(Yicai Global) July 27 -- A high-tech park in Shanghai's Zhangjiang area is to construct rental accommodation for employees at the 18,000 enterprises based in the park which will be the city’s first rental-only community.

Some 4,000 houses with a total floor area of 200,000 square meters will be built in three phases and shall be lease only, The Paper reported today. It will help meet the housing needs of the 370,000 people employed by businesses in the park, also known as Zhangjiang Science City. The rents will be slightly lower than similar housing in the area.

The project aims to build a mid-to-high-end residential community for young and senior white-collar workers, said Jin Liming, manager of Zhangjiang Group’s investment management department.

Editor: Kim Taylor