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Guangzhou offers incentives to boost rental market

The southern Chinese city of Guangzhou has announced a flurry of incentives to boost its home rental market, after a yearlong property boom has made new housing less affordable.

The move comes as the central government looks to boost the rental market in a bid to satisfy housing demand and rein in hot property prices.

Giving tenants and homeowners equal rights to education resource tops the incentives.

In many Chinese cities, the closer a property is to a good school, the more expensive it can be.

The right to attend these schools, however, is limited to the children of local homeowners.

But, under new regulations, children of tenants — many of whom are migrants — will also be able to attend a school near their rented property.

Guangzhou has also promised to assign more houses for rent and to allow estate agents to renovate old apartments and dilapidated buildings.

And it has slashed or even eliminated value-added taxes for some registered companies and individuals involved in the residential rental business.