Exclusive | Macau neighbour Hengqin, famed for oysters, has ambitions in Chinese medicine, technology
‘Hengqin has cheap land, low tax for both corporations and individuals, and a good living environment,’ official says
Hengqin, an island near Macau famed for oyster farming, is looking to expand its presence in industries including traditional Chinese medicine, technology and finance, as it seeks to attract investors and residents, according to a senior official.
The Guangdong-Macau In-Depth Cooperation Zone in Hengqin, which will turn three years old on Tuesday, will continue to offer low taxes and other policies to support its development, said Su Kun, deputy director of the executive committee of Hengqin Corporate Zone.
“Hengqin is just a few minutes by car from Macau and 40 minutes from Hong Kong, making the island an ideal hub for new start-ups, medical, finance and other technology companies to develop their businesses,” Su said in an exclusive interview on the island. “Hengqin has cheap land, low tax for both corporations and individuals, and a good living environment.”
The zone offers a 15 per cent salary tax rate for individuals, compared with the 35 or 45 per cent that high-income earners are normally subject to, while the company profit tax is also set at 15 per cent, below the normal 25 per cent.
Hengqin, which dates back to the Song dynasty in the early 11th century, has long been well known for its jumbo oysters.
