(Yicai Global) Oct. 16 -- Shenyang plans to attract 700,000 graduates to work and start businesses in the city in the next five years, and it has introduced policies to encourage talents to settle there, LiaoShen Evening News reported.

Shenyang is offering entrepreneurs start-up loan support as well as rental and purchasing subsidies. Graduates under 35 with a PhD and those under 30 with a master's degree who don't own a home and take their first job or start a business in Shenyang can receive standard monthly rental subsidies of USD121 (CNY800) and CNY400, respectively, for up to three years, while non-homeowning bachelor's degree holders under 25 who start a business there can get CNY200 a month.

Authorities will grant a full subsidy policy of deed tax to students in universities, secondary vocational schools and recent graduates (within five years of graduation) who purchase commercial housing.

Students from colleges, universities and secondary vocational schools who buy commercial housing can receive CNY200 per square meter. Grads with PhD, master's degrees and bachelor's degrees that have recently settled in Shenyang and work in the city can get CNY60,000, CNY30,000 and CNY10,000 in subsidies, respectively, when they buy commercial housing for the first time.

Major Chinese cities have rolled out schemes to attract college graduates in recent years, and a news report on incentives in Wuhan garnered a lot of attention last week.