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Lot P temporary and home swap housing project syndicated loan contract signed today

MACAU, February 25 - Lot P temporary and home swap housing project syndicated loan signing ceremony was held today. Representatives from Macau Urban Renewal Limited (MUR) and The Industrial and Commercial Bank of China (Macau) Limited (ICBC Macau) signed the contract for the syndicated loan to finance the construction of the project.

The signing ceremony took place today at the Macau Tower. ICBC Macau Chairperson Jiang Yisheng and MUR Chairperson of the Board of Supervisors Paula Ling Hsião Yun attended the event to witness the signing of the syndicated loan contract between ICBC Macau Deputy Chief Executive Officers Chan Kam Lun, Huang Xianjun and MUR Chairperson of the Board of Directors Peter Lam Kam Seng and Vice-Chairperson Leong Keng Seng, as representatives of the respective parties.

ICBC Macau Chairperson Jiang Yisheng said in his speech that the signing of the syndicated loan agreement amounting to 13.8 billion patacas between 23 banks in Macau and MUR is of great significance as it marks the start of a new chapter for urban renewal in Macau. Faced with the ongoing impact of the epidemic and the increasing pressure on economic and social development, ICBC Macau closely follows government policy priorities. By leveraging the advantages of a mainstream bank, ICBC Macau connected and cooperated with its local peers to form a syndicated loan for MUR, and received positive responses from the industry with 22 participating banks giving their strong support. The loan approval and financing were completed within a short period of time, and the loan was over-subscribed with commitments exceeding the actual facility amount by 1.8 times. 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. This has opened up broad prospects for mutually-beneficial and win-win cooperation between banks. It also shows the determination and sense of responsibility of the banks in Macau to serve the development of Macau’s livelihood activities, promote economic recovery and diversified development.

During the event, MUR Chairperson of the Board of Directors Peter Lam Kam Seng thanked ICBC Macau as the leading bank for the syndicated loan, uniting as many as 22 local banks as participants in the syndication to do everything they can for livelihood projects.

Lam said that the combined effort and support from the banking industry and the government are the driving force behind urban renewal. MUR’s mission has always been to coordinate and promote urban renewal. MUR will, as always, push forward the revitalisation of old neighbourhoods in accordance with relevant laws and regulations and the Urban Master Plan. Currently, MUR is actively working on the construction of temporary and home-swap housing units on Lot P. The project began in the middle of last year, where abandoned pile caps on the site have been removed, existing piles have been tested and works for the new pile foundation are underway. The project is progressing according to plan, and is expected to be completed at the end of 2024.

The participating banks are (in no particular order) Industrial and Commercial Bank of China (Macau) Limited, China Construction Bank Corporation Macau Branch, Tai Fung Bank Limited, Banco Nacional Ultramarino, S.A., China Guangfa Bank Limited, Macau Branch, Banco OCBC Weng Hang, S.A., Luso International Banking Limited, CMB Wing Lung Bank Limited, CITIC Bank International Limited Macau Branch, Banco Comercial de Macau, S.A., Agricultural Bank of China Limited Macau Branch, Hang Seng Bank Limited, Macau Branch, First Commercial Bank Ltd, Chong Hing Bank Ltd., Macau Branch, Bank of Communications Co., Ltd., The Hongkong and Shanghai Banking Corporation Limited, Macao Development Bank Limited, Banco Comercial Português, S.A., Hua Nan Commercial Bank, Ltd., Banco Well Link, S.A., The Bank of East Asia, Ltd, Macau Branch, Bank Sinopac Company Limited, Macau Branch, The Macau Chinese Bank Limited.

Guests who also attended the event include ICBC Macau Deputy Chief Executive Officer Zheng Bin, Customer Director and legislator Lo Choi In, lawyer Vong Hin Fai, MUR Vice-chairperson of the Board of Directors Lau Veng Seng, Board Members Wong Chung Yuen, Tam Chi Wai, Sheng Li, Wang Yu, Members of the Board of Supervisors Cheong Lok Tin and Vong Hou Piu, legal consultants Iau Teng Pio, Chau Seng Chon, Company Secretary Rosita Vong Sok Hei, and representatives of each of the participating banks.