A public rental housing project transformed from a budget hotel opened in the Hongkou district in Shanghai, July 7, 2014, with a mini mum rental of 1,027 yuan ($165.56) per month. The project named "Zhongwan Apartments" is a former economy hotel, which was chartered by a public rental housing company. It offers 132 single room units with a floor area of 17-50 square meters, and goes for anywhere between 1,000-3,000 yuan for monthly rentals. The unique apartment project also has a gym and a laundry room.

As house prices began to soar, the government rolled out low-rent and public rental housing years ago to solve the problems low income families were having in cities and to lessen the difficulties of new employees and improving the living conditions of migrant workers.

A view of the Zhongwan Apartment building in Shanghai, July 7, 2014. [Photo/IC]