In 1997, China's real estate sector experienced a major transformation. That year marked the end of a welfare housing system that had been in place for nearly half a century. This shift opened the door for the real estate industry to grow rapidly, leading to a decade-long boom. Two years later, Wang Linpeng, an official cadre, was assigned to a state-owned enterprise in Beijing and officially entered the home distribution industry.
At first, he found it hard to understand how sales were conducted in state-owned enterprises—most of them weren’t even considered "real sales." When he visited an actual home showroom covering 20,000 square meters, he was overwhelmed by the scale of the market. The talent pool that joined him at the same time became a key competitive edge. Combining internal management and service awareness with the stall market model, the company introduced its unique "first-to-pay" policy.
Wang believed that in the supply chain of China’s home distribution industry, the store acted as the landlord, holding more power than the merchants. However, in the consumer experience, the merchants actually held more influence than the consumers themselves. By offering support to buyers, the stores could help balance this power dynamic. Another issue arising from this structure is what has become known as “bundlingâ€â€”a practice that has moved from being hidden to openly debated in recent years. Stores have fueled rapid expansion, while dealers have increasingly criticized the bundling practices.
But Wang disagreed. He said, “Those companies that complain about the store’s bundling can’t eat grapes and then say they’re sour.†In his view, the so-called bundling was simply the conditions and thresholds for cooperation between the store and the dealer. In fact, the store was helping to select strong, capable companies for the market.
Today, the home distribution industry is dominated by two major players: North and South Red Star. While Red Star Macalline has a slight edge in terms of scale, having been established 13 years earlier and operating over 130 stores nationwide, the actual home still focused on expansion in 2014. Its goal was to surpass 100 stores by 2015. The growth of leading companies continues to be the central theme in the next phase of China’s home distribution industry.
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