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April 21, 2011

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Housing subsidies to rise for top talents

SHANGHAI will increase housing subsidies to top young professionals who are willing to work in the city as current preferential policies are not attractive enough to keep such experts here, local authorities said yesterday.

The city has been losing out on attracting top professionals as high living costs and housing prices are discouraging them from settling in Shanghai.

In response, the housing subsidies, currently between 600,000 yuan (US$91,931) and 800,000 yuan for an introduced professional from abroad, will likely reach 1 million yuan or more this year, said Li Xiaoliu, deputy director of the Shanghai Institute of Plant Physiology and Ecology of the Chinese Academy of Sciences.

He also said the salaries of senior professionals are expected to reach up to 400,000 yuan a year in 2011, a big jump from the current average of 200,000 yuan.

Even though overseas-based top professionals are expected to receive more housing subsidies, the money would only be able to cover the down payment if they purchase an apartment near their office, Li added.

Last year, a young professional whom the institute had wanted to hire chose to work in Beijing because it offered a more attractive housing subsidy.

Neighboring provinces and cities in the Yangtze River Delta are also offering more attractive preferential policies to compete for senior professionals, according to Li.

But such incentives are only provided to top-level professionals and leading researchers.

Other researchers and overseas returnees who recently graduated are often ignored.


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