China will invest about 40 billion yuan ($5.82 billion) over three years to support the development of a housing rental market in pilot cities.
Sixteen selected Chinese cities will get 13.4 billion yuan ($1.95 billion) each year as a reward and subsidy for developing the housing rental market, and the total amount will reach 40.2 billion yuan ($20.37 billion) in three years, the report said.
Most of the cities are in eastern China, including Nanjing in Jiangsu province, Hangzhou in Zhejiang province, Hefei in Anhui province, Fuzhou and Xiamen in Fujian province, and Ji'nan in Shandong province, the report said.
Other cities among the 16 include Central China's Zhengzhou, Wuhan and Changsha; Northeast China's Changchun; and Southwest China's Chongqing and Chengdu.
