after the spin-off and the year before the spin-off | 0.2751 | 0.4444 | 0.2000 | 1.0238 | 10.7181 |
The second year after the spin-off and the year before the spin-off | 0.7609 | 0.9545 | 0.4000 | 1.5213 | 12.3691 | |
The third year after the spin-off and the year before the spin-off | 1.2987 | 1.4394 | 0.7000 | 2.2546 | 15.1409 | |
Agile Group | The first year after the spin-off and the year before the spin-off | 0.0879 | 0.1826 | 0.1871 | 0.4107 | 0.2446 |
The second year after the spin-off and the year before the spin-off | 0.1673 | 0.2468 | 0.2516 | 0.6726 | 0.4790 | |
A-Living Services | The first year after the spin-off and the year before the spin-off | 0.9177 | 1.7621 | 0.7714 | 1.9060 | 2.7381 |
The second year after the spin-off and the year before the spin-off | 1.9114 | 3.2448 | 1.6286 | 2.7387 | 3.4138 | |
Country Garden Holding | The first year after the spin-off and the year before the spin-off | 0.6707 | 0.3282 | 0.3089 | 0.5524 | 0.4871 |
The second year after the spin-off and the year before the spin-off | 1.1415 | 0.5174 | 0.5041 | 0.8190 | 0.8747 | |
Country Garden Services | The first year after the spin-off and the year before the spin-off | 0.4974 | 1.2960 | 1.3125 | 0.5882 | 0.5110 |
The second year after the spin-off and the year before the spin-off | 2.0894 | 3.1567 | 2.9375 | 2.5286 | 2.6835 | |
Season Holdings | The first year after the spin-off and the year before the spin-off | 0.3358 | 0.7401 | 0.7306 | 0.7998 | 0.9612 |
The second year after the spin-off and the year before the spin-off | 1.1183 | 1.0989 | 1.0738 | 1.5179 | 1.3838 | |
S-Enjoy Services | The first year after the spin-off and the year before the spin-off | 0.3545 | 1.0707 | 1.0000 | 0.9312 | 3.6455 |
The second year after the spin-off and the year before the spin-off | 1.3372 | 2.8416 | 1.8333 | 1.7027 | 4.1164 | |
Kaisa Group | The first year after the spin-off and the year before the spin-off | 0.1808 | −0.1629 | −0.2500 | 0.0733 | 0.2114 |
The second year after the spin-off and the year before the spin-off | 0.4650 | 0.3985 | 0.2667 | 0.2695 | 0.8570 | |
Kaisa Prosperity | The first year after the spin-off and the year before the spin-off | 0.3393 | −0.2433 | −0.2754 | −0.1158 | 0.6590 |
The second year after the spin-off and the year before the spin-off | 0.8864 | 1.2956 | 0.6957 | 0.0856 | 1.2590 | |
CIFI Group | The first year after the spin-off and the year before the spin-off | 0.3313 | 0.1203 | 0.0294 | 0.5885 | 0.4428 |
The second year after the spin-off and the year before the spin-off | 0.7209 | 0.3333 | 0.2059 | 1.1264 | 0.9614 | |
Ever Sunshine Lifestyle Service | The first year after the spin-off and the year before the spin-off | 0.4841 | 0.3213 | 0.2857 | 1.1268 | 2.6857 |
The second year after the spin-off and the year before the spin-off | 1.5903 | 1.9303 | 1.1428 | 2.5299 | 4.0122 | |
Binjiang Group | The first year after the spin-off and the year before the spin-off | 0.1857 | 0.3459 | 0.3590 | 0.4805 | 0.1604 |
Binjiang Property Management | The first year after the spin-off and the year before the spin-off | 0.3792 | 0.6387 | 0.2571 | 1.1851 | 2.9297 |
China Aoyuan Group | The first year after the spin-off and the year before the spin-off | 0.6297 | 0.7439 | 0.7333 | 0.5349 | 0.2038 |
Aoyuan Healthy Life | The first year after the spin-off and the year before the spin-off | 0.4556 | 1.0731 | 0.4118 | 1.7555 | 5.7143 |
Languang Development | The first year after the spin-off and the year before the spin-off | 0.2717 | 0.5553 | 0.6935 | 0.3381 | 0.4440 |
Languang Justbon Property Services | The first year after the spin-off and the year before the spin-off | 0.4344 | 0.4879 | 0.3478 | 1.7417 | 3.8137 |
Yincheng International Holdings | The first year after the spin-off and the year before the spin-off | 0.7777 | −0.6493 | −0.7660 | 0.3516 | 0.6730 |
