Company gifts Rs 1.5 crore flats to employees to attract talent, retain skilled workers

'If these employees work diligently, helping the company save a million yuan (about Rs 1.3 crore) annually isn’t out of the question,' general manager Wang Jiayuan said. (AI-generated image)

A Chinese company has announced that it would distribute 18 flats worth between Rs 1.3 crore to Rs 1.5 crore to long‑serving staff over a three‑year period. The ambitious housing incentive is aimed at boosting employee retention and drawing in skilled talent, South China Morning Post (SCMP) reported.

The automotive components manufacturer, Zhejiang Guosheng Automotive Technology, has more than 450 employees and a reported total output value of $70 million in 2024. Speaking to the media, general manager Wang Jiayuan said the initiative was designed with the company's large migrant workforce in mind, noting that the firm wanted to provide long‑term stability for technical and managerial staff.

“This year, we’ve distributed five flats. Next year, we plan to allocate eight more, with a total of 18 planned over three years,” Wang told National Business Daily. “Our goal is straightforward: to attract exceptional talent and retain our core management team.”

All the flats are located within 5 km of the company’s industrial base and range from 100 to 150 square metres — approximately 1,076 to 1,615 square feet. The average resale home in the area costs between 7,000 and 8,500 yuan (Rs 89,000 to Rs 1 lakh) per square metre.

Among the beneficiaries is a couple — both employees of the firm — who were jointly awarded a 144‑square‑metre (about 1,550‑square‑foot) home. Under the scheme, employees must sign a housing agreement and move in only after the company completes renovations. After completing five years of service, the home is officially transferred to them, with staff required to repay only the renovation costs.

Wang said the company has already purchased all 18 flats. This year’s five allocations included two employees who rose from entry‑level positions to management roles.

He emphasised that the roles eligible for the programme require “relatively high skill levels” and cannot be mastered immediately by new graduates. The initiative, he said, aligns with broader efforts to lower operational costs and improve quality.

“If these employees work diligently, helping the company save a million yuan (about Rs 1.3 crore) annually isn’t out of the question,” he added.