Billionaire to receive housing refund

Billionaire to recieve housing refundThe founder of the Tencent group Ma Huateng will be receiving a housing allowance from the Shenzhen government. According to a human resources and social security bureau website, Ma will be fully refunded for his purchase of a 100 square meter apartment in Shenzhen.

Thirty percent of the amount is payable immediately after purchase, and the remaining amount is paid monthly over the span of five years. Ma is one of the 684 people that will be receiving third quarter allowances from the government including Xu Shaochun board chairman of Kingdee International Software group. An anonymous person posted this information in several web forums which sparked controversies that many are saying that the government should not be spending taxpayers money on rich people apartments when housing prices are high even for most people to afford.

This is an effort of the Shenzhen government to attract high caliber professionals, by offering housing allowances to people. Those found eligible can be refunded for purchases ranging from 100 to 200 square meters.

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