(Yicai) May 10 -- With a view to attracting and retaining talent, Shanghai will provide more than 3,000 affordable rental apartments to college graduates this year, a city housing official told Yicai.

The aim is to ease the economic burden on graduates of renting in Shanghai, Peng Junye of the municipal housing guarantee center said yesterday. But only those with housing issues can apply to rent them, Peng added.

The mainly fully furnished apartments, located downtown and in the outskirts, will cost between CNY1,500 and CNY3,500 (USD208 and USD484) a month to rent.

Housing is a key factor when considering whether to stay in Shanghai for work, a  number of graduates told Yicai. Other key factors are the distances to subway stations and whether free shuttle buses are available.

Recognizing the importance of a skilled and educated workforce for the city's continued growth and development, Shanghai has introduced various policies to attract and retain college graduates in recent years, including the provision of affordable housing and tax incentives.

According to one graduate from Shaanxi province, a relatively good one-bedroom apartment can be rented in the city’s Lingang Special Area for just CNY1,500 (USD208) a month. That is a huge help, the person said as they have signed a contract with a logistics firm based in the area.

As of March 31, Shanghai has built and planned 491,000 affordable homes of various types, equivalent to 82 percent of the target in the city’s 14th five-year plan. Of them, 304,000 have already been delivered, some 76 percent of the planned goal. 

Editors: Shi Yi, Tom Litting