Hegarty was taking part in his second Macau Grand Prix after finishing 16th past year.
The statement added that Hegarty died while he was being transferred to hospital.
During the Macau Motorcycle Grand Prix, which takes place on the same weekend, disaster struck as 31-year-old Daniel Hegarty crashed at high speed into a barrier.
TWITTERNorthern Irish rider Glenn Irwin paid tribute to Daniel Hegarty on Twitter
"Daniel's family and team have been contacted, and the Committee will ensure every assistance is extended to them".
Irwin was leading Peter Hickman in the race by 1.1 seconds when the red flag came out following the incident at the end of lap six.
Paul Bird Motorsport rider Glenn Irwin was declared the victor of the Sun City Group Macau Grand Prix 51st Edition following a red flag on the sixth lap of the 12-lap race.
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Speaking afterwards, the victor said it "was not a celebration".
Glenn Irwin: "I appreciate all the congratulations, but the result is irrelevant, and all our thoughts are with Dan's team and family at this very sad time".
"It's a tragic end to the day".
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Portuguese superbike racer Luis Carreira died in a qualifying accident at the same venue five years ago and in 2005 Bruno Bonhuil died in Macau after crashing his Suzuki.
Hegarty's girlfriend Lucy Draycott said she had lost "the love of my life". "That's road racing and it's tough".
In a statement, BMW Motorrad Motorsport said that it "would like to express its honest condolences to Hegarty's family, friends and team at this hard time".
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