Guangzhou and Shenzhen are among 16 pilot cities that will enjoy financial support from the central government to develop their rental housing markets. They will each receive RMB800 million annually, both to obtain more supply of rental housing and to establish better rental housing information and supervision platforms.
The country has more than 200 million people renting their homes, adding up to a market worth more than one trillion yuan, says real estate consultancy JLL. In particular, Tier 1 and Tier 2 cities have attracted large numbers of migrant workers, most of whom are young and need long-term rentals. But rental platforms from individual landlords and real-estate agencies are seen as being in need of centralization and improvement.
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