China’s drive to develop a well-functioning rental housing market as an antidote to sky-high property prices is foundering, as rental agencies resort to debt-fuelled expansion amid weak profitability.
President Xi Jinping’s frequent refrain that “houses are for living in, not for speculation”, has been seen as a call to increase the supply of rental housing and discourage investors from holding flats empty.
Beijing, Shanghai and Shenzhen are among the world’s most expensive as measured by the ratio of house price to median income.
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