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Country Garden, a Guangdong-based Chinese property development company, has launched its BIG+ apartment project to respond to the central government’s call for developing the long-term rental market, Yicai.com reported.

The company aims to develop one million apartments for long-term renting in major and second-tier cities by the end of 2020, said Mo Bin, the president of Country Garden.

It will also cooperate with regional and national joint-stock banks to facilitate its long-term rental business. The company has set up a 30-billion-yuan fund for long-term renting with the CITIC Bank.

Earlier this year, the central government called for property developers to improve the rental market to fulfill people’s growing need for housing.

More than 50 cities in 12 provinces have thus released rental housing policies and increased the supply of land for building long-term rental projects.

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