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August 1, 2012

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More units of housing ready soon in Lujiazui

MORE government-subsidized rental apartments will be offered to professionals working in the city's Lujiazui financial hub in September to meet the demand for housing.

The first group of 700-plus rental apartments for professionals in Lujiazui was extremely popular and more than 99 percent of them have been leased out since the program began in March.

In comparison, another two government-subsidized rental apartment projects put on the market last year were only 50 percent leased by the first quarter of this year, according to Xinhua news agency.

Their distant location - Yangpu District's New Jiangwan Town area and Xuhui District's Huajing area - and the inconvenient transportation were blamed for the poor occupancy.

Drawing a lesson, management in Lujiazui launched a shuttle for the apartment building zone on Dongxiu Road to office buildings.

More than 2,000 white collar workers take the bus every day for a 15-minute ride to their offices.

The monthly rent of the government apartment buildings is up to 1,900 yuan (US$299), about 15 percent lower than market price.

The Lujiazui management says it plans to offer a total of 2,300 subsidized apartment buildings to professionals this year. The second group of subsidized apartments are expected to be available for rental next month.


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