Hengqin’s cooperation zone between Macau and the Chinese province of Guangdong saw the very first deal on a guarantee by a Zhuhai company of a loan from a Macau bank, the guarantee company said.
The guarantor, a financial unit under Huafa Investment Holdings Group, provided the service for a paper manufacturing company called Tango Paper, with the loan of RMB10 million (US$1.5 million) coming from Luso International Banking.
The guarantee company approached the Macau-based bank as early as January last year in a bid to explore potential partnerships. In September, it managed to secure credit of RMB100 million after months of negotiations between the two parties.
It was said that the guarantee deal was sealed last month, making the first guarantee of a loan from a Macau-based bank in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin.
That the cross-border guarantee was made successfully proved the “free inflow and outflow of capital in the cooperation zone”, Huafa said in a statement.
