The Hangzhou Housing and Property Management Bureau, Alibaba Group, and Ant Financial Services Group signed a contract yesterday to build a smart platform for home rental supervision and management in the city.
Hangzhou is one of the 12 cities to pilot an innovative property rental system and its rental market has grown 10 percent every year despite problems such as inadequate supply of homes for rent and poor management services.
The planned platform will combine Alibaba's big data, online transaction and comment systems with Ant Financial's online payment and credit-tracking services to ensure validity of information and the trust between tenants and landlords.
Real estate agents, tenants and landlords must use real names for authentication. The housing bureau will supervise each transaction and monitor sources of housing via the platform, which is also one-stop shop for services like lease registration, residence permit application, and housing fund payment.
Tenants can pay rents online through the platform. Credit tracking and comment features will be added to the platform to make the rental market transparent.