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City offers cheap housing for professionals
By Ding Yining |
June 3, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI today issued rules on public rental housing in the latest initiative to retain more mid-level young professionals amid soaring property prices.
An individual who owns no property or lives in an area of less than 15 square meters in the city will be allowed to apply to rent government-built flats, which range from 40 to 50 square meters.
The program will cover both Shanghai residents and non-local people who have contributed to the city's social welfare funds for a certain period. Applicants also have to be under a work contract with a local company.
District governments will be allowed to map out detailed thresholds for the program based on their own conditions and unveil them to the public, according to the rules. The city will solicit public opinion until June 13.
Officials have expressed concerns that Shanghai is suffering a brain drain because more talented people of marriageable age are leaving the city, unable to afford decent housing.
The lease contracts should be no less than two years and no longer than five years and tenants can renew their contracts if they are still eligible for the rental house after two years.
The houses will include renovated apartments in old urban areas as well as new residential communities.
An individual who owns no property or lives in an area of less than 15 square meters in the city will be allowed to apply to rent government-built flats, which range from 40 to 50 square meters.
The program will cover both Shanghai residents and non-local people who have contributed to the city's social welfare funds for a certain period. Applicants also have to be under a work contract with a local company.
District governments will be allowed to map out detailed thresholds for the program based on their own conditions and unveil them to the public, according to the rules. The city will solicit public opinion until June 13.
Officials have expressed concerns that Shanghai is suffering a brain drain because more talented people of marriageable age are leaving the city, unable to afford decent housing.
The lease contracts should be no less than two years and no longer than five years and tenants can renew their contracts if they are still eligible for the rental house after two years.
The houses will include renovated apartments in old urban areas as well as new residential communities.
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