Chinese parking fund We Park and parking management company Sunsea Parking , have co-founded the biggest parking financial platform in China to tap into the growing parking industry.

More than 2.1 billion yuan will be spent on the construction of parking lots in first- and second-tier cities.

The fund will also introduce internationally recognized rating systems for car parks to build the first batch of environmentally-friendly parking spaces in China.

"Many parking lots in China are of low quality with outdated facilities and the absence of a sound supervision system that may lead to potential safety risks," said Yan Liang, CEO of Sunsea Parking.

"Safe, modern, smart and green parking spaces are badly needed as the automobile industry keeps growing," Yan added.

Beijing-based Sunsea Parking, founded in 2006, is dedicated to parking space design, construction, and automobile services. It manages more than 100,000 parking spaces.

Xu Daomu, chairperson of the China on-Street Parking Association, said relying on the government to build public parking spaces is not enough to meet demand. Social capital must be encouraged to come into the industry.

According to statistics of the Ministry of Commerce, there were 5.6 million units of car parking space in Beijing by the end of 2014 with a shortfall of 2.5 million. With monthly rents of 300 to 500 yuan, potential revenue in Beijing is estimated to be more than 10 billion yuan.

The shortage of parking spaces in other first-tier cities, including Shenzhen, Shanghai, Guangzhou and Nanjing, has exceeded 1.5 million.