Business sector seeks stronger incentives for urban renewal

The local business community is calling on the government to address property ownership bottlenecks and offer stronger incentives to accelerate redevelopment in older districts.

The local government held a dedicated consultation session for the commerce and finance sectors at Government Headquarters recently as part of preparations for the 2027 Policy Address. Chief Executive Sam Hou Fai, accompanied by five secretaries, listened to representatives from 16 associations on next year’s policy directions.

Discussions covered a wide range of issues, including implementation of the Third Five-Year Plan, four major infrastructure projects, Macau-Hengqin integration, urban renewal, support for small and medium-sized enterprises (SMEs), expansion of the China-Portuguese-speaking countries platform, talent recruitment and MICE development.

According to a statement from the Government Information Bureau (GCS), several representatives raised concerns about the pace of urban renewal, arguing that current redevelopment incentives were insufficient and that long-standing property ownership consolidation issues continued to hinder the revitalization of older districts.

Others pointed out that commercial building vacancies and the reactivation of industrial buildings also required urgent attention, calling on the government to put forward practical solutions.

On SME support, participants generally agreed that community economic activity needed a boost and that government assistance should be increased. Some representatives also suggested expanding preferential policies for the Guangdong-Macau In-depth Cooperation Zone in Hengqin and promoting “Macau standards” overseas to strengthen the city’s role as a “precise liaison” within the China-Portuguese-speaking countries platform.

According to the GCS, Sam told the meeting that Macau was at a critical stage of development and that the commerce and finance sectors must proactively embrace innovation and change to enhance their competitiveness.

He noted that the newly unveiled Third-Year Plan incorporated Macau’s national positioning and represented a major initiative to integrate into and serve the country’s overall development, adding that the opportunities brought by the plan were closely linked to all industries.

On Macau-Hengqin integration and the four major projects, Sam acknowledged that these efforts would take time but expressed full confidence in achieving the relevant goals. He called on the industry to work with the government, tackle challenges head-on and seize opportunities to create a new chapter of high-quality development in the ‘One country, two systems’ practice with Macau characteristics.

Meanwhile, the government launched yesterday a month-long public consultation on the 2027 Policy Address, calling on all sectors of society to actively contribute their ideas and help shape the city’s future development blueprint.