Macau Urban Renewal Limited (MUR) and the Industrial and Commercial Bank of China -Macau Limited (ICBC Macau) have signed a contract over the weekend for the syndicated loan to finance the construction of the buildings to be used for temporary and home swap housing on urban renewal projects, MUR informed in a press statement.
In a ceremony that took place last Saturday at the Macau Tower, ICBC Macau Chairperson Jiang Yisheng said that the signing of the syndicated loan agreement amounting to 13.8 billion patacas and involving a total of 23 banks in Macau is of great significance as it marks the start of a new chapter for urban renewal in Macau.
“This marks the largest syndicated loan amount with the greatest number of participating banks and the highest rate of loan subscription in the history of the construction of a livelihood project in Macau,” Jiang said.
ICBC Macau said that by leveraging the advantages of a mainstream bank, it connected and cooperated with its local peers to form a syndicated loan for MUR, and received positive responses from the industry with another 22 participating banks giving their support.
The loan approval and financing were completed within a short period, and the loan was oversubscribed with commitments exceeding the actual facility amount by 1.8 times.
During the event, MUR Chairperson of the Board of Directors Peter Lam Kam Seng thanked ICBC Macau for being the leading bank for the syndicated loan and uniting as many as 22 local banks as participants in the syndication for this important project.
Lam said that the combined effort and support from the banking industry and the government are the driving force behind urban renewal.
He also added that MUR, as a company with the mission of coordinating and promoting urban renewal projects, will push forward the revitalization of old neighborhoods under the laws and regulations and the Urban Master Plan.
Currently, MUR is focused on the construction of temporary and home-swap housing units on Lot P of Areia Preta, formerly known as the “Peal Horizon” land plot.
The project started mid-2021 with the removal of the abandoned pile caps from the previous projects, and works for the new pile foundation are underway.
According to MUR, the project is progressing according to plan and is expected to be completed at the end of 2024.