Yincheng Life Services | The first year after the spin-off and the year before the spin-off | 0.4872 | 0.2118 | 0.0000 | 0.7959 | 0.6674 |
This paper took 12 groups of parent companies and subsidiaries as the samples among which the property service companies that were spun off from the real estate companies have successfully landed on the capital market. The research results showed that the AAR of real estate companies’ stocks was positive on the first announcement date of possible spin-off listing and CAAR was keeping positive for 21 days during the (−11,9) days around the first announcement of possible spin-off listing. Since the capital market possesses the function of value discovery, the realisation of the listing of the property service companies spun off from the real estate companies can contribute to the financial position of real estate companies by enabling them to obtain a positive rate of return, thereby increasing the market value of the real estate companies.
In addition, to further analyse the impact of the spin-off and listing on real estate companies and property service companies, this paper analysed the changes on operating performance of real estate companies and spinoff property service companies after successful listing for 3 consecutive years compared with the performance in the year before the spin-off and listing. The analysis showed that the successful spin-off and listing has greatly improved the operating performance of real estate companies and property service companies, and the spin-off of the property services companies from the real estate companies has created positive value for shareholders and the listing of spin-off property service companies has been conducive to improve the operating conditions of parent and subsidiary companies.
It is estimated that the development of the property service market will stimulate more large-scale real estate companies to take the actions of putting the spin-off property service companies on the market. It is foreseeable that, with the continuation of the gradual spin-off and listing process of property service companies from the parent real estate companies, the brand effect and resource advantages will become the internal impetus for the sustainable development of spin-off property service companies.
Fig. 1

Brief Introduction of Listed Property Service Companies.
Real estate companies | Property service companies | Announcement date | Listing date | Listing location of properties service companies | |
---|---|---|---|---|---|
1 | Fantasia Holding Group | Color Life Services | 2013.6.14 | 2014.6.30 | Hong Kong |
2 | China Overseas Land & Investment | China Overseas Property Management | 2015.5.18 | 2015.10.23 | Hong Kong |
3 | Greentown China | Greentown Property Services | 2015.5.18 | 2016.7.12 | Hong Kong |
4 | Clifford Group | Clifford Modern Living | 2016.11.8 | Hong Kong | |
5 | Agile Group | A-Living Services | 2017.9.14 | 2018.2.9 | Hong Kong |
6 | Country Garden Holding | Country Garden Services | 2018.3.19 | 2018.6.19 | Hong Kong |
7 | Season Holdings | S-Enjoy Services | 2018.4.24 | 2018.11.6 | Hong Kong |
8 | Kaisa Group | Kaisa Prosperity | 2018.6.22 | 2018.12.6 | Hong Kong |
9 | CIFI Holding Group | Ever Sunshine Lifestyle Services | 2018.8.9 | 2018.12.17 | Hong Kong |
10 | Binjiang Service Group | Binjiang Property Management | 2018.11.26 | 2019.3.15 | Hong Kong |
11 | China Aoyuan Group | Aoyuan Healthy Life | 2018.8.31 | 2019.3.18 | Hong Kong |
12 | Hevol Group | Hevol Services | 2019.7.12 | Hong Kong | |
13 | Xinyuan Group | Xinyuan property management | 2019.10.11 | Hong Kong | |
14 | Languang Development | Languang Justbon Property Services | 2019.9.5 | 2019.10.18 | Hong Kong |
15 | Yincheng International Holdings | Yincheng Life Services | 2019.7.2 | 2019.11.16 | Hong Kong |
Changes on the Operating Performance of Real Estate Companies and Property Service Companies.
