Photo: VCG

China has unveiled regulations on the housing rental sector to boost the high-quality development of the housing rental market and facilitate establishing a housing system that supports both housing rentals and purchases, the Xinhua News Agency reported on Monday.

The regulations, which will take effect starting from September 15, aim at standardizing rental activities, protecting the legitimate rights and interests of involved parties, stabilizing rental relationships among others.

The regulations follow a principle that combines market's leading role with government guidance, encouraging diversified channels to increase the supply of rental housing and fostering the development of market-oriented and professional rental enterprises.

The regulations further standardize the activities of landlords and tenants, as well as the conduct of rental enterprises and brokerage agencies.

For example, housing rental agencies must verify and record the identity and property ownership information of the client before publishing listings, conduct on-site inspections, and prepare a report on the condition of the property. Agencies must also clearly display the prices of their fee-based services.

Strict legal responsibilities are stipulated for the illegal actions of lessors, tenants, housing rental enterprises, brokerage agencies and relevant government department staff, according to the regulations.

China's housing rental market has expanded to a magnificent scale in recent years. According to a blue paper regarding China's housing rental market released in April, it suggested that in China's four first-tier cities — Beijing, Shanghai, Guangzhou, and Shenzhen — the rental population has reached nearly 40 million, accounting for close to 50 percent of the total population across these cities.

Global Times