Representatives of Hengqin and Macau sign the land use right transfer agreement for the development of MNN project in Hengqin

Representatives of MUR and BOC Macau Branch sign financing agreement.

Guests from MUR and BOC Macau Branch pose for a group photo attending the signing ceremony.

A signing ceremony for the land use right transfer for the Macau New Neighbourhood (MNN) project in Hengqin was held today (9 April). In a video conference, representatives from Hengqin and Macau signed a land use right transfer agreement for the development of an integrated community in Hengqin that includes residences, education, elderly care and health care, providing one more home buying option for Macau citizens.

The online signing ceremony took place this morning on the 33rd floor of the Bank of China Building. Director of Planning and Land Resources Bureau of Hengqin New Area of Zhuhai Wang Chun and Macau Urban Renewal Limited (MUR) Chairperson of the Board of Directors Peter Lam Kam Seng and Vice Chairperson Leong Keng Seng signed the contract under the witness of Secretary of CPC Hengqin New Area Committee Niu Jing, Director of the Administrative Committee of Hengqin New Area Yang Chuan and its deputy directors Wu Chuangwei and Gao Lei, MUR Chairperson of the Board of Shareholders Ho In Mui and the Bank of China Macau Branch General Manager Li Guang.

After several rounds of discussions between Zhuhai and Macau, a consensus had been reached where the Zhuhai Municipal Government transfers the land use rights to Macau for the development of MNN through an agreement, and that MUR, a company wholly owned by the Macau SAR Government, will be responsible for the land planning and construction of the project.

Yang said that Hengqin has been actively exploring cross-border cooperation in the livelihood field, with Macau people’s interest as the starting point and goal, adding that he believes MUR would do a good job with the construction project in accordance with the requirements of the SAR Government. Hengqin will fully assist in overcoming difficulties and problems that may arise during the construction period by providing the highest quality, most convenient and most practical service, in hopes that the construction of MNN will begin as soon as possible, and be in use as early as possible, for the benefits of Macau citizens.

Lam said that as early as 2015 the Macau SAR Government began the study and planning of developing a quality living community for Macau citizens in Hengqin, which is the MNN project. Lam expressed gratitude to the long-term support and cooperation from the leaders at all levels of the SAR Government and Hengqin New Area for the project to proceed smoothly. Lam also expressed gratitude to the Bank of China Macau Branch for its full support regarding the project’s financing plan.

Bank of China Macau Branch and MUR sign financing agreement

The MNN project financing agreement signing ceremony between the Bank of China Macau Branch and MUR was also held on the same occasion. Under the witness of MUR Chairperson of the Board of Shareholders Ho In Mui and the Bank of China Macau Branch General Manager Li Guang, the agreement was signed between the Bank of China Macau Branch Deputy General Manager Cai Chunyan and MUR Chairperson of the Board of Directors Peter Lam Kam Seng and Vice President Lau Veng Seng.

The Bank of China Macau Branch Deputy General Manager Ip Sio Kai said that as a mainstream bank in Macau and being rooted in Macau for 70 years, the bank has long taken Macau’s sustainable development as its own mission and has been actively supporting the SAR Government in its policy implementation in accordance with the law, and will provide various financial services for the business development of MUR. Ip said that the signing of the MNN business loan agreement with MUR marks a new level of their bilateral cooperation.

The Bank of China Macau Branch attaches great importance to the project and will provide full support and coordination in all aspects regarding politics on a business level. This allows the Bank of China to demonstrate the advantages of its modernised business banking model with the ability to provide solutions to cross-border financing problems and to effectively manage and control interest rate and exchange rate risks of the project, in addition to supervising the whole development process in a market-oriented way of project financing to ensure that the funds are used only for the project and that the risks are controllable. The Bank of China Macau Branch will continue to support all public constructions to promote the development of Macau’s adequate economic diversification and safeguard Macau’s financial stability.

The MNN project can provide about 4,000 residential units, of which about 200 are social housing for talents. The project will be integrated with auxiliary facilities such as livelihood, transport, education, health care and community service. Once developed, these facilities will be handed over to entities designated by the SAR Government for operation. The operation and the social security system will be in accordance with the services standards of Macau to enhance Macau citizens’ living space, improve the living environment and create convenience for Macau citizens who live and work in the Greater Bay Area (GBA).

Guests who attended the ceremony included MUR shareholders Ma Chi Ngai and Cheang Kun Wai, Members of the Board of Directors Wong Chung Yuen, Tam Chi Wai and Sheng Li, Chairperson of the Board of Supervisors Paula Ling Hsião Yun and its board members Cheong Lok Tin and Vong Hou Piu, Legal Advisor Iau Teng Pio, and Company Secretary Vong Sok Hei. All staff members of the Bank of China Macau Branch General Manager’s Office, its senior banking business directors and branch business directors, customer relations directors, as well as invited guests such as lawyer Leonel Alves were also in attendance at the event.