Zhengzhou City Is Planning to Invest Billions in Metaverse Companies
Zhengzhou City is looking to open a metaverse fund of up to 60 billion yuan (~$8.5 billion) while providing further incentives for companies working on metaverse use-cases in the city.
Zhengzhou City, the capital of China’s Henan Province, is looking to invest billions in metaverse companies through various different initiatives, as revealed in their latest report.
The policy proposals that the municipal government is planning to implement are geared towards supporting companies in their city who are developing innovative metaverse products. They’re also looking to encourage others to move over as well, with firms that do set up their headquarters at the city qualified to receive funding of up to 200 million yuan (~$28.34 million), alongside other benefits that include rent subsidies and more. Companies may also be eligible to get up to 5 million yuan (~$710k) per project if it involves metaverse use-cases in the city. More cash rewards may be given if a metaverse company manages to be listed on China’s main stock exchanges.
In order to properly support metaverse development, the city is planning to set up a metaverse industrial fund featuring 10 billion yuan (~$1.41 billion), to which they plan to add 50 billion more (~$7.08 billion) by working with various investment companies and government agencies.
There seems to be no official date on when or if these funds will be available at the time of writing, but should things go as planned, the municipal government projects that the city’s metaverse industry will manage to accrue an annual revenue of more than 200 billion yuan (~$28.34 billion) by the end of 2023.
Special thanks to Forkast News for their translation of the report.