Name | Comparison in different years | Revenue growth rate | Net profit growth rate | Earnings per share growth | Total assets growth rate | Growth rate of shareholders’ equity |
---|---|---|---|---|---|---|
Fantasia Holding Group | The first year after the spin-off and the year before the spin-off | 0.0036 | 0.0329 | −0.0435 | 0.3498 | 0.4573 |
The second year after the spin-off and the year before the spin-off | 0.1214 | −0.0033 | −0.0870 | 0.4577 | 0.5630 | |
The third year after the spin-off and the year before the spin-off | 0.5001 | −0.3366 | −0.3913 | 0.6279 | 0.6755 | |
Color Life Services | The first year after the spin-off and the year before the spin-off | 0.6695 | 2.2907 | 1.8333 | 2.2389 | 4.9076 |
The second year after the spin-off and the year before the spin-off | 2.5536 | 2.7865 | 1.8333 | 4.5040 | 6.0707 | |
The third year after the spin-off and the year before the spin-off | 4.7597 | 3.2373 | 2.1667 | 7.1437 | 7.3261 | |
China Overseas & Investment | The first year after the spin-off and the year before the spin-off | 0.2244 | 0.2736 | 0.1279 | 0.4196 | 0.5559 |
The second year after the spin-off and the year before the spin-off | 0.2120 | 0.3611 | 0.0951 | 0.3928 | 0.6414 | |
The third year after the spin-off and the year before the spin-off | 0.2521 | 0.4988 | 0.1180 | 0.5735 | 0.9742 | |
China Overseas Property Management | The first year after the spin-off and the year before the spin-off | 0.1760 | 0.2059 | 0.0000 | 0.1156 | 0.1975 |
The second year after the spin-off and the year before the spin-off | 0.5240 | 1.4456 | 1.3333 | 0.6421 | 0.5613 | |
The third year after the spin-off and the year before the spin-off | 0.5524 | 2.1557 | 2.0000 | 0.8331 | 0.6362 | |
Greentown China | The first year after the spin-off and the year before the spin-off | 0.1125 | 1.8440 | 1.8000 | 0.1750 | 0.0727 |
The second year after the spin-off and the year before the spin-off | 0.6107 | 3.1165 | 2.0800 | 0.6319 | 0.2764 | |
The third year after the spin-off and the year before the spin-off | 1.3152 | 0.8853 | −0.2800 | 0.9359 | 0.6399 | |
Greentown Property Services | The first year after the spin-off and the year before the spin-off | 0.2751 | 0.4444 | 0.2000 | 1.0238 | 10.7181 |
The second year after the spin-off and the year before the spin-off | 0.7609 | 0.9545 | 0.4000 | 1.5213 | 12.3691 | |
The third year after the spin-off and the year before the spin-off | 1.2987 | 1.4394 | 0.7000 | 2.2546 | 15.1409 | |
Agile Group | The first year after the spin-off and the year before the spin-off | 0.0879 | 0.1826 | 0.1871 | 0.4107 | 0.2446 |
The second year after the spin-off and the year before the spin-off | 0.1673 | 0.2468 | 0.2516 | 0.6726 | 0.4790 | |
A-Living Services | The first year after the spin-off and the year before the spin-off | 0.9177 | 1.7621 | 0.7714 | 1.9060 | 2.7381 |
The second year after the spin-off and the year before the spin-off | 1.9114 | 3.2448 | 1.6286 | 2.7387 | 3.4138 | |
Country Garden Holding | The first year after the spin-off and the year before the spin-off | 0.6707 | 0.3282 | 0.3089 | 0.5524 | 0.4871 |
The second year after the spin-off and the year before the spin-off | 1.1415 | 0.5174 | 0.5041 | 0.8190 | 0.8747 | |
Country Garden Services | The first year after the spin-off and the year before the spin-off | 0.4974 | 1.2960 | 1.3125 | 0.5882 | 0.5110 |
