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In recent years, big cities across China including rising tech
hubs in the country's interior have rolled out incentives such
as tax cuts to university graduates in a fierce grab for talent
to upgrade their respective economies.
Chief among the incentives are rental or home-purchase subsidies
in cities where property prices have soared and spending on
housing eats up a big chunk of individual incomes.
The home purchase subsidies of 3 million yuan ($443,203.47)to 10
million yuan ($1.48 million) offered by two districts in Wuxi
for "Category A" talent including Nobel laureates in physics and
chemistry are among the highest in the country, according to a
local government statement on Wednesday.
The subsidies are generous in comparison to average home prices
in the city. On average, home prices in Wuxi were 14,224 yuan
per square metre in April, or 1.28 million yuan for a
90-square-metre (969-square-feet) apartment.
"Some other cities have also granted subsidies for home
purchases, but the maximum amount is generally 2 million to 5
million yuan," said Yan Yuejin, research director of
Shanghai-based E-house China and Development Institute.
A district in the southwestern city of Chongqing last week moved
to reward top-ranking talent with outstanding contributions with
up to 10 million yuan in home purchase grants.
The talent-grabbing programmes took off in 2017 as inland cities
including Xian and Chengdu presented themselves to highly
skilled workers as attractive alternatives to top-tier cities on
the coast.
Xian, which is trying to transform itself into a Silicon Valley
in northwest China, offered home purchasing subsidies of up to 1
million yuan, while the industrial hub of Wuhan in central China
lured graduates with double-digit discounts when renting or
buying homes.
($1 = 6.7689 Chinese yuan renminbi)
(Reporting by Liangping Gao and Ryan Woo; Editing by Christian
Schmollinger)
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