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          CHINA> Regional
          Beijing to subsidize new TNC headquarters
          By Hou Lei (chinadaily.com.cn)
          Updated: 2009-06-29 17:32

          Transnational corporations that establish new headquarters in Beijing will receive government subsidies of up to 10 million yuan (US$1.47 million), according to a new regulation issued by the Beijing Municipal Commission of Commerce Monday.

          Related readings:
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          Beijing to subsidize new TNC headquarters US-based transnational company starts R&D center in Shanghai
          Beijing to subsidize new TNC headquarters More transnational companies turn to west
          Beijing to subsidize new TNC headquarters Foreign investment freefall eases

          Beijing to subsidize new TNC headquarters China hopes for more investment from multinationals

          The government will pay 30% of those companies' office building rent in the first year. For those who build or buy their own office buildings, the government will offer a subsidy of 1,000 yuan (US$147) per square meter.

          Among the newly-headquartered companies, those with annual business revenue of over 1 billion yuan (US$147 million) will also receive prize money of up to 10 million yuan (US$1.47 million). One chief director from each corporation will receive 1 million yuan (US$147,000) in prize money from the municipal government as well.

          Other preferential policies for transnational companies include senior Chinese executives getting a Beijing “hukou” (permanent residence permit) without limitation of age and education level. Foreign high-ranking executives will also receive five-year resident cards without hassle.

           

           

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