The biggest e-commerce company of China, Alibaba, is building apartments to sell to its employees. These apartments will be available to employees at a discount of about 40 per cent.
The company is building 380 apartments in Hangzhou. The area of these apartments will range from 87-118 sq metre. It is expected that the construction will be completed by 2018.
To buy these houses, eligible employees will draw lots. The eligibility criteria is that the employee must have worked with the company for at least three years and be in P8 (expert) or M3 (senior manager) positions or lower.
The price of these apartments will be about 10,000 yuan per sq metre as compared to the market rate of 17,000-20,000 yuan per sq metre.
Other companies which offer similar privileges to its employees are Evergrande Group, Hengda Group and Huawei.
Evergrande Group provides free apartments to its newly recruited staff. Hengda Group also lets its employees to stay in the apartments free of charge and if the employee decides to buy their company house, it offers discounts after a certain number of years. Huawei also guarantees affordable housing for its staff near the Shenzhen factory and headquarters.
It is expected that the construction will be completed by 2018.
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