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May 15, 2012

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Subsidized homes for area's young employees

PUDONG'S Lujiazui area is starting to provide subsidized apartment buildings to young, white-collar workers to attract professionals for the expanding financial zone.

Home prices and rents in Lujiazui are among the most expensive in Shanghai because of its prime location and limited land area. The Lujiazui Financial and Trade Zone will build 2,300-plus apartments to accommodate young people. The so-called "Lujiazui Talent Apartment Complex" will have commuter coaches to take residents to the office buildings in the Lujiazui Financial Zone.

The first batch of apartments targeted at unmarried young workers aged between 22 and 30 opened to the public yesterday. The bachelor apartment covers 25 square meters and is equipped with a bathroom and basic furniture. The monthly rent varies according to the location of the apartment and is generally around 2,000 yuan (US$316), cheaper than nearby commercial apartments.

Each resident can enjoy a 600-yuan monthly subsidy in their first rental year, 300 yuan in the second year and 100 yuan in the third year.

Apartments targeted at young couples are expected to be open by the end of 2015.

Currently, the Lujiazui financial zone has nearly 420,000 workers. Young people under 35 account for nearly 70 percent of the workers.


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