Ping’an Insurance Group and Landsea Group are the latest in the line of companies to announce new projects in the home rental market.
The two companies are partnering together to set up a fund to drive the development of rental housing in China’s Tier I and Tier II cities.
They will jointly invest in approximately ¥10 billion-worth of assets in a number of cities, including Beijing, Shanghai, Guangzhou and Shenzhen.
This agreement is one of several rental housing investment projects to be announced recently.
Beijing’s China Young Professionals Apartments received approval to issue ¥270 million in securities based on rental income.
And state-owned Poly Real Estate got the go-ahead to offer ¥5 billion in asset-backed securities on its rental housing assets via the Shenzhen Exchange.
Landsea Green Properties and Ping’an Real Estate previously partnered with China Merchants Property Development in 2015 to develop two projects in Nanjing.
And just last year, Ping’an and Landsea jointly purchased property in Shanghai with aim of turning it into a high-end rental apartment compound.
Under the terms of their new deal, Landsea will be responsible for the design and management of the rental apartments.
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