What prize do you want if you are admitted to China's top two universities?

Students in southern China's Enping city, Guangdong province, are promised one million yuan (about $163,000) if they are admitted to Peking University or Tsinghua Universtiy, Southern Metropolitan Daily reports.

Feng Huoling, president of Enping Association of Macau, has set up a special incentive fund to lock on local talents and promote local education development.

The fund, with a total value of 30 million yuan (about $4.89 million), aims at attendees of national college examination, or Gaokao.

The money will be used to award students who are enrolled in Peking University or Tsinghua University and their teachers, between 2015 and 2021.

According to the regulation, the fund will assemble 5 million yuan (about $815,000) per year for distribution. If only one student strikes the gold, he/she will be awarded one million yuan, while his/her teachers starting from primary school will be sharing the rest of the four million yuan (about $652,000).

However, if there are three and more students involved, then the fund will add an extra one million yuan for each surplus.

Alluring as it seems, one has to meet certain criteria before he/she could claim their prize. First of all, the contestant should take the Gaokao in Enping city and be admitted to either of those two universities. Secondly, he/she should have joined the Enping hukou, a household registration system in China, for at least five years. Thirdly, he/she should have studied at local schools for three years, including two years at a high school, and graduated from one.

Meanwhile, the authorities in Enping have also set up a special fund of 6 million yuan (about $978,000) per year to encourage local schools which have made significant achievement.