Hangzhou launches online marketplace for rented homes

Hangzhou, capital of East China's Zhejiang province, rolled out an online marketplace for rented homes on Tuesday, the first of its kind in China. The system enables the completion of every step of renting a home on the internet.

The city's housing authorities partnered with internet technology giant Alibaba and its financial services subsidiary Ant Financial to offer services enabling tenants and property owners to verify personal information, sign contracts, and pay rental and commissions online.

"In this way, rights of both property owners and tenants are well protected as the entire process is transparent and effective. Property owners and tenants can give candid reviews to help more participants in the market," according to a brief explaining the mechanism of the marketplace by Ant Financial and Hangzhou housing authorities.