BEIJING, (Reuters) – Wuxi in China is giving Nobel Prize recipients up to 10,000,000 yuan ($1.48 Million) as housing subsidies in order to lure top talent to a nation that shifts towards innovation-driven economic development.

As part of their fierce competition for skilled talent, many cities in China have offered tax reductions to recent graduates.

The most important incentives include home-purchase or rental subsidies for cities with high property values. Housing spending consumes large chunks of incomes.

Two districts of Wuxi offer home purchase subsidies worth 3 million yuan (443,203.47), to 10 million ($1.48million) for talent in “Category B”, including Nobel laureates, physics and chemical. These are some of the most expensive in China according to a Wednesday local government statement.

These subsidies are quite generous in relation to city’s average home prices. In April average home prices were 14.224 Yuan/square meter, which is 1.28 Million Yuan for a 90-square metre (969 square feet) apartment.

Yan Yuejin (research director at E-house China and Development Institute in Shanghai) said that subsidies have been granted to some other cities for home purchase. However, the amount allowed is usually between 2 and 5 million and 5 million Yuan.

Chongqing’s southwest district voted last week to award top-ranking talents with outstanding contributions by giving home purchases grants of up to 10 million Yuan.

In 2017, the talent-grabbing programs took off as inland cities like Xian or Chengdu offered attractive options to high-ranking cities along the coast for highly-skilled workers.

Xian was trying to make itself a Silicon Valley in north China. They offered home purchase subsidies up to one million yuan. Wuhan (central China’s industrial center) lured young people with two-digit discount when buying or renting homes.

($1 = 6.7689 renminbi)