Sales and rental prices for shop units and office and industrial building spaces have continued to drop but housing prices will not go further down with prices returning to the level they were at the start of the year, Centaline (Macau) Property Agency Director Jacky Shek Pou Tak predicted on Tuesday. Shek made the forecast … Continue reading "Centaline sees no further drop in housing prices"
30 Sep, 2015
Mainland authorities are striving to draw up a preliminary scheme within the year that would allow local currency to be used in Hengqin before they move to seek approval from the Chinese central bank. This information was revealed by Hengqin New Area Administrative Committee director Niu Jing on the sidelines of a session exploring financial … Continue reading "Macau currency to be used in Hengqin"
23 Sep, 2015
Macau’s real GDP in 2015 will probably contract sharply by 21% as the anti-corruption campaign in China will continue in 2015-16, according to the Economist Intelligence Unit (EIU) latest report. In this report, dated 21st of September, EIU analysts predict spending in Macau’s casinos will probably begin to expand again by the last few months … Continue reading "EIU predicts Macau’s real GDP will contract 21% this year"
22 Sep, 2015
Macau’s composite consumer price index (CPI) rose 4.64 percent year-on-year last month, the Statistic and Census Bureau (DSEC) said in a statement on Monday. According to a DSEC statement, inflation has eased continuously since May, with last month’s rate dropping further by 012 percent-age points from July, when growth stood at 4.76 percent. Last month’s … Continue reading "Macau Inflation eases to 4.64 percent"
22 Sep, 2015
Dozens of depositors in local junket operator Dore Entertainment Company submitted a petition to the Liaison Office of the Central People’s Government on Wednesday, urging it to help them get back their funds which they deposited in the company, involving at least HK$700 million, according to some of the investors. The petition came after news … Continue reading "Macau Dore depositors submitted petition over funds"
17 Sep, 2015
The Macau government’s receipts dropped 32.3 percent year-on-year to 72.7 billion patacas in the first eight months of the year, the Finance Services Bureau (DSF) announced on Monday. The government’s income from direct gaming taxes fell 35.5 percent to 58.58 billion patacas. Gaming tax payments accounted for 80.6 percent of the government’s total revenue between … Continue reading "Macau Government income drops 32.3 percent in January-August"
15 Sep, 2015
The new real estate mortgage loans (RMLs) approved by Macau banks decreased 23.9 percent year-on-year in July, according to figures released by the Monetary Authority of Macau. New RMLs increased 6.6 percent month-on-month, reaching MOP4.2 billion in value, and 96.6 percent of them were granted to residents. In terms of value, new RMLs to residents … Continue reading "Macau Real Estate mortgage loans decrease"
14 Sep, 2015
Some local lawyers are interested in providing legal services in partnership with their mainland counterparts on Hengqin Island, Macau Lawyers Association (AAM) President Jorge Neto Valente said on Sunday. However, he was quick to add that no one had yet put the idea into practice. Heading an AAM delegation of 19 to Gansu province, Neto … Continue reading "Macau lawyers ‘interested in Hengqin partnerships’"
7 Sep, 2015
Macau secured its AA- rating from the international agency Fitch Ratings, despite its forecast of 16 percent economic contraction in the region this year. According to a press release issued last Friday, the evaluators expressed their belief that the territory was capable of diversifying its economy outside VIP gaming and of withstanding the structural economic … Continue reading "Macau economy to contract 16 percent, says Fitch Ratings"
7 Sep, 2015
Macau’s gross domestic product (GDP) dipped to its lowest since 2011 as high-stakes gamblers avoided the world’s largest casino market amid the mainland’s widening crackdown on graft and an economic slowdown. GDP tumbled 26.4 percent year-on-year in real terms in the second quarter, the Statistics and Census Bureau (DSEC) said in a statement. The drop … Continue reading "Macau’s GDP shrinks 26.4 percent in Q2 – lowest since 2011"
