Macau Immigration Program May Be Suspended

Written on February 11, 2007 by admin

Legislators demanded suspension of investment immigration programme, expressing concerns that apartments have become unaffordable among locals.

In interviews with daily newspaper Jornal Va Kio, Ng Kuok Cheong (???) pointed out that land concessions with prices much lower than market values had resulted in an increased supply in real properties, while there is no increase in cash supply.

Although this should slow house price hikes, increase in Renminbi value and economic development means that capital from mainland China may target Macau properties for speculation.

Meanwhile, Kwan Tsui Hang (???) pointed out that situation has changed since the implementation of investment immigration policy.

The original purpose of such policy was to digest the over-supplied property market. With even an old apartment unit being sold for MOP 1 million, and criteria for investment immigration also at MOP 1 million, it will only result in poor quality investments.

She also expressed concerns that Macau’s social infrastructure cannot cope with the load of these new immigrants.

She said that more social and economic housing are actually needed for local people, especially young people, but easy home-buying schemes for immigrants means that inequality exists between the locals and people from outside Macau, exacerbating the dissatisfaction of locals on the Government.