The ‘Silicon Valley of China’ Will Give Entrepreneurs $1 Million Just to Move There
In an effort to lure in top talent, the southern Chinese city of Shenzhen is baiting millions of dollars for innovative minds to move to the area.
Scholars and professionals who transfer to Shenzhen are eligible to apply to the government for a one-time payment of $928,000, nearly six million yuan, Forbes reported. According to local media, Shenzhen is willing to put out over $680 million or 4.4 billion yuan in 2016 to maintain its standing as China’s top entrepreneurial city.
Shenzhen is located across the border from Hong Kong and has built itself up as a center for commerce, tech and international business. The city was established as China’s first special economic zone in 1980.
The city’s government announced that they will be designating 10,000 apartments over the next half decade for professionals who flock to Shenzhen. Young professionals with bachelor’s degrees launching their careers after graduation will have the perk of applying for $2,320, or 15,000 yuan in subsidies for housing. Those with their master’s or PhD’s qualify for subsidies up to $3,867 and $5,414 or 25,000 to 30,000 yuan.
Shenzhen has become a hub for innovators and has nicknamed itself China’s Silicon Valley. Tech giants in the city include Tencent, Huawei Technologies, drone manufacturer DJI and smartphone maker OnePlus.