Sin Fong owners rebut claims of interest subsidization

The management committee of Sin Fong Garden has issued a statement denying lawmaker Zheng Anting’s claim that his organization is subsidizing the interest on the loans taken out for the reconstruction of the residential building.
Zheng Anting is the vice president of the Jiangmen Communal Society. Originally, the society agreed to donate a total of MOP100 million to the reconstruction of the residential building. A ceremony was even held to announce the donation.
However, this July, the society apparently changed its discourse and declared to the public that the money was an “advance payment” instead. It also revealed that the management committee was seeking bank loans.
As reported by local Chinese paper Macao Daily News, Zheng stated that the communal society is currently subsidizing the interest for the loans, while the reconstruction is in progress.
In the aforementioned statement, the management committee “solemnly” clarified that Zheng’s claim about subsidizing the interest is completely untruthful. The committee has so far not received any interest subsidy from the communal society.
Additionally, on July 8 the management committee proposed a meeting with the communal society in the view of the media. Since then, according to the management committee, no reply has been received.
The management committee also detailed in the statement its current financial condition. It revealed that the current budget for the reconstruction of the building amounted to approximately MOP210 million.
Not including the sum agreed upon by the Tung Sin Tong, a local charity organization, the management committee has managed to fundraise about MOP70 million.
Should no new funds come in, the money will be entirely exhausted after the reconstruction bill for August is paid, the committee pointed out. AL