(Yicai Global) May 14 -- China Vanke Co. has managed to secure an 80-percent occupancy rate at its rental-only Jade College development, despite analysts' claims that its sky-high rents would deter tenants.
All 48 apartments in the complex's first two buildings have been rented out and another building with 72 properties has been put onto the market, the company said in a statement yesterday.
The firm had received stark criticism for the price of the apartments, which start at CNY15,000 (USD2,366) a month, according to the firm's lease plan published last month. Terms can range from three to 10 years and those picking the longest option will need to pay the decade's rent up front: CNY1.8 million (USD284,000) for the cheapest homes.
Vanke backs up its prices by saying that the target market for the development includes senior executives and well-educated professionals working in finance or high-tech industries in Zhongguancun, a northern China tech hub home to the likes of the country's largest online search provider, Baidu Inc.
Among the first group of tenants are Qian Kun, managing director at venture capital firm Matrix Partners China, and Feng Dagang, chief executive of online news outlet 36Kr. The pair will each pay 20 percent of the total rent up front and fork out the remainder once they move in.
Editor: James Boynton