Vanke denies blame for soaring rents

Property giant: Institutional landlords' holdings too small to have key impact

One of China's largest property developers, China Vanke Co, on Tuesday refuted media reports that the entrance of institutional landlords has led to current soaring rental prices.

"It is not until the past two years that large companies started to emerge in the traditional leasing market, but the penetration rate is less than 5 percent in China, which is too small to have a significant influence," Vanke President Zhu Jiusheng said at a media conference in Shenzhen.