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Sky-High Rents at Vanke Rental-Only Project Raise Eyebrows

The Shenzhen headquarters of China Vanke Co. Ltd. is seen on May 29. Photo: VCG
The Shenzhen headquarters of China Vanke Co. Ltd. is seen on May 29. Photo: VCG

A Beijing rental-housing project at which minimum rents are triple the district average has raised eyebrows amid a national drive to develop the sector.

Construction recently kicked off on China Vanke Co. Ltd.’s new “Jade College” project in Beijing’s northwestern Haidian district, which by 2020 is expected to have over 1,300 rental housing units.

Marketing materials for the project say that the minimum monthly rent for a 90 square-meter (969-square-foot) apartment will be set at 15,000 yuan ($2,390). The highest rents for largest apartments will be up to 40,000 yuan.

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