The second year after the spin-off and the year before the spin-off | 2.0894 | 3.1567 | 2.9375 | 2.5286 | 2.6835 | |
Season Holdings | The first year after the spin-off and the year before the spin-off | 0.3358 | 0.7401 | 0.7306 | 0.7998 | 0.9612 |
The second year after the spin-off and the year before the spin-off | 1.1183 | 1.0989 | 1.0738 | 1.5179 | 1.3838 | |
S-Enjoy Services | The first year after the spin-off and the year before the spin-off | 0.3545 | 1.0707 | 1.0000 | 0.9312 | 3.6455 |
The second year after the spin-off and the year before the spin-off | 1.3372 | 2.8416 | 1.8333 | 1.7027 | 4.1164 | |
Kaisa Group | The first year after the spin-off and the year before the spin-off | 0.1808 | −0.1629 | −0.2500 | 0.0733 | 0.2114 |
The second year after the spin-off and the year before the spin-off | 0.4650 | 0.3985 | 0.2667 | 0.2695 | 0.8570 | |
Kaisa Prosperity | The first year after the spin-off and the year before the spin-off | 0.3393 | −0.2433 | −0.2754 | −0.1158 | 0.6590 |
The second year after the spin-off and the year before the spin-off | 0.8864 | 1.2956 | 0.6957 | 0.0856 | 1.2590 | |
CIFI Group | The first year after the spin-off and the year before the spin-off | 0.3313 | 0.1203 | 0.0294 | 0.5885 | 0.4428 |
The second year after the spin-off and the year before the spin-off | 0.7209 | 0.3333 | 0.2059 | 1.1264 | 0.9614 | |
Ever Sunshine Lifestyle Service | The first year after the spin-off and the year before the spin-off | 0.4841 | 0.3213 | 0.2857 | 1.1268 | 2.6857 |
The second year after the spin-off and the year before the spin-off | 1.5903 | 1.9303 | 1.1428 | 2.5299 | 4.0122 | |
Binjiang Group | The first year after the spin-off and the year before the spin-off | 0.1857 | 0.3459 | 0.3590 | 0.4805 | 0.1604 |
Binjiang Property Management | The first year after the spin-off and the year before the spin-off | 0.3792 | 0.6387 | 0.2571 | 1.1851 | 2.9297 |
China Aoyuan Group | The first year after the spin-off and the year before the spin-off | 0.6297 | 0.7439 | 0.7333 | 0.5349 | 0.2038 |
Aoyuan Healthy Life | The first year after the spin-off and the year before the spin-off | 0.4556 | 1.0731 | 0.4118 | 1.7555 | 5.7143 |
Languang Development | The first year after the spin-off and the year before the spin-off | 0.2717 | 0.5553 | 0.6935 | 0.3381 | 0.4440 |
Languang Justbon Property Services | The first year after the spin-off and the year before the spin-off | 0.4344 | 0.4879 | 0.3478 | 1.7417 | 3.8137 |
Yincheng International Holdings | The first year after the spin-off and the year before the spin-off | 0.7777 | −0.6493 | −0.7660 | 0.3516 | 0.6730 |
Yincheng Life Services | The first year after the spin-off and the year before the spin-off | 0.4872 | 0.2118 | 0.0000 | 0.7959 | 0.6674 |
Changes on the Operating Performance of Real Estate Companies after Spin-off and Listing.
Revenue growth rate | Net profit growth rate | Earnings per share growth | Total asset growth tare | Growth rate of shareholders’ equity | |
---|---|---|---|---|---|
The first year after the spin-off and the year before the spin-off | 0.3176 | 0.3629 | 0.3259 | 0.4228 | 0.4095 |
The second year after the spin-off and the year before the spin-off | 0.5696 | 0.7586 | 0.5488 | 0.7360 | 0.7546 |
The third year after the spin-off and the year before the spin-off | 0.6891 | 0.3492 | −0.1844 | 0.7124 | 0.7632 |
AAR and CAAR for 60 Days from the 30th day before to the 30th day after the Spin-off and Listing Announcement.
