Size: in november 2025, the total number of opening houses for top30 enterprises increased to 1. 409 million and the total number of management houses increased to 2. 07 million。
Policy developments: at the central level, emphasis is placed on the provision of financial support for the construction of secure housing, such as special debt collection and refinancing of secure housing. At the local level, shanghai promotes the expansion of secure housing, and during the beijing “15th and 55th” period, the housing supply system will be improved by the “market + security” system, and the housing system will be rented and acquired. Foshan, chengdu and chongqing support increased supply of secure housing/tension housing through stock conversion. Tianjin supports the development of quality reits and improves the project reserve. Guangzhou and tianjin have introduced rental subsidy policies to reduce the burden of renting housing for the population。
Market functioning: in november 2025, the housing rental sector entered the traditional sub-season with an average rent of $34. 36 per square metre per month for 50 urban dwellings, a decline of 0. 60 per cent in the ring ratio and 3. 57 per cent in the same year。
Land intelligence: in november, a total of 191 residential plots were opened in 22 municipalities, with a total planned construction area of approximately 13. 57 million square metres, of which five were leased in shanghai and approximately 67,000 square metres were planned for rental housing。
Business patterns
1. Grouping
In terms of the size of the establishment list, according to the institute, in november 2025 the total number of premises opened at the top 30-concentrated long-lease flats was 1. 409 million, an increase of 20,000 over october. For the first time on the list, new projects have been opened in enterprises such as jia jia international, which has grown in size。
According to the management scale list, the institute's statistics show that in november 2025 the total number of premises managed by top30 long-lease enterprises was 207,000, an increase of 20,000 over october. There has been no change in the number of companies listed, and there has been a greater increase in the number of new acquisitions or new contracts, such as those for the apartment, the new youth, the pufa family, and the hua yunni nest。
Business dynamics
Construction operations
In november, a number of guaranteed rental housing projects entered the city or started renting, dominated by projects developed by local state enterprises, such as eight projects under the banner of the western anthropological group (sacg), the construction of a housing complex by the iu, and so on. At the same time, there are a number of special rental housing units, condos, youth flats, or start-up rentals, such as the apartment of xinjiang under the banner of building assets in the cave city, and the quisheng quisheng apartment in the two new rivers. There are also some service apartments, apartments and hotels, such as one in the city of kari, hangzhou, and one in the zhengyang。
Table: development of construction operations of housing rental enterprises, november 2025
Business outreach
In november, the south-east youth remand apartments company successfully managed the site management of the project for two talent apartments in nanjing city, the landing of the first light asset project under the umbrella of the united nations development group (undg) in fukuzhou, the signing of a contract between yasiko tung and guangzhou square investment in china, the introduction of ascot in guangzhou to the white cloudsburg happiness settlement project, the joint operation of the golden field strawberry community and the chang dynamite joint venture to run the triple community land rental housing project, and the project for the construction of a joint venture housing unit in hong kong county and xinxiong province。
Table: business outreach in housing rental enterprises, november 2025
Branding
In november, the sioux state subway was inaugurated in star company flats, and the west antananarivo group launched its long-rent apartment brand, “long-zing apartments”, with the launch of the project launched simultaneously。
Table: development of branding of housing rental enterprises in november 2025
Financing developments
In november, with respect to asset securitization, the guangzhou secure tenure group succeeded in issuing the first digital renminbi nationwide to host cmbs, and the urumqi guaranteed rental housing abs project was updated to be “reciprocated”; and with regard to bonds, the beijing housing guarantee centre successfully issued a billion yuan corporate debt。
Table: housing rental market financing, november 2025
Policy developments
1. Housing rental market guidance and support policies
Central level: financial support for secure housing construction
On 7 november, the ministry of finance issued a report on the implementation of china's fiscal policy for the first half of 2025. It was mentioned that throughout the first half of the year, special bond investments were actively expanded and used as project capital funds, with a focus on investment construction, land collection and the acquisition of stock of commodity houses for secure housing. As a next step, the ministry of finance will use relevant policy tools to assist in the transformation of the financing platform, the reform of small and medium-sized financial institutions, land storage and the acquisition of stock of commodity houses as secure housing。
On 11 november, the people's bank of china released the china monetary policy implementation report for the third quarter of 2025. It is mentioned that in the third quarter of 2025, the policy of refinancing guaranteed housing was steadily implemented, the management of supplementary mortgages was optimized, and the policy development financial institutions were supported in providing credit support for the construction of secure housing, the renovation of urban villages, and the construction of public infrastructure for “remedial dual-use” purposes. The next phase will focus on the effective implementation of financial policy measures such as the refinancing of secure housing, the improvement of the basic housing finance system and the promotion of new models of real estate development。
Local level: policy focus on market development, secure housing supply, rental subsidies, etc
In the area of market development, shanghai proposes to promote the expansion of secure housing, which will improve the “market + security” housing supply system and the lease-purchase housing system during the beijing “15th” period. The provision of secure housing is based on a stockset, the legal conversion of houses to secure housing in foshan for legal purposes, as is currently the case, the conversion of non-resident housing stock to secure rental housing, such as commercial offices that are idle and inefficiently used, and the orderly promotion of stock-taking commercial housing to secure housing reform. At the regulatory level, on 1 december, the fukuda district of shenzhen city scheme for the management of rental security was introduced, with the core elements covering the security approach, the allocation rules, the subsidy criteria and the application process. With regard to financial support, tianjin supports the quality development of reits, the improvement of the project reserve and the comprehensive consolidation of inventory infrastructure assets in 12 areas of support, including rental housing. With regard to rental subsidies, guangzhou has adjusted the waiting period for public rental families to receive housing rental subsidies during the waiting period, and tianjin intends to apply for housing rental subsidies (type i) to be extended from six municipal households to urban households。
Table: local housing rental market guidance and support policy, november 2025
Rental housing supply
This canton: in recent years, the municipality has been following up on the implementation of the party's central and state council decisions, continuously improving the urban housing security system, which is based on public rental housing, guaranteed rental housing, distribution-type guaranteed housing and talent housing. To date, a total of 3,289 thousand housing units have been mobilized throughout the city。
Beijing: in january-october, construction of 51744 housing units in the city of beijing completed 103 per cent of the 50,000 units per year; 82,948 units per year were completed and 104 per cent of the 80,000 units per year were completed。
Since “1450”, 78,000 housing units have been mobilized for guaranteed housing and human resources, with 97. 5 per cent completion rate, with a total investment of over $17 billion and a rental subsidy of $53. 1 million。
Hangzhou: in 2025, hangzhou introduced 17 guaranteed rental housing projects and 11,000 housing units, ahead of the annual target. To date, more than 10,000 units (one unit) of blue-collar apartments have been shown on the hangzhou coco code, providing housing security for nearly 3,000 new employment groups。
During the 14th and 5th periods, jenan accumulated 132,000 units of guaranteed rental housing, covering nearly 200,000 families in need. In the area of monetization subsidies, a cumulative amount of $21,000, $2. 43 billion and approximately $800 million have been granted for all types of rental housing。
Market operations
1. Total rent: average rent per 50 urban dwellings fell by 0. 60 per cent in november, compared to 3. 57 per cent in the same year
In november 2025, the housing rental sector entered the traditional sub-season, and the average rent rate of 50 urban dwellings continued to increase. According to the 50 city rental price index, in november the average rent in 50 cities nationwide was 34. 36 yuan per square metre/month, a decline of 0. 60 per cent in the ring ratio, an increase of 0. 11 percentage points over october, a decline of 3. 57 per cent over the same period and a decrease of 0. 06 percentage points over october。
