City to Offer Subsidies to More than 200,000 Employees of Qualified Enterprises

City to Offer Subsidies to More than 200,000 Employees of Qualified EnterprisesA one billion yuan in housing subsidies is being offered by the Shenzhen government to more than 200,000 employees of qualified enterprises. The said funding will come from several city and district governments.

The subsidy plan was already submitted by the Shenzhen housing bureau for the approval of the city government in turn have already arranged 500 million yuan to be divided for 100,000 key professionals in over 1,000 key enterprises. The subsidies will be issued stating January. Eligible enterprises are the pillar industries in Shenzhen namely technology, logistics, finance and culture. Other strategic and emerging enterprises are also included such as biology, internet development, and high en services can also file for subsidies.

Enterprises filing for subsidies for unqualified employees will be fined 30,000 yuan and will be disqualified for the subsidy program for next year. Individuals falsifying their applications will also be fined 30,000 yuan and will also be disqualified in applying for any government subsidized housing for the next ten years.

The subsidy program was initiated in 2010 and has already granted nearly 50 million yuan to more than 14,000 professionals in 109 qualified local enterprises.

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