Nation’s home-sharing transactions to reach $7.85b by 2020: report

Source:Xinhua Published: 2018/5/17 21:53:40

China's market for home-sharing services is expanding rapidly and is expected to reach 50 billion yuan ($7.85 billion) by 2020, according to a government report.

The number of tenants is likely to exceed 100 million while the number of shared homes will exceed 6 million by 2020, according to a report released on Tuesday by the State Information Center (SIC), a think tank affiliated with the State Council, China's cabinet.

In 2017, the home-sharing market recorded 14.5 billion yuan in transactions, up 70.6 percent year-on-year. Around 76 million tenants had the option to choose from 3 million shared homes that are registered on Airbnb-like short-term lodging providers.

Chen Chi, chief executive officer of industry leader, said that there is still ample rooms for the home-sharing market to develop, and the industry needs to work together to improve users' experience.

The growth was supported by a surge in financing. Home-sharing services providers across China received a combined $540 million dollars in financing last year, up 180 percent year-on-year.

China's sharing economy has seen rapid expansion in the past few years.

Transactions in the sharing economy exceeded 4.92 trillion yuan last year, up 47.2 percent, according to a previous report by the SIC and an industry association.

Policies in favor of housing rentals are also contributing to the growth. Pilot programs for real estate investment trusts, a means of property asset securitization, will allow developers to raise funds, authorities announced in April.


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