Tencent credit score offsets deposits for Shenzhen tenants

A housing rental trading service platform in Shenzhen has been jointly launched by Tencent and the Housing and Construction Bureau of Shenzhen on Monday.

File photo of residential houses in Shenzhen, Guangdong Province. [File Photo: IC]

Through the new platform, local tenants with a Tencent credit score of 650 or above will be exempt from paying rental deposits.

Tencent's credit rating system is based on various factors, including the health, wealth, consumption and social behavior of the users.

The rating system is calculated in a range from 300 to 850 points. It is already being used to allow for users to skip paying deposits for bike sharing services.

In announcing the new system, Tencent says it plans to cooperate further with Shenzhen's Housing and Construction Bureau to expand to home purchases in the city.

The company also says the system will also be able to protect users from the theft or sale of their personal information.