In the evening, Bao Fan called the club and took out a piece of information, Shen Feng took it and said curiously: "IDC?"

"There is no one of the hottest outlets now!" Bao Fan poured red wine for Shen Feng and said with a smile: "A random indicator is worth hundreds of millions, and there is nowhere to invest if you have money." ”

Shen Feng nodded and agreed: "This bowl of rice is not something anyone can hold!"

"State-owned enterprises and large private enterprises have the ability to layout, the threshold is indeed not generally high, it is definitely a license opened, gold will come. ”

Bao Fan touched his bald head and joked: "But in the eyes of some listed data center professional service providers, this is the least important, after all, there are more than 1,000 data center qualifications in the entire industry, and these are not problems at all." ”

Shen Feng put down the report and said with a smile: "Huaxing wants to enter the game?"

"Hey, there's no way, at first it was just a tuyere for small players to chase, but now even big PEs like Blackstone and Hillhouse have entered the market, and the heat of the data center has become textured. ”

"Last month, GDS completed a new financing of 500 million US dollars, and Hillhouse Capital alone sold 400 million US dollars, and finally obtained a 3.8% stake in GDS. ”

On the same day, VNET, a US-listed IDC service provider, also received a $150 million investment from Blackstone. This month, Sino-Ocean Capital issued the first IDC new infrastructure ABS in China, and the underlying asset is the IDC service fee income right of Yuntai Datacom......"

"The project shelf scale is at least 3.2 billion!"

Shen Feng nodded, not only that, CITIC Industry Fund officially established a joint venture with GDS, and a large-scale project burned 2.6 billion.

I have to say that this outlet is very hot now!

"GDS, Dataport, and VNET share prices nearly doubled in half a year......"

"Start-up companies such as Qinhuai Data are also ready to strike while the iron is hot and go public in the United States......"

"EQIX, the world's largest data center listed company, currently has a market value of more than $66 billion, and the second largest DLR has a market value of more than $40 billion......"

Bao Fan drank all the red wine and sighed: "At present, IDC has become the most favored property type for investment institutions in the second half of the year in addition to office buildings and logistics real estate. ”

Shen Feng took a sip of wine, Ye Fei also talked to himself about this issue in the past two days, the domestic IDC business market size exceeded 150 billion last year, and this year it easily exceeded 300 billion, a year-on-year increase of 30%.

300 billion may only be a conservative estimate, with the large-scale promotion of 5G, the growth of demand for cloud services, the opening of infrastructure public REITs, and the central government for the first time to include IDC in the new infrastructure ......

This explosive outlet also ushered in batches of hunters. The first batch of brokers with a keen sense of smell came in, most of whom had a professional background in the data center industry, and with the help of their understanding of the industry, they resold indicators and brokered financing.

There are two types of institutions that invest more than brokers: one is project players, and the other is professional real estate PE.

The so-called project player refers to the kind of government that has a good relationship, can get approvals, find a general IDC research institute, and a few designers can make an IDC.

Of course, there are very few people who can eat this bowl of rice, don't think that you can just cover it and pull a few customers. If you don't consider issues such as cost matching, customer adaptability, flexibility, and long-term return on investment, you can't survive a few months or die.

Now after this wave of supply, customers can run at any time, and the final pressure is very high, and there are a bunch of residual problems. After the gradual withdrawal of project players, big PE has become the main force of data center investment.

According to Ye Fei's words, the data center is a proper asset-heavy industry, with a high capital threshold, and only enterprises with sufficient financial support have the ability to layout. Love

From the perspective of investment threshold alone, the construction cost of high-quality data centers is about 30,000-40,000 yuan, which is converted into a single standard cabinet construction cost of about 150,000 yuan.

In other words, the investment threshold for a single data center is basically billions!

What's more, capital is not the biggest threshold for data center investment, the operation of data centers is inseparable from the guarantee of power and network, and the support of the government and basic telecom operators is also crucial.

Once you enter the IDC, it is as deep as the sea!

"Each institution has its own IDC research team, and basically an hour of chatting will know whether the asset can be invested. ”

Bao Fan analyzed: "Investing in IDC requires professional and long-term accumulation, and it requires systematic IDC investment and operation capabilities, including cost accounting, cash flow accounting, valuation capabilities, operation capabilities, customer capabilities and other capabilities. ”

"The complexity of this industry is also presented in the human structure, and HR recruitment in an extremely complex industry needs to understand not only equipment, networks, software, but also edge computing, 5G, chips, and even the ...... of hydropower installation."

"The overall capital of a group of 5,000 cabinets is 850 million, and the institutions that participate in the shares are 200 million in a single transaction, and only large institutions can make such a large amount of money, so it is ......"

Shen Feng put down his wine glass and said seriously: "Valuation involves many aspects, location, energy evaluation, electricity, whether the land is sold or not, whether there are customers, whether the land is new or old, whether it is a floor or multiple floors, whether there is an elevator or not, and how much load is ......."

"Location, energy evaluation, electricity, customers!"

"Do you know these ways?"

After all, from the cost side, IDC's overall cost of ownership is composed of direct costs, power costs, financial costs, operation and management costs, vacancy costs, etc., of which electricity costs account for more than half.

To put it bluntly, the so-called IDC is evaluated by the approved electricity.

"There is no problem with the relationship in this area in Beijing, after all, it has been deeply cultivated for many years. "The upper limit of the value of an IDC project depends on the power capacity it is rationed, which is limited by government approvals. ”

"The supply ceiling of an IDC project in a region depends on the power facilities in the area, which is limited by grid planning. ”

"As for the location, the heat treatment center and data processing center will be placed in the first-tier cities, which requires convenient transportation. Cold treatment and storage centers are thrown in relatively remote areas, and energy and hydropower are developed. ”

Shen Feng saw that Bao Fan had a relationship, and a group of project companies that went to Inner Mongolia to build a data center in the early years directly stepped on the pit. Seven or eight years ago, government operators flocked to Inner Mongolia to build data centers, and now there are few left.

Because there are no customers, the distance is too far, the network is not suitable, and many supporting elements are not available. Only a very small number of data centers that survived took over the cold data storage business and breathed a sigh of relief.

Traffic issues are also a hidden barrier that can even affect the type of future customers. It is difficult for data centers in other places to serve large financial customers whose headquarters are concentrated in the north.

Because once a problem occurs, the engineers of the financial institution have to rush to the scene to deal with it, even if the transportation is convenient, the physical distance cannot be shortened, and the financial institution cannot wait for so long.

As super large customers of data centers, financial institutions are the main force, and cloud computing companies are also large customers, and they all have stronger demand for first-tier cities. On the supply side, cloud service providers want their servers to be closest to users, making first-tier cities a battleground.

The mentality of investors is that only if there is an IDC in a first-tier city, there is basically no worry about selling. In addition, IDCs in first-tier cities often have stable cash flow, so it is more prudent to invest in first-tier cities in the case of a bad market.

Thinking of this, Shen Feng smiled and said, "How much is the benefit?"