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Hengqin New Area will support large Macao-invested commercial complexes with furnishings, operations, and brand settlement subsidies in efforts to become an international island of leisure and tourism and to aid in the economic diversification of Macao.
A dedicated fund will be set up by the local Macao Affairs Bureau under the Interim Measures to Support the Development of Macao-Invested Large Commercial Complexes in Hengqin New Area.
Large commercial complexes, with Macao enterprises as sole proprietor or controlling shareholder, should have a floorage of more than 80,000 sq m (20 acres), and not split apart or transfer property rights for three years from the date of opening.
Hengqin New Area [File photo]
Operators of the complexes are required to offer reduced rent and property management fees to in-house characterized brands, roll out preferential policies on investment and operations, and be put in the files of the Macao Affairs Bureau to be applicable for the methods. Characterized brand stores should be registered in Hengqin and contracted to a leasing period of more than five years.
Subsidies of up to 70 percent of furnishing costs are available for the stores. The maximum subsidized amounts for eligible large chain supermarkets, large boutique bookstores, characterized cinemas, gymnasiums, and specialty restaurants are 5 million yuan ($739,720), 6 million yuan ($887,670), 1.5 million yuan ($221,915), 1.5 million yuan, and 3 million yuan ($443,830) respectively.
Meanwhile, retail stores featuring the culture of Macao (or Portuguese-speaking and Spanish-speaking countries) and new retail characterized brand stores can obtain subsidies up to 300,000 yuan ($44,277) and 1 million yuan ($147,945) respectively.
Large boutique bookstores that function as community cultural centers can receive an operation subsidy of 3 million yuan each.
Stores satisfying the above conditions and beginning operation before Dec 1 can enjoy 110 percent of the subsidy standard.
A one-off settlement reward will be granted to high-end commercial brands such as China's Time-Honored Brands and intangible cultural heritages that settle in the Macao-invested large commercial complexes for the first time.
For example, qualified direct-sale flagship stores can receive a maximum 200,000 yuan ($29,590). The 250 largest retailers listed in Global Powers of Retailing 2018 by Deloitte will be given 1 million yuan upon opening a direct-sale retail shopping mall.
Restaurants set up by last year's Brand Finance Restaurants 25, and by enterprises included in the Michelin Guide (published after Jan 1, 2018) will be granted 200,000 yuan. The first-time nominated Top 100 Catering Enterprises of China for that year can receive 100,000 yuan ($14,795).
The State Council has approved the plan for the construction of Hengqin International Recreation Island, requiring implementation of related measures.