(Yicai Global) March 20 -- The east-central Chinese city of Wuhan will usher in a new policy guaranteeing university graduates apartment rentals at 20 percent below the going rate to attract talent, state news agency Xinhua reported today.
The housing authority of Wuhan, capital of Hubei province, has mandated that ordinary college graduates who have local household registration but whose families have no home in the city may apply within three years after earning their degrees to lease apartments at guaranteed rents 20 percent lower than the market rate, and even 30 percent in the case of shared accommodations.
The authority will use the average per-person living area in the city of 20 square meters as the criterion for graduates' lodgings, and the standards for its decoration will be no less than the prevailing one. Rentals must also come equipped with basic furniture and appliances. Rents will be charged on unit or room and paid quarterly. The housing management department of each city district will determine the rent for specific digs after assessing residential prices in the local market with realtors.
The lease period for graduates in general is three years, but can be extended for up to two years. Tenants must vacate rentals in a timely manner after buying property. The housing authority will seriously sanction fraud, subleasing and illegal business operations, and will cancel the rentals of those who breach regulations and make an entry in their personal credit records.