Shenzhen to Lure Talent With Generous Housing Policies
Want a home? Move to Shenzhen.
That’s what the city government is telling the white-collar workers of China, in hopes of luring talent to the southern tech hub.
According to a draft document issued Tuesday, Chinese citizens who’ve worked full-time in Shenzhen for more than five years may qualify for substantial subsidies for renting or purchasing a home.
The policy would be one of the biggest steps in housing reform for Shenzhen since 1998, when the city stopped providing free housing for employees of government and state-owned companies and moved to commercialize property.
A growing number of cities in China are seeking to attract talented workers through incentives including expedited residency rights, increased minimum wages and housing discounts.
The draft policy outlines an ambitious three-stage plan to have up to 1.7 million housing units by the 2026-35 period, with subsidies on least 1 million units by 2035. Reaching those goals would include both the building of new units and the repurposing of existing ones.
Stage one would roll out 250,000 subsidized units by 2020 to individuals meeting as-yet unspecified standards. By the end of stage two, in 2021-25, there would be another 250,000 units available.
Company executives, employees in tech-related sectors and government workers will have the option to rent or buy a 90-square-meter (970-square-foot) or smaller property at roughly 60% of the market rate.
Qualified homeowners will be allowed to resell their properties 15 years after their purchase. However, they must share a certain portion of the sales income with the government. The document did not specify resell rates.
One analyst downplayed the risk of speculation from the policy, saying “real housing speculators can’t withstand their capital being locked up in the property for 10 to 15 years.”
The average new home in Shenzhen cost nearly 56,000 yuan ($8,700) per square meter in May, according to Fang.com, a real estate services firm. Official data showed that Shenzhen’s average new-home price edged down 2.2% year-on-year in April.
Contact reporter Pan Che (firstname.lastname@example.org)
Apr 16 11:48 PM
Apr 16 08:51 PM
Apr 16 06:48 PM
Apr 16 12:30 PM
Apr 15 07:22 PM
Apr 15 06:56 PM
Apr 15 06:49 PM
Apr 15 03:43 PM
Apr 14 07:38 PM
Apr 13 10:04 PM
Apr 13 07:04 PM
Apr 13 07:02 PM
Apr 13 07:00 PM
Apr 13 02:24 PM
Apr 12 07:07 PM
- 1Cover Story: Tech Giants Bet on the Smart-Car Revolution
- 2Ling Huawei: Huarong Can’t Be Treated Like a Normal Company in Bankruptcy Restructuring
- 3Beijing Exhibitions: Everything You Need to See in April
- 4Update: Alibaba Fined $2.8 Billion in Landmark China Antitrust Ruling
- 5Weekend Long Read: Zhou Xiaochuan on the Key Questions Facing China’s Carbon Ambitions (Part I)
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas