Editing Rents In Chinese Cities Lowest In Nearly Two Years - Private Survey
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| − | <br>BEIJING, Dec 2 (Reuters) - China's average home rental prices in 40 major cities fell to their lowest last month in nearly two years, according to a private survey published late on Tuesday, in a sign of deepening weakness in the market.<br> <br>Average home rental prices in November stood at 34.71 yuan ($5.30) per square metre,down from 42.65 yuan in October, according to data from Zhuge House Hunter.<br> <br>That's the lowest since January 2019, the Chinese property data provider said.<br> <br>Rents in Beijing in November slumped 7.61% from a year earlier, extending October's 3.4% drop, | + | <br>BEIJING, Dec 2 (Reuters) - China's average home rental prices in 40 major cities fell to their lowest last month in nearly two years, according to a private survey published late on Tuesday, in a sign of deepening weakness in the market.<br> <br>Average home rental prices in November stood at 34.71 yuan ($5.30) per square metre,down from 42.65 yuan in October, according to data from Zhuge House Hunter.<br> <br>That's the lowest since January 2019, [https://www.kynghidongduong.vn/blog/bac-kinh-thanh-pho-hien-dai-va-co-kinh.html du lịch bắc kinh] the Chinese property data provider said.<br> <br>Rents in Beijing in November slumped 7.61% from a year earlier, extending October's 3.4% drop, while the southern boomtown of Guangzhou saw a 1.05% decline, its first since January.<br> <br>Home rents in major cities have fallen this year with businesses hit hard by COVID-19, leading to wage cuts and lay-offs of new graduates and white-collar workers.<br> <br>The decline has also hammered big home rental firms such as New York-listed Phoenix Tree Holdings Ltd, known as Danke, [https://www.kynghidongduong.vn/blog/bac-kinh-thanh-pho-hien-dai-va-co-kinh.html bắc kinh] which has broken lease contracts and defaulted on payments.<br> <br>Rents in so-called first-tier cities fell following defaults on payments by Danke, Yuan Chengjian, vice president of Zhuge House Hunter, told Reuters.<br> <br>Danke officials were not immediately available for comment.<br> <br>Danke is facing a backlash from tenants, landlords and contractors in China's biggest cities including Beijing and Shanghai, according to state media reports.<br> <br>Danke has more than 110,000 tenants and around 40,000 landlords in Beijing under its belt, state-run China Youth Daily reported.<br> <br>Under Danke's business model, [https://www.kynghidongduong.vn/blog/bac-kinh-thanh-pho-hien-dai-va-co-kinh.html bắc kinh] tenants are [http://photobucket.com/images/encouraged encouraged] to take one-year loans from Danke's partner bank WeBank to pay their rents.<br><br>Tenants then repay their loans in monthly instalments.<br> <br>Meanwhile, WeBank hands over the entire proceeds of the loans to Danke, which however pays its landlords monthly, in most cases. ($1 = 6.5540 Chinese yuan renminbi) (Reporting by Liangping Gao and Ryan Woo; Editing by Raju Gopalakrishnan)<br> |
