Macau and Zhuhai governments have since beginning of the year started planning on a housing project in Hengqin Island.
According to the Hong Kong Economic Journal “If things go without a hitch, the residential development may soon invite applications from potential homebuyers.”
Hengqin will set aside a land plot of 180,000 square meters to let Macau build 38,000 residential flats, according to sources from Hengqin’s administration committee.
The two parties have already reached agreements in relation to the location and details like who would be qualified to buy.
The figure is equivalent to 127 percent of Macau’s annual housing construction and thus a big help in easing the city’s home shortage.
Hengqin is only 150 meters away from Macau. It’s connected to Macau with a bridge, and a 24-hour land port is already in operation.
China’s top legislature, the NPC Standing Committee, authorized the jurisdiction of Macau’s port zone at Hengqin port and extended area in October.
A “Joint Inspection & One-Time Release” arrangement is thus already in place, making it much faster for Macau residents to go through customs, which literally takes just a minute.
Currently, the average new home price in Hengqin is around 39,000 yuan per square meter, and a 15 percent discount will be around HK$3,425 per square foot, much lower than the overall average home price of HK$10,220 per square foot in Macau.