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Plug legal loopholes in housing rental market

By Qiao Xinsheng |
China Daily |
Updated: 2020-12-19 09:00
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Danke Apartment, one of the country's largest housing rental platforms, has been running short on liquidity and therefore defaulting on rents since September in major cities including Beijing, Shanghai and Hangzhou, leaving its clients－property owners and tenants－jostling with each other.
Danke, owned by New York-listed Phoenix Tree Holdings Ltd, offers "affordable" houses to young people in metropolises through co-living spaces by sourcing apartments from property owners and landlords and then renting them out to tenants.
Enraged by Danke defaulting on payment, many apartment owners are forcing (or have already forced) the tenants to vacate their properties. But since many of the tenants, who have been made to pay months of rent (even a full year's rent) in advance are loath to leave, some landlords are resorting to intimidating tactics such as cutting off water and power supplies or changing the locks of the apartments, leading to more conflicts. Worse, the tenants cannot withdraw the security money they deposited in banks to rent the apartments.

China , Beijing , Phoenix , Arizona , United-states , Shanghai , Hangzhou , Zhejiang , Phoenix-tree-holdings-ltd , New-york-listed-phoenix-tree-holdings-ltd , Danke-apartment

Chinese Firms Listed in US Beat 6 Years Initial Public Offering (IPO) Record

Chinese Firms Listed in US Beat 6 Years Initial Public Offering (IPO) Record
Dec 18 2020 · 13:35 UTC by Benjamin Godfrey · 3 min read
Photo: Depositphotos
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While Chinese firms eventually become successful trading in US markets after making their public debuts, some firms underperform with even getting kicked out due to one scandal or another.
In what appears to be the most tumultuous year for most businesses, Chinese firms that listed in US exchanges through an Initial Public Offering (IPO) has broken a 6-year record. According to a report by CNBC, a total of 30 Chinese firms had their IPO this year and collectively raised a total amount of $11.7 billion, representing a six-year high.

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A Chinese WeWork for Apartments Is in Distress, Leaving Renters Out in the Cold

Markets
A Chinese WeWork for Apartments Is in Distress, Leaving Renters Out in the Cold
Protests by aggrieved renters have prompted local housing authorities to work with Danke Apartment to resolve its financial crisis
Danke Apartment co-founder Jing Gao (fourth from right, front) rang the opening bell at the New York Stock Exchange on Jan. 17.
Photo: Danke Apartment/Zuma Press
By
Updated Dec. 10, 2020 7:57 am ET
Financial troubles at a WeWork-like Chinese apartment provider are causing problems for hundreds of thousands of renters, forcing local governments in China and a bank backed by Tencent Holdings Ltd. to step in.
Before the coronavirus pandemic, Danke Apartment, the main business of New York-listed Phoenix Tree Holdings Ltd., rode a boom in the country’s housing and rental market and expanded rapidly using a business model similar to that of the U.S. office-space startup.

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