This platform looks to connect tenants and landlords directly without the need for agents, targeting its expansion as the Chinese government promotes renting amid skyrocketing property prices.
Surging house prices in China have rekindled interest in rental accommodation, particularly for the nation’s youth who are effectively priced out of the market in many cities, and that interest is turning into a new opportunity for Baletu, a four-year-old web platform that links tenants directly with landlords.
The platform has recently attracted rental listings from major Chinese property developers, including Longfor, Vanke and Country Garden, who have stepped into the rental market encouraged by the central government’s recent promotion of renting. The three have put more than 100,000 flats on Baletu.
The platform’s founder, Norman Lui Nam, a 47-year-old electrical engineering graduate who had set up the now Nasdaq-listed job hunting online platform 51job.com 20 years ago, said he aimed to shake up China’s rental market and bring affordable accommodation within the reach of young people.
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