Alibaba build housing rental platform in Hangzhou

Alibaba entered the housing business market in China. Technology giant headquartered in Hangzhou has signed an agreement with the Hangzhou municipal government in Zhejiang Province to create an online system for rental housing. The collaborative deal is to develop a marketplace platform that includes government-owned apartment apartments, individuals, developers and real estate agents.

Tinuku Alibaba build housing rental platform in Hangzhou

The system allows people to search for rental housing in Hangzhou City, Zhejiang Province through applications and websites created by Alibaba for every stage in the process from searching apartments to signing contracts and payments.

Han Junqing, director of Hangzhou Real Estate Registration Center, said the platform will be equipped with information on apartment owners, user reviews and credibility ratings. Users will gain more knowledge before deciding on the right choice.

Alibaba said the smart home rental platform will be supported by Alibaba's big data, online payment technology, and trade credit system so as to prevent improper transactions. China's housing market in major cities has been dominated by real estate agents often generate disputes.

Some big real estate companies already have their own app, but information is not shared with other parties. Apartment finders must repeatedly compare bids from different apps. The companies also lacked a mature credit system, while Alibaba's Ant Financial had a better system with Zhima Credit.

The Chinese government has prioritized the development of an apartment rental market to control house prices in major cities in the country. Hangzhou is among the first 12 cities selected by the central government to carry out reforms in improving the property market.