The Industrial and Commercial Bank of China (Macau), Luso Bank, and the Bank of China, Macau Branch will distribute special bonds worth 5 billion renminbi (RMB) issued by the government of Guangdong Province.
A statement from the Macao Monetary Authority (AMM) said the bonds will also be marketed by the Industrial and Commercial Bank of China,the Bank of China, the Agricultural Bank of China and the China Construction Bank, all from mainland China, which will later launch products for management of personal fortunes among Macau residents.
The Land Reserve Special Bond for the Guangdong, Hong Kong and Macao Greater Bay Area, launched on 16 August, are the first project in which institutions financial institutions from Macau are involved in distributing local bonds from the Chinese mainland.
According to the AMM, the Macau Special Administrative Region (MSAR) is also the first region outside mainland China, with local financial institutions involved in the distribution of this type of bonds for cities in China.
In the future, the three banking institutions from Macau will market these bonds to the residents of Macau in the form of wealth management products, thus allowing residents to participate in the Guangdong- Hong Kong-Macau Greater Bay investment projects.
The funds raised will be used for projects of the Land Reserve of the Guangdong-Hong Kong-Macau area in the cities of Zhuhai, Foshan, Dongguan and Zhongshan.
Macau’s financial institutions invested in the bonds following the establishment of the “Guangdong-Macau Cooperation and Development Fund” in May of this year. (macauhub)