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Business trends

China's Vanke pilots 'build to lease' Beijing housing project

Developer turns village land into urban rental estate despite weakening demand

This housing estate will provide 901 studio apartments at rents that Vanke says are 20% to 30% cheaper than similar units nearby. (Photo courtesy of Vanke)

HONG KONG -- Vanke, among China's largest residential property developers, has welcomed tenants to the country's first village-turned-rental-housing-estate as authorities look to help more workers find places to live in increasingly unaffordable large cities.

The development on the edge of Beijing occupies about 47,500 sq. meters of former village land still owned by residents who moved elsewhere during the capital's rapid urbanization.

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