(Yicai Global) Nov. 3 -- China Construction Bank Corp. [SHA:601939;0939] has teamed up with 11 real estate firms to develop the long-term home rental market in Shenzhen in southern China's Guangdong province.
CCB's Shenzhen office penned the deal today, agreeing to partner up with property giants China Vanke Co. [SHE:000002] and Country Garden Holdings Co. [HKG:2007], among others, local media reported.
The lender signed up 5,481 properties to lease out, head of the bank's Shenzhen branch said. All the homes are new, fully-furnished homes, which future tenants can rent online through the official China Construction Bank application.
To encourage long-term rentals, the bank also began offering individual loans for renting, providing credit specifically for tenants at rates lower than mortgage rates for the same period. Rent will be set based on market prices.