(Yicai Global) Aug. 10 -- Hangzhou Housing Security and Real Estate Management Bureau is set to build a smart housing rental, supervision and service platform in partnership with Alibaba Group Holding Ltd. [NYSE:BABA] and its financial subsidiary Ant Financial Services Group.
The trio signed a framework agreement on Aug. 9, state-owned news agency Xinhua reported. They will integrate their resources to develop a smart housing platform to list rentals owned by the state, developers and individuals.
The platform will use real-name authentication and face recognition to ensure the identity of agents, landlords and tenants, who can use their computers or mobile devices to sign contracts and pay rent, deposits and commissions on the city's housing bureau's website.
Alibaba's Big Data, online transactions and evaluation system will combine with Ant Financial's online payment and Sesame Credit system to fully cover rental agreements, a representative for the Hangzhou bureau said. The city will introduce 'credit housing rentals' across the city based on the platform; with available property, tenants, landlords and agents in the city all detailed on the system.
In the first half of this year, the trading volume of Hangzhou's rental market climbed 9 percent faster than last year.