Hengqin New Area in Zhuhai City officially sold 194,000 square meters of land to Macau this week, to be used for development of a residential real estate project for Macau locals living in Hengqin.
The RMB5.35 billion sale further highlights the push for deeper integration between Macau, Hengqin and the Greater Bay Area.
The signing ceremony was held as a “cloud meeting” due to the ongoing COVID-19 pandemic, with representatives of Macau and Hengqin signing the contract via an online video meeting on Thursday.
So-called “Macau New Neighborhood”, the cross-border residential project located at Central Avenue of Hengqin New Area, will provide 27 blocks comprising a total of 4,000 units with various business, education, medical and social facilities.
All units will be sold only to qualified permanent and non-permanent Macau residents, with prices to be kept as close to cost as possible. Any future re-sale will also be limited to transactions between Macau residents.
The Macau Urban Renewal Limited, founded by the Macau SAR Government to develop real estate projects outside Macau, will conduct the entire “Macau New Neighborhood” project through corporate finance without utilizing the public treasury.
The project is expected to be finished within 48 months after the company officially receives the land from the Hengqin government, and those living in the residential project will enjoy the same treatment and benefits as citizens living in Macau.
This project was made public in 2015 and listed as an important task on the “Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area” last year. The plan is aimed at reducing the growing housing problem in Macau.
