The fierce battle for top talent rages on and it’s come to the industrialized Chinese coastal city of Wuxi. The city is offering up to 10 million yuan ($1.48 million) in housing subsidies in a bid to attract Nobel Prize winners, according to Reuters. The home purchase subsidies are reportedly aimed at “Category A” talent, which includes Nobel laureates in physics and chemistry, and are among the highest incentives in the country.
Big cities across China and inland tech hubs reportedly have introduced incentives in recent years, such as tax cuts to university graduates, to woo talent. Rental or home purchase subsidies may be most compelling in cities where property prices have skyrocketed and housing expenses eat up a good share of personal income. For Wuxi, the subsidies are considered generous compared to average home prices, which were 14,224 yuan per square meter in April, or 1.28 million yuan for a 969-square-foot apartment, according to Reuters.
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