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Five new patches of residential land in.......>

CHINA: Five new patches of residential land in Shanghai allowed to be developed
for rental housing only were acquired Tuesday in a bid by the state-owned
Shanghai Land Co., the Economic Observer reported on Wednesday. Six pieces of
residential land sold previously in Shanghai were also acquired by state-owned
companies. The sale of the land was in line with the Chinese government's
encouragement to state-owned enterprises to take the lead in the residential
rental property market. China lacks a good profit-gaining model in the rental
property sector for property developers, and letting SOEs take the lead is a
good choice because private companies would face  great pressure in financing
and costs, the report quoted an unidentified manager for a long-term rental
apartment company as saying. (Economic Observer)

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