Eligibility for 'talent apartments' is relaxed

Wang Yong, chief risk officer at Everbright Securities, said he was happy to hear that three young men in his team are eligible to apply for subsidized rental apartments built to accommodate professionals working in Jing’an.

Wang himself has applied for an apartment under the program because, as leader of a team, he is regarded as a “top professional.”

That entitles him to special incentives and privileges aimed at attracting and retaining top talent. Normally that would disqualify other team members from receiving the same perquisites.

However, the Jing’an District has changed the policy to allow up to three members of the same professional team to apply for “talent apartments.”

“Risk management is a highly-professional field,” said Wang. “We are badly in need of professionals. We want promising university students and skilled employees from overseas. It’s very important to extend benefits to a team rather than to just one individual. It encourages them make them stay.”

The “talent apartments” have been built in areas easily accessible to public transport networks and retail malls.

Each flat consists of a living room, kitchen, bedroom, bathroom and balcony. They are furnished with televisions, air conditioning, microwave ovens, refrigerators and washing machines, along with Internet access. Security guards and cleaners are provided, but tenants don’t have to pay any property management fees.

The rents are set at about 60 percent of the market price. In addition, top professionals are eligible for monthly housing subsidies of between 1,500 yuan and 3,000 yuan.

“We aim to provide inexpensive, quality apartments to professionals in Jing’an,” said Zhao Zhengxiang, an official from the Jing’an housing authority.

“The government is helping us retain professional talent,” said Wang Hanqing, human resources manager at Everbright Securities. “It is one reason why so many companies are persuaded to set offices in Jing’an.”

Completed apartments and those under construction in Jing’an total more than 2,000 units. In some cases, district-owned developers rent a whole building and renovate it to accommodate “talent apartment.”

In other cases, commercial developers are required to set aside a certain number of flats in a project for such flats, as part of the conditions of development rights. 

Favorable policies 

Since April 1, 2017, Jing’an has issued 1,858 working permits to foreigners and recognized 246 foreigners as top professionals, including two who were given the Shanghai’s Magnolia Silver Award in recognition of their contribution to the city’s development. This month, Jing’an will introduce a new series of incentives under its policy to attract and retain foreign professionals. 

Education sector: Educational officials will design special plans for children of professionals, based on education levels and interests. 

Medical sector: Professionals and their families will have priority in medical checkups and a “green channel” to see top doctors. Also, they will be assigned a general practitioner in their neighborhood healthcare centers.

Documents: Professionals will be issued with a digital passport that records their personal and family information. That will eliminate the need to carry multiple documents when dealing with different administrative departments.