Home sharing sector soars 70%

Booming shared accommodation market is expected to reach 50 billion yuan by 2020

China's shared accommodation market surged 70 percent year-on-year in 2017 to reach a transaction volume of 14.5 billion yuan ($2.28 billion), according to an industry report.

Released by the Sharing Economy Research Center of the State Information Center, the report shows that last year a total of 78 million people were involved in China's apartment-sharing sector, among which 76 million were tenants. There were roughly 3 million domestic housing resources offered by major apartment-sharing platforms, and the market attracted $540 million in financing, surging 180 percent year-on-year.