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Macao to Continue Subsidies for House Buyers
The Macao Special Administrative Region (SAR) government will set aside one billion patacas (125 million US dollars) as subsidies for the local residents who will buy houses as of July 1.
Those aged at 18 or above, without their own houses, can apply for the subsidies to purchase a house at a price of less than 750, 000 patacas (93,750 U.S. dollars), according to Ao Man Long, Secretary for Transport and Public Works, who added that the residents can obtain the bank loans at a preferential interest rate, four percent less than the normal level.
This is the second-term government plan on residence subsidies, which will remain effective for a whole year, he announced.
The decision was made after gauging the fiscal burdens of the SAR government and the practical situation of the Macao residents, in an effort to improve the people's living standard, according to Ao.
Real estate dealers welcomed the decision of the government, believing that it will give another impetus of the real estate business which has been picking up.
The first-term plan, which will end by the end of June, has benefited more than 1,300 residents and their families.
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