Day | Day | ||||||||
---|---|---|---|---|---|---|---|---|---|
−30 | −0.014364 | −0.014364 | −2.601000 | 0.025000 | 1 | 0.006150 | 0.018463 | 0.819000 | 0.430000 |
−29 | −0.005780 | −0.020144 | −0.483000 | 0.638000 | 2 | 0.008067 | 0.026530 | 1.775000 | 0.104000 |
−28 | −0.000064 | −0.020208 | −0.019000 | 0.985000 | 3 | −0.004282 | 0.022248 | −0.643000 | 0.533000 |
−27 | −0.002446 | −0.022654 | −0.334000 | 0.745000 | 4 | −0.007594 | 0.014654 | −1.106000 | 0.292000 |
−26 | 0.004739 | −0.017916 | 0.814000 | 0.433000 | 5 | 0.015214 | 0.029868 | 2.175000 | 0.052000 |
−25 | −0.000058 | −0.017974 | −0.012000 | 0.991000 | 6 | −0.010746 | 0.019122 | −1.770000 | 0.104000 |
−24 | −0.006119 | −0.024093 | −0.678000 | 0.512000 | 7 | −0.018029 | 0.001093 | −1.713000 | 0.115000 |
−23 | 0.001499 | −0.022594 | 0.195000 | 0.849000 | 8 | 0.004856 | 0.005949 | 0.656000 | 0.526000 |
−22 | 0.005748 | −0.016846 | 0.784000 | 0.449000 | 9 | −0.000758 | 0.005191 | −0.080000 | 0.938000 |
−21 | −0.005914 | −0.022760 | −0.702000 | 0.497000 | 10 | −0.005627 | −0.000436 | −1.268000 | 0.231000 |
−20 | −0.000592 | −0.023352 | −0.093000 | 0.928000 | 11 | 0.002062 | 0.001626 | 0.229000 | 0.823000 |
−19 | −0.003818 | −0.027171 | −0.771000 | 0.457000 | 12 | 0.004971 | 0.006596 | 0.972000 | 0.352000 |
−18 | −0.007565 | −0.034736 | −1.177000 | 0.264000 | 13 | 0.009536 | 0.016132 | 1.165000 | 0.269000 |
−17 | 0.003794 | −0.030941 | 0.571000 | 0.579000 | 14 | −0.000936 | 0.015196 | −0.398000 | 0.698000 |
−16 | 0.007752 | −0.023189 | 1.214000 | 0.250000 | 15 | −0.009960 | 0.005236 | −1.159000 | 0.271000 |
−15 | 0.007235 | −0.015954 | 1.221000 | 0.248000 | 16 | −0.010216 | −0.004980 | −1.691000 | 0.119000 |
−14 | −0.002138 | −0.018093 | −0.342000 | 0.739000 | 17 | −0.022083 | −0.027063 | −2.057000 | 0.064000 |
−13 | 0.003503 | −0.014589 | 0.575000 | 0.577000 | 18 | 0.004559 | −0.022504 | 0.612000 | 0.553000 |
−12 | 0.004701 | −0.009889 | 1.415000 | 0.185000 | 19 | 0.000432 | −0.022072 | 0.130000 | 0.899000 |
−11 | 0.017875 | 0.007987 | 1.508000 | 0.160000 | 20 | −0.000609 | −0.022680 | −0.091000 | 0.929000 |
−10 | 0.010113 | 0.018100 | 1.119000 | 0.287000 | 21 | 0.004959 | −0.017721 | 0.922000 | 0.377000 |
−9 | −0.004370 | 0.013729 | −0.708000 | 0.494000 | 22 | 0.005511 | −0.012210 | 1.024000 | 0.328000 |
−8 | 0.002590 | 0.016319 | 0.220000 | 0.830000 | 23 | −0.003534 | −0.015744 | −0.372000 | 0.717000 |
−7 | −0.001642 | 0.014678 | −0.292000 | 0.776000 | 24 | 0.002426 | −0.013319 | 0.382000 | 0.710000 |
−6 | 0.003541 | 0.018218 | 0.393000 | 0.702000 | 25 | −0.012021 | −0.025340 | −2.560000 | 0.027000 |
−5 | 0.002815 | 0.021033 | 0.345000 | 0.737000 | 26 | −0.008011 | −0.033351 | −1.344000 | 0.206000 |
−4 | −0.010377 | 0.010656 | −1.253000 | 0.236000 | 27 | 0.000694 | −0.032657 | 0.154000 | 0.881000 |
−3 | −0.005140 | 0.005517 | −0.712000 | 0.491000 | 28 | −0.001621 | −0.034278 | −0.496000 | 0.630000 |
−2 | 0.005395 | 0.010911 | 1.430000 | 0.180000 | 29 | −0.001598 | −0.035876 | −0.203000 | 0.842000 |
−1 | −0.003237 | 0.007675 | −0.546000 | 0.596000 | 30 | 0.008988 | −0.026888 | 1.118000 | 0.287000 |
0 | 0.004639 | 0.012314 | 2.868000 | 0.040400 |
Changes on the Operating Performance of Spin-off Property Service Companies after Listing.
Revenue growth rate | Net profit growth rate | Earnings per share growth | Total asset growth tare | Growth rate of shareholders’ equity | |
---|---|---|---|---|---|
The first year after the spin-off and the year before the spin-off | 0.4558 | 0.7966 | 0.5120 | 1.1077 | 3.2656 |
The second year after the spin-off and the year before the spin-off | 1.4567 | 2.2070 | 1.4756 | 2.0316 | 4.3108 |
The third year after the spin-off and the year before the spin-off | 2.2036 | 2.2774 | 1.6222 | 3.4105 | 7.7011 |
