Guangzhou rental housing scheme gets fresh impetus

State-owned Yuexiu Group and Pearl River Enterprise Group unveiled their subsidiaries for the rental housing business in Guangzhou on Thursday, with local branches of Industrial and Commercial Bank of China and China Construction Bank pledging at least 1 trillion yuan ($151 billion) in financial support during the coming five years.

Yuexiu Group owns businesses in the investment, property development and management sectors as well as financial service, and this advantage will drive the company's long-term rental apartment business, said group Chairman Zhang Zhaoxing. The group's Hong Kong-listed unit Yuexiu Property Co holds shares of Hong Kong-listed Yuexiu Real Estate Investment Trust.

Pearl River Enterprise Group has been engaged in the construction of government subsidized housing projects since 2011 and will play a role in the investment, construction and management in this sector, said its Chairman Zheng Shuping.