Bedroom and bathroom facilities are seen inside a unit at China Vanke Co.'s Port Apartment project in Shanghai, China, on Friday, Dec. 29, 2017. Vanke is targeting millennials with one-room apartments in former offices turned into dormitory-style accommodation. Photographer: Qilai Shen/Bloomberg
In its attempt to cool what are among the fastest-rising property prices in the world, China is pushing its people to rent instead of buy. That’s prompting venture capitalists to pour millions into an old-fashioned sector that’s being uprooted by technology: rental management.
Tencent Holdings Ltd, Warburg Pincus and Sequoia Capital are among the VCs betting on startups to win a slice of the market expected to grow to 4.2tril yuan (RM2.58tril) by 2030, according to estimates from Orient Securities Co. That’s almost half of total home sales in 2017.
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