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based on normal random variables in supply chain risk management Exploration on the collaborative relationship between government, industry, and university from the perspective of collaborative innovation The impact of financial repression on manufacturing upgrade based on fractional Fourier transform and probability AtanK-A New SVM Kernel for Classification Validity and reliability analysis of the Chinese version of planned happenstance career inventory based on mathematical statistics Visual positioning system for marine industrial robot assembly based on complex variable function Mechanical behaviour of continuous girder bridge with corrugated steel webs constructed by RW Research on the influencing factors of agricultural product purchase willingness in social e-commerce situation Study of a linear-physical-programming-based approach for web service selection under uncertain service quality A mathematical model of plasmid-carried antibiotic resistance transmission in two types of cells Burnout of front-line city administrative law-enforcing personnel in new urban development areas: An empirical research in China Calculating university education model based on finite element fractional differential equations and macro-control analysis Educational research on mathematics differential equation to simulate the model of children's mental health prevention and control system Analysis of enterprise management technology and innovation based on multilinear regression model Verifying the validity of the whole person model of mental health education activities in colleges based on differential equation RETRACTION NOTE Innovations to Attribute Reduction of Covering Decision System Based on Conditional Information Entropy Research on the mining of ideological and political knowledge elements in college courses based on the combination of LDA model and Apriori algorithm Adoption of deep learning Markov model combined with copula function in portfolio risk measurement Good congruences on weakly U-abundant semigroups Research on the processing method of multi-source heterogeneous data in the intelligent agriculture cloud platform Mathematical simulation analysis of optimal detection of shot-putters’ best path Internal control index and enterprise growth: An empirical study of Chinese listed-companies in the automobile manufacturing industry Determination of the minimum distance between vibration source and fibre under existing optical vibration signals: a study Nonlinear differential equations based on the B-S-M model in the pricing of derivatives in financial markets Nonlinear Differential Equations in the Teaching Model of Educational Informatisation Fed-UserPro: A user profile construction method based on federated learning The evaluation of college students’ innovation and entrepreneurship ability based on nonlinear model Smart Communities to Reduce Earthquake Damage: A Case Study in Xinheyuan, China Response Model of Teachers’ Psychological Education in Colleges and Universities Based on Nonlinear Finite Element Equations Institutional investor company social responsibility report and company performance Mathematical analysis of China's birth rate and research on the urgency of deepening the reform of art education First-principles calculations of magnetic and mechanical properties of Fe-based nanocrystalline alloy Fe80Si10Nb6B2Cu2 The Effect of Children’s Innovative Education Courses Based on Fractional Differential Equations Fractional Differential Equations in the Standard Construction Model of the Educational Application of the Internet of Things Optimization in Mathematics Modeling and Processing of New Type Silicate Glass Ceramics Has the belt and road initiative boosted the resident consumption in cities along the domestic route? – evidence from credit card consumption MCM of Student’s Physical Health Based on Mathematical Cone Attitude control for the rigid spacecraft with the improved extended state observer Sports health quantification method and system implementation based on multiple thermal physiology simulation Research on visual optimization design of machine–machine interface for mechanical industrial equipment based on nonlinear partial equations