A midsize manufacturer in China has drawn attention by introducing an unprecedented benefit that transfers apartment ownership free of charge to employees who have worked for more than five years.
On the 21st, according to the South China Morning Post (SCMP), Zhejiang Guosheng Automotive Technology Co. in Wenzhou, Zhejiang province, said in a recent job posting that it will invest a total of 10 million yuan (about 2.1 billion won) to provide 18 apartments.
The move is seen as a strategic step to attract migrant workers and top talent from big cities to the region by stabilizing housing. The company determined that, given the nature of jobs requiring skill, retaining experienced staff is essential to the competitiveness of corporations.
The apartments offered are dwellings of 100–150㎡ located near the company, and ownership is transferred to the employee's name upon meeting the condition of five years of service after moving in. Employees can secure a home at a price lower than market rates by repaying only the remodeling expense to the company.
The company has already transferred ownership of five apartments this year to employees who met the conditions and plans to provide eight more next year. Notably, some of the employees who have already benefited joined as new hires, mastered their skills, and advanced to management positions.
General manager Wang Jiayuan said the housing support was planned in consideration of the large number of migrant workers in Wenzhou. Chair Tu Kaichun also expected the program to bolster mid-level management while drawing talent from big cities such as Shanghai to Wenzhou and helping them settle.