Chinese rental housing agencies pledge lawful market practices

BEIJING (Xinhua) – A total of 100 Chinese rental housing agencies have jointly sworn against unlawful practices to protect the rights of tenants and landlords.

Organised by the China Institute of Real Estate Appraisers and Agents, a self-regulatory industry organisation, 100 housing rental agencies signed a pledge in Beijing to fend off a series of most-reported breaches in the rental housing market.

High on the list of breaches are fabricating rental listings and unfair billing.

Other practices to be warded off include spreading rumours of potential rent increases and glossing over problems of the listings.

China has been implementing multiple supportive policies to increase sufficient supply of rental housing amid efforts to develop a robust home rental market, which is considered crucial to maintain the sound development of the real estate market. A series of issues have surfaced amid rapid development of the market, which authorities have vowed efforts to tackle.

A survey on 1,920 people released by the China Youth Daily in June showed that more than 90 per cent of Chinese youths find it troublesome to both seek and live in rental housing, mostly because of misleading advertisements and uncomfortable living conditions.

Some of China’s most populated metropolises like Beijing, Shenzhen and Nanjing have announced plans to tighten regulation on the rental housing market and increase the supply of rental listings.