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Handover of Land Fund of Macao SAR CompletedWith a total sum of 10.185 billion patacas (US$ 1.27 billion), the land fund of the Macao Special Administrative Region (SAR) was handed over to the Macao SAR government Friday night.On December 20 last year, Chinese Vice-Premier Qian Qichen, on behalf of the central government, had handed the certificate of the land fund to Edmund Ho Hau Wah, chief executive of the Macao SAR. However, relevant accounts were not settled well until Friday night. During the period, large quantities of documents concerning the land fund were gradually handed over to the SAR government, said Yang Runzhen, former chief representative of the Chinese delegation of the Sino-Portuguese Land Group. According to the Sino-Portuguese Joint Declaration signed in 1987, all income obtained by the Portuguese Macao government from granting new land leases and renewing leases shall, after the deduction of the cost of land production, be shared equally between the Portuguese Macao government and the future Macao SAR government. The part of land fund belonging to the Macao SAR government had been kept and managed well by the Chinese delegation of the Sino- Portuguese Land Group before the establishment of the Macao SAR government. The land fund of the Macao SAR includes two parts: the land income itself and the earnings from banking deposits and investment. Over the past years, the Chinese delegation managed to bring about the greatest profits at a lower cost. Over the past 10 years and more, the part of income of the SAR from land deals added up to 6.9 billion patacas (862.5 million dollars), and banking interest and investment returns were about 3. 27 billion patacas (408.75 million dollars), Yang Runzhen said. The Macao SAR government has entrusted its subordinate Macao Monetary Authority to manage the fund, said Francis Tam Pak Un, secretary for economy and finance of the SAR government. In accordance with an order from the chief executive, the fund will be set aside as a special kind of fund and a consultation committee will be set up to ensure good management and use, Tam Pak Un said.
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