Research on identifying psychological health problems of college students by logistic regression model based on data mining Abnormal Behavior of Fractional Differential Equations in Processing Computer Big Data Mathematical Modeling Thoughts and Methods Based on Fractional Differential Equations in Teaching A mathematical model of PCNN for image fusion with non-sampled contourlet transform Nonlinear Differential Equations in Computer-Aided Modeling of Big Data Technology The Uniqueness of Solutions of Fractional Differential Equations in University Mathematics Teaching Based on the Principle of Compression Mapping Influence of displacement ventilation on the distribution of pollutant concentrations in livestock housing Cognitive Computational Model Using Machine Learning Algorithm in Artificial Intelligence Environment Application of Higher-Order Ordinary Differential Equation Model in Financial Investment Stock Price Forecast Recognition of Electrical Control System of Flexible Manipulator Based on Transfer Function Estimation Method Automatic Knowledge Integration Method of English Translation Corpus Based on Kmeans Algorithm Real Estate Economic Development Based on Logarithmic Growth Function Model Informatisation of educational reform based on fractional differential equations Financial Crisis Early Warning Model of Listed Companies Based on Fisher Linear Discriminant Analysis Research on the control of quantitative economic management variables under the numerical method based on stochastic ordinary differential equations Network monitoring and processing accuracy of big data acquisition based on mathematical model of fractional differential equation 3D Animation Simulation of Computer Fractal and Fractal Technology Combined with Diamond-Square Algorithm The Summation of Series Based on the Laplace Transformation Method in Mathematics Teaching Optimal Solution of the Fractional Differential Equation to Solve the Bending Performance Test of Corroded Reinforced Concrete Beams under Prestressed Fatigue Load Radial Basis Function Neural Network in Vibration Control of Civil Engineering Structure Optimal Model Combination of Cross-border E-commerce Platform Operation Based on Fractional Differential Equations Research on Stability of Time-delay Force Feedback Teleoperation System Based on Scattering Matrix BIM Building HVAC Energy Saving Technology Based on Fractional Differential Equation Human Resource Management Model of Large Companies Based on Mathematical Statistics Equations Data Forecasting of Air-Conditioning Load in Large Shopping Malls Based on Multiple Nonlinear Regression System dynamics model of output of ball mill Optimisation of Modelling of Finite Element Differential Equations with Modern Art Design Theory Mathematical function data model analysis and synthesis system based on short-term human movement Sensitivity Analysis of the Waterproof Performance of Elastic Rubber Gasket in Shield Tunnel Human gait modelling and tracking based on motion functionalisation Analysis and synthesis of function data of human movement The Control Relationship Between the Enterprise's Electrical Equipment and Mechanical Equipment Based on Graph Theory Financial Accounting Measurement Model Based on Numerical Analysis of Rigid Normal Differential Equation and Rigid Functional Equation Mathematical Modeling and Forecasting of Economic Variables Based on Linear Regression Statistics Design of Morlet wavelet neural network to solve the non-linear influenza disease system Nonlinear Differential Equations in Cross-border E-commerce Controlling Return Rate Differential equation model of financial market stability based on Internet big data 3D Mathematical Modeling Technology in Visualized Aerobics Dance Rehearsal System Children’s cognitive function and mental health based on finite element nonlinear mathematical model Motion about equilibrium points in the Jupiter-Europa system with oblateness Fractional Differential Equations in Electronic Information