Putuo’s Changzheng Town became the first town in the city to launch a talent policy on March 10, allowing eligible individuals to live in Shanghai's central urban area with little to no cost.
The policy states that new or relocated enterprises in Changzheng can offer their talented individuals and core team members with a doctoral degree an additional housing subsidy of 3,000 yuan (US$414.36) per month, on the base of the existing Putuo District talent rental subsidy, with a maximum of 5,000 yuan per month.
Those with postdoctoral research experience can receive an additional 4,000 yuan per month, with a maximum subsidy of 7,000 yuan per month.
For first-time home purchase loans, Changzheng Town also offers similar interest subsidies. Particularly in-demand master's graduates and high-level overseas entrepreneurial talents can also receive certain housing support.
"Shanghai's rental costs are high. If talents at different levels like master's and doctoral degree holders can enjoy varying rental subsidies in the thousands, it can not only reduces financial burdens but also enhances their quality of life. During recruitment, candidates prefer companies that offer rental subsidies," said Wang Yuxiang, a manager of Shanghai Liwei Information Technology Co Ltd.
With support from Changzheng Town's talent policy, they successfully attracted Dr. Zhu Bingzhao to join their entrepreneurial team, significantly strengthening the company's technological research and development.
Additionally, the application scope for rent-free office space for enterprises settling through the entrepreneurship competition or doctoral entrepreneurial teams has been expanded to include all buildings and parks within the town, aiding more entrepreneurial dreams to find a home.
Magic Sword Interactive Entertainment, a gaming technology company, moved into the Putuo District online game enterprise incubator last November, where they rented 180 square meters of office space for free. "This saved us a lot of money!" said Zhong Lin, the company's HR and finance manager. Apart from salaries, rent is the biggest expense for a business, especially for startup gaming companies, and waiving rent is a real "timely relief."
