Macau Urban Renewal Limited records loss in 2019

Government-owned Macau Urban Renewal Limited recorded an investment loss of 1,439,932 patacas in 2019, according to the Follow-up Committee for Public Finance Affairs of the Legislative Assembly (AL).
Yesterday, the committee followed up on the operation status of the Macau Urban Renewal Company, Macau Science Museum, and Macau Slaughter House Ltd.
The registration cost of the Macau Urban Renewal Limited is more than 100 million patacas. Last year, the revenue of the company was 976,600 patacas and the total expenditure was 2,416,532 patacas.
The committee was mostly concerned about the Macau New Neighborhood project in Hengqin.
The land plot involved in the Macau New Neighborhood project is worth more than 5.8 billion yuan. Bank of China will loan 5.8 billion yuan to the government company with an interest rate of 3.5%. The loan will not be guaranteed by the government.
The AL committee questioned which party should be responsible if the Macau New Neighborhood project loses money. The loan only covers the price of the land plot. The Macau Urban Renewal Company will need the finance to ensure the construction working capital needs are covered. JZ