Housing subsidies to lure returning talent to Shanghai

Shanghai has revised its favorable housing policies as the city strives to expand its talent pool.

In Changning district, apartments and housing subsidies will be available for more students studying abroad and returning to Shanghai for work, according to a policy unveiled recently by the district government. The policy applies to those who gained a master's degree from an overseas university ranked in the top 100 or in a major in the top 20 disciplines based on QS World University Rankings and the Academic Ranking of World Universities.

It stipulates the shortlisted candidates should have worked in China for less than a year, and the individuals and their spouses must not own a home in Shanghai.

According to the policy, each eligible applicant will receive a housing subsidy of up to 4,000 yuan ($630) per month. A hundred new flats are available as well, with each covering 15 to 25 square meters with rents of 3,600 to 5,700 yuan a month.

"The revised policies remove the restriction in previous ones where talent could only apply for talent flats located in regions where they were working, and only their employers could apply. Students who haven't graduated are allowed to apply as well," said Zhang Yuan, director of the district's human resources and social security bureau.

"The policy aims to attract talent with specialized skills and support those trying to fit into the city in the short term. The subsidy is only provided for up to 12 months."

As Shanghai sought to expand its talent pool, based on the city's 14th Five-Year Plan (2021-25), 15,655 individuals settled in the city through special talent introduction policies in the first half of last year, a 20 percent surge from the total for all of 2020, official data showed.

The city is in urgent need of educated individuals with professional skills in core industries, including integrated circuits, artificial intelligence and biomedicine, and has been refining its services to offer a suitable living environment.

"Housing is a critical factor when considering where to move," said Duan Zengyue, a 29-year-old from Shanxi province. Duan has been in Shanghai since 2017 after receiving a master's degree in the United Kingdom.

After securing a job in a foreign-funded bank in the Lujiazui financial area, Duan has lived in Lujiazui talent apartments that were offered by the district government. The 2,300 apartments in six buildings cover an average 25 square meters.

"It's way better than the old flats I lived in with failing amenities and water problems when I arrived in the city," Duan said.

"The apartment rent is affordable for a fresh graduate and the neighborhood is under rigid management, bustling with restaurants and stores. It's safe and convenient.

"Selecting the right flat from a wide range of sources online, negotiating rent with landlords, choosing roommates, and traveling across the city to look at the flats is time-consuming. But the talent apartment resolved my concerns."

In Shanghai, favorable policies have covered more top talent with a diverse range of experiences in recent years.

According to policies in Yangpu district this year, employees from local technology companies can enjoy a housing subsidy worth 30 percent of their total annual rent for up to three years. The district aims to offer 30,727 more flats for talented individuals in the next four years.

Dai Shoulei, from Tianjin, settled in the district in 2020 thanks to talent introduction policies. Dai is able to rent a flat of 127 square meters for his family of four, as he receives 8,000 yuan in rent subsidy every month.

"My children receive quality education as well, thanks to the favorable policies," he said. "I will pursue my career goals in the city."

CAO CHEN in Shanghai