The public company that will be responsible for developing the Macau New Neighbourhood in Hengqin was officially created about a week ago, according to information published by the Macau SAR Public Assets Supervision Planning Office, with the company charter published yesterday and only available in Chinese, newspaper Tribuna de Macau reported.
According to information shared by the company – a subsidiary of public group Macau Urban Renewal Limited – Peter Lam is also the chairman of the new company’s board of directors.
‘The company’s objective is to improve the quality and living environment of Macau residents. The scope of the operation covers the east side of Central Avenue in the new Hengqin area in Zhuhai. The south side of the small mountain of Hengqin, the west side of Tianyu Avenue and the north side of Hong Kong and Macau Avenue, where projects for the well-being of the population will be developed’, the company charter indicates.
The company has also as purposed ‘to explore, plan, sell, manage, lease and build real estate’.
The total amount of company investment amounts to RMB9.8 billion (US$1.4 billion), and the initial registered capital is RMB5.8 billion, an amount to be injected by the shareholder until December 31 of this year.
Authorities from the two sides officially inked an agreement in April this year, with Hengqin selling 194,000 square meters of land to Macau at RMB5.35 billion, for the project.
The Macau New Neighbourhood is set to include about 3,800 flats in 27 blocks only to be sold to Macau residents, as well as commercial, education, medical and social facilities.
Macau Urban Renewal Limited, the sole shareholder of the new company, is responsible for deciding the company’s management guidelines and investment plans and has the authority to elect and change board members, as well as approve budget proposals.
The Macau New Neighbourhood Development Co. Ltd. will have a general meeting composed of nine persons appointed by the shareholder whose mandate will last for three years.
The members of this assembly are responsible for presenting the activity report to Macau Urban Renewal Limited and executing the decisions taken by parent company
As far as company employees are concerned, their hiring, firing, salaries, insurance benefits and job guarantees will have to follow what is stipulated in Mainland China legislation.
These workers will also, depending on the country’s rules, adhere to pensions, medical insurance and other social benefits.
As for employees of foreign nationality, after paying taxes according to the Chinese tax regime, they can transfer their wages and any other income abroad “without limitations”.
The company’s charter was signed in Zhuhai on June 11
Macau Urban Renewal Limited stressed in its report that this year, it will dedicate itself to “deepening the normative guidelines for the improvement of the internal audit and inspection mechanisms, in order to continuously improve and elevate the administration regime, management and the level of governance’.
“It will also recruit a director-general and increase human resources, aiming to boost the development of projects in a pragmatic way, to achieve good results”, the company added.
“At this stage, the company is proceeding with the work related to applications for the purchase of housing for exchange from the promising buyers of the previous Pearl Horizon project and proceeding, in conjunction with the construction on land plot P for replacement housing, temporary accommodation housing, in order to meet the needs of temporary housing during the future urban renewal of old neighborhoods’, the company stated.
In March 2019, the Land, Public Works and Transport Bureau (DSSOPT) initiated works to vacate and reclaim the 68,000-square metre land plot where the failed Pearl Horizon residential project was planned to be developed.
Government projects to turn the reclaimed land into replacement public housing are currently under evaluation at the Urban Planning Committee, with land to be into four plots, plot A will accommodate Pearl Horizon unit buyers and will have 2,000 housing units, plots B and C will be used for temporary accommodation within the scope of urban renewal projects, and will have some 2,500 housing units.
The public company expects this project to be completed “in a few years”, while renovation works for the city’s old neighbourhoods under preliminary study phase but with buildings in Iao Hon the first to be targetted.
Macau Urban Renewal Limited recorded net losses of MOP1.44 million in 2019, with the company incorporated on May 17 of that year.