Deal reached on mortgaging of Zhuhai property by Macao banks

The Zhuhai Real Estate Registration Center and nine Macao banks have reached an agreement meant to facilitate mortgage lending across the border between Macao and the mainland Chinese city of Zhuhai, the Macau News Agency (MNA) reports.

The news agency says the agreement allows Macao residents and companies to register property in Zhuhai and mortgage it at Macao banks.

The report says one of the nine banks is Banco Nacional Ultramarino (BNU), and it quotes BNU Chief Executive Carlos Cid Álvares as saying the agreement it could mean entities in Macao doing more business in Zhuhai in general, and in particular on the island of Hengqin, where his bank has a branch.

Caixa Geral de Depósitos, a Portuguese state-owned bank, owns BNU.

The authorities in the province of Guangdong, of which Zhuhai is a part, announced last week that from September 1 Macao and Hong Kong banks would be allowed to register property they mortgage in the nine main cities of Guangdong, MNA says.