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| A woman looking at information about serviced apartments outside a property agent in Shanghai. As a relatively new type of residence in China, serviced apartments are much more expensive than ordinary rentals but provide better services and amenities for daily use. Jing Wei / For China Daily |
Serviced apartments are gaining popularity in China as international companies grow their operations. Also, more wealthy Chinese professionals are showing an interest in the market.
"My place is in a good area. I have a regular cleaning service. I can cook if I have time and if I'm in the mood. Also there is a gym and indoor swimming pool that I can visit to relax after a busy day at work," said Jacky Wang, 38, a senior executive with a leading Chinese IT company.
He lives in a high-end serviced apartment in Shanghai for about three months every year when he has to deal with business affairs concerning the local branch.
"It is like a home from home," Wang said.
As a relatively new type of residence in China, serviced apartments are much more expensive than ordinary rentals but provide better services and amenities for daily use.
Wang's residence costs about 18,000 yuan ($2,900) a month, almost three times that of a similar-sized flat nearby. The flexible contract is a huge advantage for mobile professionals.
Moreover, people get tired of staying in hotel rooms with little personal color and renting an apartment is too complicated for just a few months, so a serviced apartment is a good option, he added.
The central government has been tightening regulations on property sales since 2010, causing a significant drop in transactions for both new and lived-in homes because most sellers want to wait until the market improves.
However, demand for high-end apartment rentals remains strong as China continues to see a huge influx of foreign-invested companies, said Jastina Balen, director of group branding and communications at Frasers Hospitality Pte Ltd.
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