Billions to Hengqin
Some of the investments from Macau investors are valued at tens of billions of yuan in a specific zone in Hengqin Island that can be confirmed by end-June, the administration there said.
The administration will also try to lower the threshold for Macau investors, which is deemed “high” by the companies here and Chief Executive Fernando Chui Sai On.
Officials from the Administrative Committee of Hengqin met with representatives of the recommended Macau projects to develop the 4.5 square kilometre zone in Hengqin on Tuesday to brief the latter about relevant procedures.
The Macau Government announced earlier this month that it had recommended to Hengqin 33 of 87 Macau projects to invest in a zone reserved exclusively for Macau investors.
Niu Jing, director-general of the Hengqin committee, revealed for the first time in Tuesday’s meeting that the total investment amount of the 33 projects exceeds 140 billion yuan (181.45 billion patacas), the semi-official agency China News Service (CNS) reported.
The administration will assign officials to follow up on each project and provide “one-stop services” for the Macau entrepreneurs, the agency quoted Mr Niu as saying.
He stressed that they considered the cooperation with Macau as the “first task” of the works they would handle this year.
The Hengqin administration will hold separate in-depth talks with each of the 33 project investors starting next week, the agency said.
“[The administration] will prioritise in picking up the more mature projects to provide land and facilities first, ensuring a first batch of such projects in the zone can be confirmed by the first half of this year,” the agency quoted Mr Niu as saying.
Once a project is confirmed, it has to start construction within one year, the director-general said, adding that the land premiums will be based on “market price”.
According to the Macau Government, the cultural and tourism industry account for 30.3 percent of the 33 projects, whilst the logistics and trade sector is the next biggest category occupying 24.2 percent.
CNS also quoted Mr Niu as saying, “We will strive… to lower the threshold for Macau investors to invest in Hengqin, creating a more open and convenient business environment for Macau investors.”
But the official did not offer further details.
Currently, any companies that want to purchase plots of land in Hengqin must prove registered capital of at least 100 million yuan. Many small-and medium-sized enterprises here complain that this threshold is too high for them, while Macau Chief Executive Mr Chui also concurred in a Legislative Assembly session on Tuesday that the current threshold for Hengqin investment is “high”.