China's rental market enters boom period

Updated 2018-03-27 13:48:05

The long-term rental market in China is entering a boom period with the market size expected to grow to 5 trillion yuan (7 billion) by 2030, said an industrial expert.

"According to our research, in 2017, 1.2 trillion yuan worth of deals were made in the country's rental market," said Xie Yong, CEO of the Beijing-based 5i5j Group, one of the country's biggest real estate groups.

"Now 194 million people live in rented places, accounting for 13.9 percent of the population, still lower than Japan and the United States," he said. "By 2025, the market size will grow to 3 trillion yuan with the tenant number reaching 252 million."

"300 million people will be able to get a roof over their heads by renting by 2030," he said.

He said those born after the 1990s will become the major target demographic of the rental market.

"The change in concept and consumption upgrades will drive young people to rent a place," he said.

According to Xie, in 2017 the country promoted a number of policies in the industry by cultivating the market, giving favorable tax policies and financing support, increasing land supplies, and enhancing market supervision.

"Supporting policies are the 'infrastructure' for the long-term rental market and they stimulate it to grow fast," he added.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 18 2019 07:00:02

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 18 2019 07:00:02

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 18 2019 07:00:02

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords