The Executive Council has completed discussions on the administrative regulation of establishing the government-owned Macau Urban Renovation Company, as announced yesterday during a press conference.
The company’s initial investment capital will be MOP100 million.
The Macau SAR government owns 96 percent of shares in the company, while the Industrial and Commercial Development Fund and the Science and Technology Development Fund possess 3 percent and 1 percent of the company shares respectively.
All of the company’s resources will come from government finances and subsidies granted by public entities.
The company will coordinate and promote activities related to urban renewal, and will be responsible for preventing the degradation and deterioration buildings in terms of hygiene, views and safety.
Additionally, the company will also promote the development of renovated spaces for a creative city.
Aside from the responsibilities mentioned, it is also proposed that the company will carry out other industrial and commercial activities related to urban renewal. It may sign cooperation agreements with public or private entities, as well as invest capital in other companies.
Council spokesperson Leong Heng Teng said that the company and the Urban Renewal Committee will co-exist after the establishment of the company.
As a business operator, Macau Urban Renovation Company will have its own secretary, board of directors and a supervisory board which will supervise the company’s operations.
“The operation of the company should be overseen by its own supervisory board according to the company’s rules,” said Leong.
According to Macau’s laws, government-owned companies must publish an annual business report.
Regarding government representatives at the company, Leong explained that the government will send representatives to the board of directors. They will not be regarded as civil servants.
Regarding the exact date the company is to commence operation, the Executive Council spokesperson could not provide the details. However, he explained that the company could start operating once its charter is published.
The charter will be announced by an executive order and it will come into effect the next day.
It is said that the company will provide more flexibility for the government, in terms of commercial discussions. JZ