Shanghai to build 220,000 rental homes in next five years to meet surging demand from young professionals, tame soaring house prices

Shanghai, the commercial and financial capital of mainland China, plans to build 220,000 rental homes by 2025 as city officials go all out to meet burgeoning demand and tame soaring house prices.The figure represents an increase of more than 45 per cent from the number of rental units built in the last five years in one of the country’s least affordable cities to rent or buy a home.Shanghai, with a population of about 25 million, will also build hostels that can offer 200,000 beds to young…

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