Minmetals Land announces long-term apartment project

Minmetals Land, the real estate arm of China Minmetals Corporation, will kick off its first apartment project for long-term rent next year, the company's top management said Tuesday.

As a new channel to address housing difficulties for young staff, apartments for long-term rent attracted an increasing number of property developers. Industry insiders said the number of such apartments accounted for two to three percent of the country's rental market, while the proportion in the developed market usually hovers around 20 to 30 percent, indicating huge growth potential.

As one of the first batch of 16 State-owned enterprises that take property development as a core business, Minmetals Land has been a major profit contributor for the CMC, said Li Fuli, chairman of Minmetals Land.

"Minmetals Land's sale value is expected to exceed 100 billion yuan ($15.2 billion) in the near future," Li said, adding the company will focus on the core city clusters.

The company also launched brands for its commercial real estate and its long-term rent apartment projects.