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Danke Survey Finds Housing, Employment Top Concerns of China's Record College Graduating Class

BEIJING, May 11, 2020 /PRNewswire/ -- Phoenix Tree Holdings Limited ("Danke" or the "Company") (NYSE: DNK), one of the largest co-living platforms in China with the fastest growth, found in its latest survey that locating housing in desired cities and seeking employment are the top concerns of China's record-large class of college graduates amid the global COVID-19 epidemic.

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China will have a record high of 8.74 million college graduates this year. Due to the COVID-19 pandemic, college graduates are facing severe challenges in seeking employment and renting apartments. As a leading co-living platform in China, Danke has been working to help college graduates find affordable apartments and fit into society. With its innovative ''new rental'' business model, which features centralization, standardization and online experience, Danke provides affordable rental options to college-educated young people, and spares them the troubles of subletting by offering quality co-living apartment units.

Based on an online survey of nearly 1,000 college graduates, Danke found that the majority of college graduates this year still preferred to live and work in first-tier cities and emerging first-tier cities. About 37.91% of respondents chose or planned to work in first-tier cities, including Beijing, Shanghai, Guangzhou and Shenzhen. Almost 40% would choose emerging first-tier cities such as Hangzhou and Chengdu. About 14.5% said they would like to stay in their provincial capitals.

Preferred cities to live after graduation

Percentage

First-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen)

37.91%

Emerging first-tier cities (Hangzhou, Chengdu, etc.)

39.95%

Provincial capital

14.5%

Other cities

7.63%

When asked about their biggest concerns at the moment, about 53.69% of respondents identified renting an apartment and settling down in their desired cities, while 51.15% worried about finding a job, indicating that finding housing and employment have become the two biggest concerns among China's fresh graduates.

According to Danke's data, the rental demand from college graduates normally begins to rise in March, and reaches the peak in June. Under financial pressure, 90% of college graduates can only afford to pay rent that is less than RMB3,000 a month.

As a result, nearly 90% of college graduates choose to share rented apartments to save on costs. In first-tier cities, 90% of college graduates wanted to share apartments, while only 10% preferred to rent an entire apartment for themselves. In emerging first-tier cities, 86.7% would like to rent co-living apartments, while 13.3% wanted to have their own apartments.

The survey also found that short-form videos have become the most popular entertainment content among college graduates. More than half of respondents chose to watch short-form videos as their main entertainment and leisure activity, while 22.39% chose reading articles on WeChat official accounts and 5.09% chose reading comics online.

Entertainment and leisure activities

Percentage

Reading comics online

5.09%

Reading articles on WeChat official accounts

22.39%

Watching short-form videos

54.2%

Others

18.32%

ABOUT DANKE

Danke, one of the largest co-living platforms in China with the fastest growth, is redefining the residential rental market through technology and aims to help people live better. Empowered by data, technology, and a large-scale apartment network, Danke's vibrant and expanding ecosystem connects and benefits property owners, residents, and third-party service providers, and delivers quality and best-in-class services through an innovative "new rental" business model featuring centralization, standardization, and a seamless online experience. Danke was founded in 2015 and is headquartered in Beijing, China. For more information, please visit ir.danke.com.

MEDIA CONTACTS

Danke PR
Email: pr@danke.com

Jeff Pei
ICR, Inc.
Email: Jianfeng.pei@icrinc.com
Phone: +86 (10) 6583-7514

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SOURCE Phoenix Tree Holdings Limited