A local firm announced Thursday that it had earmarked 1 million yuan (US$125,000) to award employees who come up with innovative ideas for projects, claimed by the company to be the first award of its kind in China.

The Shenzhen-based OCT (Overseas Chinese Town) Group has decided to set aside 1 million yuan annually from this year onwards to award individuals or teams who come up with practical and innovative ideas.

This year, the award amount is being shared by 12 teams that suggested retaining the old wall of the former Shenzhen Bay Hotel at the newly opened InterContinental, planned the OCT-LOFT cultural park, the first community bicycle track in China and arranged Konka's sponsorship of a sailing boat which later won two first prizes at the Phuket King's Cup Regatta in December last year, among others.

"While most firms are awarding prizes for those who work hard and keep up the quality standards of their productions at the end of each year, we decide to do something different," said Ren Kelei, CEO of the group, at the awards ceremony Thursday afternoon.

"Following Shenzhen's drive to encourage innovation and finding new growth points through innovation, we have tried to create a culture that facilitates creation within our company. As the OCT brand is defined as the 'creator of quality life,' we hope this new award will arouse in every employee a passion to come up with their own great ideas, which will help the firm grow in the long term," he said.

Among the other winners of the innovation award were the developers of the Konka D163 mobile phone, the team that created the "Unlimited Happiness" comedy show for the Happy Valley theme park, and the team that came up with the environmentally friendly designs for the East OCT project.

The OCT Group, first set up in 1985, is a company with nearly 35 billion yuan in total assets and is involved in the real estate, tourism, electronics, hotel and packaging industries.

Editor: Yan