The peg of the pataca to the Hong Kong dollar is an established policy of the Government and will not be changed for a long time, the Chief Executive, Mr Edmund Ho Hau Wah, said when he attended a plenary session of the Legislative Assembly this afternoon.

Mr Ho, who was answering legislators’ questions, said he understood that the increasing exchange rate of RMB had stimulated inflation; however, the pataca’s link exchange rate relationship with the Hong Kong dollar will not be changed in order to maintain financial stability.

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Posted in Economy, Macau General, Macau Government, Macau Tourism No Comments »

The world economy remained strong in the first three quarters of 2007, but the momentum tended to slowdown in the fourth quarter; however, the economy of Macau was not much affected due to the support from Mainland China. Driven by the rapid development of the gaming and tourism sector, investment surged substantially and local consumption remained robust; as a result, the economic growth for 2007 was far higher than 2006.

GDP of Macao for 2007 was estimated at US$19.20 billion, up by 27.3% in real terms and the per-capita GDP amounted to US$ 36,357. GDP for the fourth quarter of 2007 recorded an increase of 22.1% in real terms; meanwhile, the rates for the first and second quarters were revised downward from 25.7% and 31.6% to 25.2% and 30.8% respectively, but that for the third quarter was revised upward from 30.9% to 32.2%; for 2006, the rate of growth maintained at 17.0%.

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Posted in Cotai Strip, Economy, Macau Business, Macau Casino, Macau General, Macau Government, Macau Investment, Macau Tourism No Comments »

Hong Kong-based investment company Emperor International Holdings is to acquire a commercial property in Macau for HK$430 million(US$336.4 million). The site is in Avenida da Praia Grande, a central commercial area in downtown Macau. The terrace of three-story commercial buildings has a total saleable area of 10,167 square feet, and the company said the purchase will be funded by internal resources and bank financing.

“We are pleased to secure the site in view of the recent growth of the Macau economy led by the booming tourist and gaming industry,” said Donald Cheung, executive director of Emperor International. “The site is in a prime area for retail and commercial development. It demonstrates our strength in property investment and the continuous improvement of the Macau property market.”

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Posted in Emperor Holdings, Macau Business, Macau Property, Macau Real Estate No Comments »

For forty years, one man, Stanley Ho, enjoyed a monopoly to run mega casinos in Macau. That monopoly was brought to an end five years ago by the Chinese government.

The Macau authorities have since been anxious to clean up the industry and attract more sophisticated western operators. In the past, the casino industry was dogged by a very unsavoury reputation, was tainted by organised crime, the occasional shooting and gang warfare that the Portuguese colonisers seemed ill-equipped to handle.

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Posted in China, Cotai Strip, Edmund Ho, Macau Business, STDM | SJM, Stanley Ho, Venetian Macao No Comments »

Over 250 real estate, tourism, banking and finance specialist are due to meet at the 2nd Annual Investment forum to be held in Macau on April 26 and 27 to discuss the present and future of the Macau economy, the meeting’s organizers said.

“This year’s Forum will discuss the factors that will determine the future of Macau as an international investment center,” said Institutional Investor Conferences (IIC), the international organization responsible for the meeting.

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Posted in Exhibition, Macau Business, Macau Events, Macau Investment, Macau News No Comments »

Over 250 real estate, tourism, banking and finance specialist are due to meet at the 2nd Annual Investment forum to be held in Macau on April 26 and 27 to discuss the present and future of the Macau economy, the meeting’s organizers said.

“This year’s Forum will discuss the factors that will determine the future of Macau as an international investment center,” said Institutional Investor Conferences (IIC), the international organization responsible for the meeting.

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Posted in Infrastructure, Lawrence Ho, Macau Business, Macau Gaming, Macau Retail, Macau Tourism, Social and Politics No Comments »

A survey on the competitiveness of Chinese cities ranked Hong Kong on top, above Shanghai, Beijing and Shenzhen for the fifth consecutive year.

However, the growth potential rating of Hong Kong dropped significantly, with its rank dipping from second last year to fourth in 2006. Shenzhen, Macau and Beijing ran above Hong Kong.

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Posted in Development, Economy & Business, Macau Business, Macau General, Social and Politics No Comments »

Update - Again we got coming up in September 23-26, see details 11th MIF Trade and Investment Fair

According to the president of the Institute for Promotion of Trade and Investment, Lee Peng Hong, the 2006 fair, which will take place between September 23 and 26, and will have the largest attendance since the fair began in 1996. They are expecting 133 delegates from 39 countries.

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Posted in Economy, Economy & Business, Exhibition, General, Macau Business, Macau Events, Macau General, Macau News, Travel No Comments »