Models Badminton players’ trajectory under numerical calculation method BIM Engineering Management Oriented to Curve Equation Model Optimal preview repetitive control for impulse-free continuous-time descriptor systems Development of main functional modules for MVB and its application in rail transit Study on the impact of forest fire prevention policy on the health of forest resources Mathematical Method to Construct the Linear Programming of Football Training The Size of Children's Strollers of Different Ages Based on Ergonomic Mathematics Design Stiffness Calculation of Gear Hydraulic System Based on the Modeling of Nonlinear Dynamics Differential Equations in the Progressive Method Relationship Between Enterprise Talent Management and Performance Based on the Structural Equation Model Method Value Creation of Real Estate Company Spin-off Property Service Company Listing Selection by differential mortality rates Digital model creation and image meticulous processing based on variational partial differential equation Dichotomy model based on the finite element differential equation in the educational informatisation teaching reform model Nonlinear Dissipative System Mathematical Equations in the Multi-regression Model of Information-based Teaching The modelling and implementation of the virtual 3D animation scene based on the geometric centre-of-mass algorithm The policy efficiency evaluation of the Beijing–Tianjin–Hebei regional government guidance fund based on the entropy method The transfer of stylised artistic images in eye movement experiments based on fuzzy differential equations Research on behavioural differences in the processing of tenant listing information: An eye-movement experiment A review of the treatment techniques of VOC Some classes of complete permutation polynomials in the form of ( x p m −x +δ )s +ax p m +bx overF p 2m The consistency method of linguistic information and other four preference information in group decision-making Research on the willingness of Forest Land’s Management Rights transfer under the Beijing Forestry Development A mathematical model of the fractional differential method for structural design dynamics simulation of lower limb force movement step structure based on Sanda movement Fractal structure of magnetic island in tokamak plasma Numerical calculation and study of differential equations of muscle movement velocity based on martial articulation body ligament tension Study on the maximum value of flight distance based on the fractional differential equation for calculating the best path of shot put Sports intensity and energy consumption based on fractional linear regression equation Analysis of the properties of matrix rank and the relationship between matrix rank and matrix operations Study on Establishment and Improvement Strategy of Aviation Equipment Research on Financial Risk Early Warning of Listed Companies Based on Stochastic Effect Mode Characteristics of Mathematical Statistics Model of Student Emotion in College Physical Education Mathematical Calculus Modeling in Improving the Teaching Performance of Shot Put Application of Nonlinear Differential Equation in Electric Automation Control System Nonlinear strategic human resource management based on organisational mathematical model Higher Mathematics Teaching Curriculum Model Based on Lagrangian Mathematical Model Optimization of Color Matching Technology in Cultural Industry by Fractional Differential Equations The Marketing of Cross-border E-commerce Enterprises in Foreign Trade Based on the Statistics of Mathematical Probability Theory The Evolution Model of Regional Tourism Economic Development Difference Based on Spatial Variation Function The Inner Relationship between Students' Psychological Factors and Physical Exercise Based on Structural Equation Model (SEM) Fractional Differential Equations in Sports Training in Universities Higher Education Agglomeration Promoting Innovation and Entrepreneurship Based on Spatial Dubin Model