Chinese Village Gives Out Gold and Silver As Profit Sharing
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Villagers in the eastern China’s Jiangsu province have received gold, and silver, bars as they celebrate the 40th anniversary of a village-owned business. The Jiangsu Xinchangjiang Group is an electronics, metals and chemicals company, and a top 500 company in China.
According to China Daily, it is the second time the village has handed out gold and silver, after Li Liangbao, Chief of Changjiang village, promised to do so in 2009.
Villagers in the eastern China’s Jiangsu province have received gold, and silver, bars as they celebrate the 40th anniversary of a village-owned business. The Jiangsu Xinchangjiang Group is an electronics, metals and chemicals company, and a top 500 company in China.
According to China Daily, it is the second time the village has handed out gold and silver, after Li Liangbao, Chief of Changjiang village, promised to do so in 2009.
Jiangsu Xinchangjiang Group, who ranks 195 in China’s top 500 companies, distributed nearly 300 kilograms of gold and 300 kilograms of silver last Saturday to more than 3,000 villagers in Changjiang village.
To ensure security, village officials kept the handout a secret, only revealing the news two days in advance.
Each villager received 100 grams of gold, and 100 grams of silver bars. A villager told Chinese reporters that it was possible for a large family to receive 700 grams of gold.
Free safes were also handed out so villagers could keep their bullion safe.
This is not the first time the village has handed out gold and silver. In 2010, gold bars were given away to villagers as part of the Company’s profit sharing exercise.
Gold was reportedly requested by villagers for its investment value and reputation.
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According to Chinese reports, Changjiang village and its residents are collective owners of the Jiangsu Xinchangjiang Group, and have raked in other benefits in the past, ranging from private villas for each family to stock dividends, to cash payouts.
The Jiangsu Xinchangjiang Group is involved in eight industries, including electricity, electronics, metals and chemicals – industries where Chinese companies often make their first fortunes.
Gold prices are currently worth $64 per gram, and silver and some villagers have said they will keep the gold as a family heirloom.
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For others families, the gold will be kept and given away as a dowry.
One such villager, who plans to give a gold bar to his future son-in-law, told the Xinhua news agency:
[quote] Unmarried men and women in our village are already very popular because of our wealth. [/quote]Related News: Chinese Province Increases Minimum Wage By 23%
