29 May 2024
On 29 May 2024, the Culture, Radio, Television, Tourism and Sports Bureau of Longgang District of Shenzhen Municipality issued the “Various Measures for Supporting the High-Quality Development of the Accommodation Industry in the Longgang District” (“the Measures”). The Measures proposed that enterprises that invest in building new hotels or undertaking comprehensive upgrades and renovations of existing hotels, introduce international hotel brands into Longgang District and achieve an annual revenue of at least RMB10 million, will be provided a support subsidy based on 10% of fixed assets investments. The support subsidy will be capped at RMB10 million per hotel and will be paid out in 3 instalments, such as 50%, 25% and 25% over a period of 3 years. The Measures will be effective from 13 June 2024 and will be valid for 3 years.