400 million yuan

have also launched their own co-living rental projects.

China Vanke and Longfor Properties, two of China’s largest developers, have introduced their respective longterm rental projects targeting young tenants. Vanke plans to create 150,000 rental units by 2019, and Longfor is to add 30,000 units in the next two years.

Several smaller brands, usually asset-light operators of rental projects across China, have surged in the past year. According to data of E-house China R&D Institute, more than 50 brands of rental projects are operating in some 20 cities across China.

In these projects, the space of each unit may range from 40 square meters for a single resident en-suite to more than 100 square meters for two-bedroom family apartments. The buildings also feature public spaces for social life, such as gyms, reading rooms and lobby lounges.

“For young tenants, good housing conditions go beyond good location, maintenance and operation quality. The community life should also be active,” said Xu Aijuan, operation specialist in Qingju Shequ, a co-living community in Nanjing.

“Projects should target the niche market and offer a wide range of products to avoid homogenization in the market,” said Chen Fangyong, secretary general of China Urban Regeneration Forum and a real estate expert.