1 Sep, 2015
Macau’s trade balance posted a 43.463 billion patacas (US$5.432 billion) deficit in the period from January through July, down 2.89 percent over the 44.760 billion recorded in the same period of 2014, indicates the Statistics and Census Service. During the first seven months of the year Macau exported products worth 6.397 billion patacas, up 10.6 … Continue reading "Macau’s trade balance with US$5.432 billion deficit from January thru July"
1 Sep, 2015
Local lender Banco Nacional Ultramarino (BNU) is applying to the mainland authorities to set up a branch on Hengqin Island, the Portuguese bank’s executive director Ronald Kan Cheok Kuan said on Thursday, adding that BNU was also in discussion with the University of Macau (UM) about opening a branch on its new campus on the … Continue reading "BNU plans to open Hengqin branch"
28 Aug, 2015
The consumer price index last month rose by 4.76 percent year-on-year to 106.13, down from 4.91 percent the preceding month, reported the Statistics and Census Service. The increase was said to be due to higher rentals for dwelling and rising costs of eating out. Compared to July 2014, notable hikes were seen in the price … Continue reading "Macau inflation returns to 4.76 percent in July"
26 Aug, 2015
Police have arrested 17 men and women on suspicion of credit card fraud involving the equivalent of 350 million patacas, a Judiciary Police (PJ) spokesperson said during a special press briefing on Tuesday. The spokesperson said the police recently received a tip-off that several jewellery shops and electronics shops in ZAPE were using POS (point … Continue reading "Macau police nab 17 for 350 million patacas card fraud"
26 Aug, 2015
A Judiciary Police (PJ) spokesperson said on Monday a man lost over 6,000 yuan to a suspicious app after it had gained access to his bank account through his phone. The spokesperson told a regular Monday’s press briefing the victim told the police that after connecting to a local WiFi network in a public place … Continue reading "Macau app hacks bank account to steal money"
25 Aug, 2015
The number and value or real-estate transactions rebounded in the second quarter after three consecutive quarters of decline, the Statistics and Census Bureau (DSEC) announced on Monday. In the second quarter, 3,038 building units and parking spaces were bought and sold at 18.03 billion patacas as per stamp duty records, up by 63.7 percent and … Continue reading "Real estate market of Macau rebounds in Q2"
18 Aug, 2015
Macau’s mass gaming market could be negatively impacted by China’s devaluation of the yuan, according to Union Gaming Research analyst Grant Govertsen. “Based on the current two-percent decline in value of the renminbi, we would expect the mass market story to be negatively impacted by up to two percent over the coming weeks or months,” … Continue reading "Yuan devalution could negatively impact mass gaming market in Macau"
13 Aug, 2015
The latest statistics from the Monetary Authority of Macao indicate that new approvals of both residential mortgage loans (RMLs) and commercial real estate loans (CRELs) have increased in June. The total outstanding balance on the loans also witnessed an increase. June recorded MOP3.9 billion worth of new residential mortgage loans being approved by Macau banks, … Continue reading "Macau new mortgage loans increase in June"
12 Aug, 2015
Gymnast-turned-entrepreneur Li Ning had a simple message for local youths aspiring to start a business on Monday: don’t be fazed by any hurdles or challenges and look for opportunities that lie beneath them. Li was a speaker of a seminar co-organized by the Macau Trade and Investment Promotion Institute (IPIM) and the Macau Youth Entrepreneur … Continue reading "Li Ning tells aspiring entrepreneurs from Macau: seize opportunities when facing challenges"
11 Aug, 2015
Considering that the city’s average monthly gross gaming revenue continues to exceed the 20 billion patacas threshold stipulated by the 2015 Budget Amendment Law, there is no need for the implementation of austerity measures for the time being, Secretary for Economy and Finance Lionel Leong Vai Tac said in a written statement released by his … Continue reading "Austerity measures averted in Macau for now"
4 Aug, 2015