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The free-trade zone in Shenzhen, mainland China, run by the Qianhai Authority, which is seeking to lure Hong Kong and Macau talent. Photo: Xinhua/Liang Xu

Subsidies, millions in cash rewards, low-rent flats and transport allowances among incentives by Qianhai Authority to lure Hong Kong, Macau talent

  • Measures are under 36 initiatives spelt out to encourage entrepreneurs aged 18 to 45 to develop businesses in area

A special economic zone in Shenzhen will grant subsidies, cash rewards numbering millions of yuan, low-rent flats and transport allowances to attract young talent from Hong Kong and Macau.

These are under 36 initiatives rolled out recently by the Qianhai Authority to encourage entrepreneurs to start their own businesses in the 15 sq km Qianhai free-trade zone on the west coast of Shenzhen.

The move came weeks after tax relief measures were launched by the second plenary meeting of Beijing’s leading group for developing the “Greater Bay Area”. Under that decision, high-end talent from Hong Kong and Macau working on the mainland would be given tax breaks, in a bid to boost innovation and entrepreneurship among the young in the region.

The bay area plan aims to integrate Hong Kong, Macau and nine mainland cities into an economic powerhouse. Chaired by Premier Han Zheng, the leading group is steering the 11 cities under a target to rival Silicon Valley by 2035, according to a development framework laid out by Beijing.

Construction in the free-trade zone in Shenzhen. Photo: Xinhua/Liu Dawei

“[The 36 measures] are designed to build a stage and create favourable conditions for young people from Hong Kong and Macau to develop in Qianhai ... to expedite Hong Kong and Macau to integrate [under] national development,” said the Qianhai Authority in a preamble of a paper presented.

According to the measures, the Qianhai Authority will offer a supporting fund of as much as 50 million yuan (HK$58.2 million) to qualified start-ups with core members from Hong Kong or Macau.

Companies founded by Hong Kong and Macau owners in Qianhai will be awarded a maximum prize of two million yuan if they successfully get listed in Shanghai, Shenzhen, Hong Kong, London, New York or Tokyo.

Other than the carrots dangled to entrepreneurs, professionals are also highly sought after.

An employer in Qianhai and his or her worker from Hong Kong or Macau will each be provided with a one-off subsidy ranging from 20,000 yuan to 50,000 yuan depending on the employee’s academic degree.

Flats designed for Hong Kong professionals will be built, while thousands of low-rent homes have been available for application for almost three years.

The authority also promised to ease the cross-border crunch by operating frequent shuttle services between Qianhai and three border checkpoints with Hong Kong, as well as providing transport allowance.

Local residents and mainland Chinese graduates from Hong Kong and Macau, aged 18 to 45, are eligible for the raft of goodies.

Yvonne Wong Lai-fong, general manager of Qianhai International Liaison Services Limited, said the incentives did not imply Qianhai was not attractive enough.

“Governments around the world who are determined to development the innovation and technology industry are adopting the same policy, because the sector is facing a relatively high market entry barrier,” she said.

The high-speed rail link to Shenzhen no one told Hong Kong about

Wong urged the Qianhai Authority to release details soon on the implementation of the measures.

“I haven’t heard any plan about flats for Hong Kong professionals, but the Qianhai innovation and entrepreneur hub is set to expand. Maybe there will be some projects there,” she said.

Wong added that housing demand from Hongkongers working in Qianhai was not large. “Many people, including me, make day trips back to Hong Kong.”

By the end of February, Qianhai had more than 11,000 Hong Kong companies, totalling investments beyond US$103.5 billion (HK$811.9 billion).

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