Co-living for young professionals in China has been a booming business for years. Nationwide chains offer thousands of temporary housing units for millennials – and their start-up companies.
Most co-living providers are doing well and are well-funded, as Quartz report. Mofang Gongyu in Shanghai offers over 1,000 units and raised $300 million in funding in May.
You+ is a well-known nationwide chain of residences, catering mostly for start-up founders and their employees. After the first branch in Guangzhou opened in 2012, You+ currently claims to house over 10,000 people across its 25 branches. You+’s residences have a chic look, but with a few local twists. In the Guangzhou branch along Baogang Avenue, Chinese pop blasts from the speakers as residents work on their laptops or play pool. Washing machines take QR codes for payments using WeChat. Most bedrooms are between 20 to 50 square meters, and cost $303 per month to rent. Bathrooms are private.
You+ claims not to be a property company, but an internet company, albeit one that specializes in the ‘internet of people’. The company is currently said to make all of its revenue from rental fees; it hopes to reduce that figure to 20% in the future, and bring in money from other services.
Further reading on qz.com
Image by You+