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Alibaba and Tencent tap rental market
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INTERNET giants Alibaba and Tencent are seizing a big opportunity from China’s growing property rental market and could see considerable growth in online shopping, Forbes magazine said.
The report noted that Alibaba, Tencent and JD.com have “staked out claims” in China’s real estate industry in recent months, investing in apartment rental startups or preparing to launch their own home rental services.
The move comes as the Chinese government is encouraging renting, as high property prices have made it difficult for young people to buy an apartment in first-tier cities such as Beijing, Shanghai and Shenzhen.
Tencent recently invested in online rentals startup Ziroom, which leases apartments from individual owners and then renovates them before sub-leasing to customers through its website and app.
Alipay users can rent apartments directly on the app, with apartments provided by Shanghai-based startup Mogoroom. Alipay users with good credit ratings can rent rooms without making any deposit, and they can also pay the rent through the app.
There is plenty of room for such services to grow, the Forbes report said, adding that the Internet giants can resolve some existing problems in the rental market with their wider range of price options and user credit rating service.
By using home rentals as a portal, they can reach a lot more customers, which could benefit their other businesses, the report quoted Chen Tao, an analyst at a Beijing-based consultancy firm, as saying.
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