Serviced Apartments Come Online in Binhai CBD as Tianjin-Beijing Integration Accelerates

TIANJIN, China, June 4, 2015 /PRNewswire/ -- Binhai CBD has announced the creation of a 'serviced housing' program, its latest measure to attract highly coveted talent.

The move is being funded by CBD's Human Resources Bureau as an extra incentive for middle and higher management executives recruited by corporate tenants.

As the first batch of serviced apartments available were announced, a senior executive from CBD's Human Resources Bureau said, "I'm satisfied these apartments match the highest standards of serviced living seen anywhere in the world. This is the just latest weapon in our armory aimed at bringing top talent to Binhai. We are determined to see the very best people here because our vision is to make Tianjin a world-class place to do business."

The program comes soon after a new FTZ in Tianjin was announced by the central government. The Binhai CBD is at the heart of this FTZ, and situated among a cluster of sibling zones within Binhai New Area that will serve as the engine for the Tianjin FTZ, attracting capital and talent, and stimulating economic activity and growth through the Tianjin-Hebei-Beijing area and beyond.

The CBD's serviced housing program has two phases. In Phase One, covering 2015, up to 500 individual apartments in various properties will be designated as serviced housing. They will be divided into two classes: elite apartments and refined apartments. Phase Two will see entire buildings selected for serviced housing. More affordable apartments will be provided for white-collar workers.

In testing such measures, Binhai is acting as a proving ground for economic liberalizations. If successful, these could be expanded across the country.

According to Niu Shaofeng, Bureau Chief, Financial Markets Policy Bureau at CBD, advantages of the Binhai CBD include the large amount of preferential policy support it enjoys from the government.

"The CBD has been built from the ground up to provide state-of-the-art buildings, facilities and infrastructure. In turn, its mature service system, including schools, healthcare, recreation and commercial services, will help attract and retain talent," Mr. Niu said.

Meanwhile, integration with Beijing continues apace. The opening of the Yujiapu Station on the Beijing-Tianjin intercity high-speed rail line has cut commute times between the capital and CBD to just 45 minutes. By the end of August, more than 30 pairs of high-speed trains will speed between downtown Beijing and Yujiapu each day.

The area's relatively low cost of living is also attractive to both individuals and companies, with costs in Tianjin as little as a third of those in competing areas such as Shanghai.

As a result, real estate sales are booming. In April, 238 commercial properties were traded, up 25% year-on-year, with prices rising 10% year-on-year to RMB 11,360 per square meter.

SOURCE Tianjin Binhai CBD