(Yicai Global) May 23 -- Wuhan authorities have established the first batch of houses available at a 20 percent discount for college graduates who decide to stay in the city, which is capital of central China's Hubei province.

There are 392 properties available in Dongxihu district for CNY6,800 (USD1,064) per square meter, the local government said in a statement.

There are three types of property on sales including 54 and 57-square meter houses consisting of one bedroom and one living room, as well as a 70-square meter option with two bedrooms and one living room.

Residents looking for first time properties, who graduated with at least a bachelor degree during the last five years and with at least one-year experience of business start-up or employment in Wuhan, may apply to buy one of the houses.

Wuhan is seen as a pioneer among cities looking to boost the retention of college graduates as part of efforts to strengthen its talented workforce, said the head of the residential zone's management committee, adding that preparations took near one year and the city plans to roll out similar sales and leasing projects for international experts in the future.

Editor: William Clegg