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In the five days following the launch of Shenzhen’s new round of consumer goods trade-in incentives, more than 200 million yuan (US$28 million) worth of home appliances have been sold, according to a press conference held by the Shenzhen Municipal Government Information Office on Sept.12.

Over 30,000 household appliances have been sold in the city, with more than 23 million yuan in subsidies provided, according to the conference. Additionally, 3,000 vehicle trade-in subsidy applications worth over 40 million yuan have been submitted.

Chi Weiguo, deputy director of the Shenzhen Municipal Commerce Bureau, said that 114 companies and 1,369 physical stores in the city are participating in the home appliance trade-in program.

The city has earmarked a total of 1.1 billion yuan of subsidies so that Shenzhen residents can replace their old cars with new ones, while the subsidy amount for home appliance trade-ins reaches 1.6 billion yuan, according to the bureau.

Shenzhen implemented the first round of its consumer goods trade-in program between May and August this year, which benefited over 300,000 consumers.