Home-shar­ing sec­tor soars by 70%

Boom­ing shared ac­com­mo­da­tion mar­ket is ex­pected to reach 50 bil­lion yuan by 2020

China Daily - - BUSINESS - By ZHENG YIRAN zhengyi­ran@chi­nadaily.com.cn

China’s shared ac­com­mo­da­tion mar­ket surged 70 per­cent year-onyear in 2017 to reach a trans­ac­tion vol­ume of 14.5 bil­lion yuan ($2.28 bil­lion), ac­cord­ing to an in­dus­try re­port.

Re­leased by the Shar­ing Econ­omy Re­search Cen­ter of the State In­for­ma­tion Cen­ter, the re­port shows that last year a to­tal of 78 mil­lion peo­ple were in­volved in China’s apart­ment-shar­ing sec­tor, among which 76 mil­lion were tenants. There were roughly 3 mil­lion do­mes­tic hous­ing re­sources of­fered by ma­jor apart­ment-shar­ing plat­forms, and the mar­ket at­tracted $540 mil­lion in fi­nanc­ing, surg­ing 180 per­cent year-on-year.

The re­port pre­dicted the trade vol­ume of China’s shared ac­com­mo­da­tion mar­ket will reach 50 bil­lion yuan by 2020, with over 6 mil­lion hous­ing re­sources of­fered, serv­ing more than 100 mil­lion tenants.

Xu Chang­ming, deputy di­rec­tor of the SIC, said: “As the na­tion’s shar­ing econ­omy ma­tures, the cul­tural and travel mar­ket is wit­ness­ing a con­sump­tion up­grade and abun­dant cap­i­tal is flow­ing into the mar­ket.

“How­ever, many prob­lems have emerged, such as the need to es­tab­lish stan­dard­ized ser­vices, to clar­ify par­tic­i­pants’ le­gal sta­tus and to in­no­vate the in­dus­try su­per­vi­sion model.”

The Shar­ing Econ­omy Re­search Cen­ter, to­gether with home-shar­ing plat­forms such as Airbnb Inc and Xi­aozhu.com, ini­ti­ated the Home Shar­ing Pro­fes­sional Com­mit­tee to tackle th­ese prob­lems. The move joins ef­forts made by the gov­ern­ment, com­pa­nies and ex­perts to build a better shared ac­com­mo­da­tion mar­ket en­vi­ron­ment.

The Home Shar­ing Pro­fes­sional Com­mit­tee calls for all com­pa­nies in­volved in the home-shar­ing sec­tor to work closely with the gov­ern­ment, and to shoul­der their cor­po­rate so­cial re­spon­si­bil­ity to­ward build­ing a Dig­i­tal China.

“We should re­in­force the con­struc­tion of the credit sys­tem to pro­tect users’ per­sonal and prop­erty safety, while cre­at­ing a fair and be­nign com­pet­i­tive en­vi­ron­ment,” said Gao Tais­han, deputy sec­re­tary gen­eral of the Shar­ing Econ­omy Re­search Cen­ter.

The com­mit­tee will work on in­dus­try stan­dards for the do­mes­tic shared ac­com­mo­da­tion mar­ket, which will be cre­ated this year, ac­cord­ing to its mem­bers.

“The in­dus­try stan­dards will be guide­lines for all par­tic­i­pants in­volved in the apart­ment-shar­ing sec­tor. The doc­u­ment will be the first of its kind in the world. We hope this will serve as a ref­er­ence for the rest of the world,” said Gu Huimin, deputy di­rec­tor of the com­mit­tee.

Chen Chi, CEO of Xi­aozhu, noted that the past six years had wit­nessed the hun­dred­fold growth of China’s home-shar­ing in­dus­try.

“Stan­dard­ized ac­com­mo­da­tion has trans­formed into a house-shar­ing model with in­di­vid­u­al­ity and cre­ativ­ity. How­ever, many prob­lems re­main. The in­dus­try needs in­no­va­tion.”

An Li, vice-pres­i­dent of Airbnb China, said, “Airbnb will work with the Chi­nese gov­ern­ment and the busi­ness com­mu­nity to ex­plore a sys­tem of stan­dards that suits China’s sit­u­a­tion, to sup­port the healthy de­vel­op­ment of the in­dus­try.”

XIN­HUA

Vis­i­tors look at a tra­di­tional Chi­nese man­sion in Tonglu county, Zhe­jiang prov­ince, which has a boom­ing home-shar­ing mar­ket for both modern and tra­di­tional build­ings.

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