100s of titles, one news app for just $10 a month.
Dive Deeper:
WA budget: $36.5m in electric vehicle rebates arrive
On Tuesday, the state government announced that the upcoming state budget will include $60 million to support electric and hydrogen…
Michael Gove is right about one thing: building more homes won’t solve anything
The UK has enough housing to go around – the problem is that the market is inefficient, says Guardian columnist…
Stodgy Tax Services IPO Looks Like What U.S. Investors Want from China Now
Key Takeaways: Lichen China has filed for an IPO to raise about $25 million, positioning itself as a potential consolidator…
Shanghai hunkers down for final COVID battle, Beijing outbreak stubborn
Shanghai was tightening its COVID-19 lockdown for what it hoped would be the final week of its battle with the…
One subscription that gives you access to news from hundreds of sites
Waterfront house in Howrah sells for $8.533 million, breaking Tasmanian real estate records
A waterfront estate on Hobart's eastern shore sells for $8.533 million, breaking the real estate record for a suburban house…
Shanghai Composite Index Rose 0.75% on Wednesday
Shenzhen Component Index closed up 1.8%
Get all your news in one place
Latest Business news:
Jeff Bezos Lashes Out at Joe Biden and The Democrats
Amazon founder had previously avoided public tussles with the federal government.
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
Renault hands Russian assets to Moscow
Moscow (AFP) - French automaker Renault has handed over its Russian assets to the Russian government, both parties announced Monday,…
First Default on Foreign Debt Likely This Week: Sri Lanka Latest
Sri Lanka is sliding into a default as the grace period on two unpaid foreign bonds ends on Wednesday, the…
Bitcoin recovers above $30,000, other crypto prices today also surge; Terra cracks 31%
Cryptocurrency Bitcoin staged a modest recovery and was up more than 2%
Elon Musk Takes a Stand in Controversial Disney Copyright Case
The copyright debate has recently been revived by a bill seeking to reduce the term of protection for original works.
From analysis to good news, read the world’s best news in one place
Facebook changing with times a decade after stock debut
San Francisco (AFP) - Facebook boss Mark Zuckerberg rang the opening bell remotely to cheers 10 years ago as the…
WA craft brewer Boston Brewery creates wet hop beers to help sustain farms
WA craft brewers are experimenting with wet hop beers that can only be made using freshly harvested, local hops. It…

Chinese city offers Nobel Prize winners $1.5 million housing subsidies

FILE PHOTO: People visit the snow-covered Jichang Garden in Wuxi, Jiangsu province, China January 27, 2018. Picture taken January 27, 2018. REUTERS/Stringer

The industrialised Chinese coastal city of Wuxi is offering Nobel Prize winners up to 10 million yuan ($1.48 million) in housing subsidies to attract top talent in a national economy that is shifting towards innovation-driven development.

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)

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.

Dive Deeper:
WA budget: $36.5m in electric vehicle rebates arrive
On Tuesday, the state government announced that the upcoming state budget will include $60 million to support electric and hydrogen…
Michael Gove is right about one thing: building more homes won’t solve anything
The UK has enough housing to go around – the problem is that the market is inefficient, says Guardian columnist…
Stodgy Tax Services IPO Looks Like What U.S. Investors Want from China Now
Key Takeaways: Lichen China has filed for an IPO to raise about $25 million, positioning itself as a potential consolidator…
Shanghai hunkers down for final COVID battle, Beijing outbreak stubborn
Shanghai was tightening its COVID-19 lockdown for what it hoped would be the final week of its battle with the…
One subscription that gives you access to news from hundreds of sites
Waterfront house in Howrah sells for $8.533 million, breaking Tasmanian real estate records
A waterfront estate on Hobart's eastern shore sells for $8.533 million, breaking the real estate record for a suburban house…
Shanghai Composite Index Rose 0.75% on Wednesday
Shenzhen Component Index closed up 1.8%
Get all your news in one place