Zhuhai, a city in south China’s Guangdong Province, announced on April 24 that it planned to give away half of the property rights to talented individuals as one of its efforts to attract experts for the city’s development, the National Business Daily reported.
Zhuhai stands out among Chinese cities for rolling out this attractive policy to lure in talent. The city will invest 6.7 billion yuan ($1.06 billion) to implement the policy over the coming 5 years, according to Zhuhai Daily.
The policy will be carried out in many forms, including the offer of housing allowances, houses with joint property rights and talent apartments.
According to the policy, talents moving to the city can apply to purchase houses 100 to 160 square meters in size, with joint property rights at half price. They have created an incentive to stay in the city, too, as the buyer can own the whole property right to their house after working in the city for ten years.
Other measures include offering a housing allowance to talents interested in moving, ranging from 1 to 6 million yuan per person according to their expertise.
New top talents in the city can also choose a 200-square meter house to live in, obtaining the property right to the house after working in the city for 8 years.
In addition, the city, focusing on development of emerging sectors of strategic importance and future industry, will even offer each entrepreneurial team the fund of up to 100 million yuan to help their development.
Since March 1, 2017, when the city first introduced these enticing policies, Zhuhai has attracted nearly 20,000 professionals. Southcn.com reported that among these, 80 percent are working in scientific and technological enterprises, manufacturing and medium, small and micro-sized enterprises.
Statistics by market intelligence provider Tonghuashun indicate that there are 28 listed companies in Zhuhai, covering medical biology, information services, food and beverage, electronics, real estate and home appliances such as Gree Electric Appliances, whose market value has reached about 301.9 billion yuan.