In this undated photo, skyscrapers border a lush green landscape in the central business district in Shenzhen, Guangdong province. (PHOTO PROVIDED TO CHINA DAILY)

Shenzhen’s Futian district on Tuesday unveiled new supportive policies targeting the technology industry to help address difficulties facing market players and drive technological development. 

According to the local government, support will be provided in various areas, including industrial space, financial resources and research innovation.

The government said it is stepping up efforts to construct a number of such buildings to provide high-quality and lost-cost industrial space for tech companies

Xiao Guangfeng, deputy head of the district’s science, technology and innovation bureau, said the government will offer “the best” services to tech companies in the district with “a sincere heart” and strive to ensure Futian has the world’s most favorable business environment to fuel high-quality development of businesses.

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Development space has been one of the major challenges for tech companies in the district, located in the downtown area of Shenzhen, given the high cost of land and housing. 

According to international real estate services provider Savills, average monthly rents for Grade-A offices in Futian district stood at 199.8 yuan ($28) per square meter in the first quarter, higher than the city’s average of 176 yuan. 

Futian will offer up to 15 million yuan in financial support to tech enterprises which buy offices in the district. Subsidies capped at 10 million yuan will be granted to those that lease offices in specific buildings tailored for tech companies. 

The government said it is stepping up efforts to construct a number of such buildings to provide high-quality and lost-cost industrial space for tech companies, with social capital being encouraged to participate in the construction.

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For tech companies that seek to raise funds through mortgaging or securitization of their intellectual property, the district government will provide 70 percent of their financing costs in support. 

Futian district is currently home to over 1,500 national-level high-tech enterprises, with the industry’s value-added hitting 77 billion yuan last year. More than 150 high-end technological research projects have been developed in the Shenzhen-Hong Kong Innovation and Technology Cooperation Zone at the Lok Ma Chau Loop.

Contact the writer at sally@chinadailyhk.com