(Yicai Global) Dec. 18 -- China Minsheng Shared Finance Co., a community financial service platform of China Minsheng Investment (CMIG), together with over 60 enterprises, jointly established a 'rental housing financing alliance' in Pudong of Shanghai on Dec. 15 to promote the development of the rental housing market.

Uniting the upstream and downstream of the rental housing industrial chain, the alliance will provide high-quality resources and collaboration platform and formulate the industrial standards. The alliance brings together 60 firms in several fields, including financial institutions, real estate operators and developers, information service platform, marketing planning and property management firms, covering millions of housing units in China's first- and second-tier cities.

China's President Xi Jinping called for a strategy to develop rental housing market at the 19th National Congress of the Communist Party of China in October. The growth scale of China's rental housing market will reach CNY3 trillion (USD454 billion) in the next decade, CMIG Shared Finance predicts.

However, due to the existing problems in rental housing market such as imperfect systems, unsymmetrical housing information, non-standard services and management and unclear rights and obligations of both parties, the space for market growth has not been fully explored yet. The newly-established alliance will solve the above problems, the firm said.

The development of the rental housing market is significant for people's livelihood and the economy. The company will respond positively to national policies to establish the collaboration platform for relevant companies and push forward the market development with their own professional financial products and services, added Zhuang Nuo, chairman of CMIG Shared Finance.