Chinese company gifts renovated flats to employees after 5-year service to retain staff

A Chinese company has generated widespread envy among netizens after its boss unveiled a plan to distribute 18 flats as an incentive for employee retention, allowing staff to obtain property after just five years with the company.\nRecently, a job posting shared by a company executive revealed that employees who remain with the firm for five years would qualify for a complimentary flat, igniting fervent discussions across social media platforms.\nThe company, Zhejiang Guosheng Automotive Technology Co. Ltd., located in Wenzhou, Zhejiang province in southeastern China, specialises in automotive fastener products.\nWith a workforce of over 450 employees, the company reported a total output value of 490 million yuan (US$70 million) in 2024.\n\nWang Jiayuan, the General Manager of the company, explained that given Wenzhou’s significant migrant worker population, the firm aims to reward skilled technical and managerial personnel.\n“This year, we’ve distributed five flats. Next year, we plan to allocate eight more, with a total of 18 planned over three years,” he shared with the National Business Daily.\n“Our goal is straightforward: to attract exceptional talent and retain our core management team.”\nAccording to Wang, all flats are situated within 5km of the company and vary in size from 100 to 150 square metres. The average price of a second-hand home in this region ranges from 7,000 to 8,500 yuan (US$990 to US$1,200) per square metre.\nOne couple, who are both employees, have already received a 144-square-metre home.\n\nEmployees must sign a housing agreement and move in after the company completes renovations. Once they fulfil their five years of service, the home is officially transferred to them, and they are required to repay the renovation costs to the company.\nWang mentioned that the company has already procured 18 flats, investing over 10 million yuan. This year, five homes were given away, two of which were awarded to employees who progressed from entry-level roles to management positions within the company.\nWang underscored that the roles available necessitate a relatively high skill set, and are not positions that new graduates can master instantly; they require time and experience.\nThe motivation behind offering such benefits, he explained, is to lower operational costs and enhance quality management.\n“If these employees work diligently, helping the company save a million yuan annually isn’t out of the question, right?” he stated.\nTu Kaicun, the company’s chairman, noted that this initiative also aims to reward mid-level managers and attract top-tier talent from cities like Shanghai and Suzhou to relocate and settle in Wenzhou.\n\nIn the past, Chinese retail company Pangdonglai and its CEO Yu Donglai made headlines in China for prioritising employee well-being by introducing “unhappy leave” and implementing a “grievance award” to compensate employees who faced mistreatment or psychological distress from customers.\nThe recent situation in Wenzhou has also elicited admiration and humorous responses from Chinese netizens.\nOne user commented: “So jealous! Work hard for five years, and you get a house!”\nAnother concurred: “This is more effective than a pay rise. This move has truly enhanced the company’s reputation!”\nA third added: “It’s always someone else’s boss. I want one too!”\n