Hengqin to fund more stores to bring more industries

New office buildings and industrial parks are expected to locate in Hengqin New Area as additional commercial businesses are funded by the local government.

New Interim Measures dedicate 100 million yuan ($14.6 million) annually to further improve already complete supportive commercial facilities. Applications will be received each April and October until Dec 31, 2020.

Appropriate businesses that settle in Hengqin for the first time and sign a contract for more than three years will be granted a one-off furnishing subsidy of 500 yuan ($73) per sq m. The maximum for a single business is 1 million yuan ($146,070). Hong Kong and Macao entities that enjoy priority in application will be given a standard 600 yuan ($88) per sq m, with a 1.2 million yuan ($175,290) ceiling. 

Hengqin Headquarters Building

Meanwhile, one-time awards of up to 200,000 yuan ($29,215) will go toward outstanding commercial brands that have been verified by industry authorities. Eligible are Top 250 Global Retailers, the World’s Most Valuable Brands, Most Beautiful Bookstores, chain theaters with a certain scale, Michelin restaurants, National Top 100 Food & Beverage Enterprises, China Time-honored Brands, and intangible cultural heritages.

The subsidies and awards come in sequential order according to the time of application, which should be submitted after the stores open. Adamantly, a single business may only apply with one type of operation. Subsidies and awards will not be recalculated due to changes in terms of name, transfer, or merger on the same business premise.

The Hengqin New Area Bureau of Commerce will lead in implementing the rules while the application guidelines it has formulated will facilitate the process, stated a local official.

Hengqin's TCM Science & Technology Industrial Park of Cooperation between Guangdong and Macao

To apply:

1. Business entity submits application to operation management company of the office building or industrial park where it is located;

2. Operating management company verifies application materials and submits them to Hengqin New Area Bureau of Commerce (or commissioned professional service organization) in groups;

3. Hengqin New Area Bureau of Commerce (or commissioned professional service agency) examines application materials;

4. Hengqin New Area Bureau of Commerce delivers results of assessment and fund allocation plan to Hengqin New Area Administrative Committee for approval before publicizing final results;

5. Hengqin New Area bureaus of Commerce and Finance handle procedures for fund allocations in accordance with relevant provisions of centralized treasury payment.

Hengqin International Technology Innovation Center [Photos by Li Jianshu / Zhuhai Daily]