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The elite Chinese University of Science and Technology (CUST) has started building a graduate school in Shanghai, south of its main campus in eastern Anhui Province. University president Zhu Qingshi said that the school would recruit students from September this year. Three programs of modern management, software information and life sciences will be available then. The business school of the Hong Kong University of Science and Technology and the Asian research institute of Microsoft will cooperate with CUST in terms of academics for the new graduate school. Zhu said the graduate school would adopt the chief professor system. His university will invite first-class scientists worldwide to act as chief professors whose yearly salary will range from 200,000 to 500,000 yuan (US$24,000 to 60,000). They will enjoy high autonomy in establishing a syllabus and academic schedule. Zhu said he expected the Shanghai school to become outstanding in Asia in 10 years. He also hoped that the school would provide skilled people for Shanghai's hi-tech-laced Pudong New District and the prosperous Yangtze River Delta. The Shanghai school will cover 500 mu (33 hectares) and the initial investment amounts to 500 million yuan (US$60 million). The whole project is co-sponsored by CUST, the Nanhui District government and the private Shanghai Kangqiao Zhengyang Investment Company.