Ex-farmers in Xinqiao count bonuses
Print Edition
The change from farmers to urbanites has come with a bonus for members of the Xinqiao Joint Association of Rural Collective Assets.
For the past three years, the former villagers, now urban residents in Xinqiao Town, have received a total of 87.62 million yuan (US$14.5 million), with a dividend per share that has increased from 16 yuan in 2011 to 17.5 yuan in 2013. The annual bonus in 2013 came from association profits of 65 million yuan.
Half of the profits will be used for reinvestment and the remaining 32.75 million yuan will be paid directly to the 27,778 association members as an annual bonus, according to Sang Weiguo, director of the town’s department of financial affairs management.
“We were amazed when we were told that we could receive an annual bonus the first time in 2011,” said Zhou Chunfang, 50. “My family owns 238 shares and were paid more than 4,000 yuan as a bonus early last year.”
Optimistic members
As a member of the association, Zhou said her family, along with many other members, is optimistic about the prospect for bigger profits.
During the transition to urban residents in 2004, the villagers who lost their farmland received compensation of 25,000 to 29,000 yuan per mu (0.067 hectare) and a monthly pension of 730 yuan.
As for the collective rural assets valued at 3.6 billion yuan, Xinqiao came up with a solution at the end of 2009 — the Xinqiao Joint Association of Rural Collective Assets, to manage the land for the benefit of the urbanized villagers in the town.
The association was set up with an elected board and a supervisory board.
A total of 1.7 million shares were allocated to those qualified for membership, based on a complicated and comprehensive calculation using the area of land per person, the amount of years they farmed and other factors.
Most of the revenues of the association come from property leasing and investment.
As of the end of 2012, it had 96 percent of its land leased out to factory buildings that cover a total area of 470,000 square meters.
In 2008, Xinqiao made a bold move to invest in the Caohejing High-Tech Park and purchased 40 percent of its shares of stock.
The investment decision proved to be smart, and it delivered more than 30 million yuan in profit in 2013.
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