(Yicai Global) Sept. 27 -- The Hangzhou Public Resource Trading Center of Zhejiang province is conducting an open sale of the first exclusive rental housing land parcel, which may only be used for leasing, not sale, when the commercial housing project is complete.

 This plot is adjacent to the core area of downtown Hangzhou and the Shanghai-Hangzhou Expressway, with a land area of 39,100 square meters and a constructed area of about 89,900 square meters and is expected to enter the bidding phase on Oct. 27, www.zjol.com.cn reported yesterday.

 Hangzhou is one of the first 12 Chinese cities to pilot rental house leasing, per the report. The pilot work plan the city government commissioned envisages that Hangzhou's new rental housing shall account for 30% of new commercial housing in the next three years.

 Hangzhou will also set aside a defined proportion of residential land as special rental housing for talents to increase the supply of rental housing per the needs of local industry development and the induction of human resources.

 The special rental housing land, with strong policy support, shows that the municipal government is determined to develop its rental market. Insiders say this type of land transfer is expected to increasinglybecome a long-term real estate control mechanism.