Macau Government Trying to Stimulate Property Market

The global financial crisis has a taken a toll in Macau's economy, as GDP growth slows to more than half, and unemployment rises drastically in 2009.

The global financial crisis has a taken a toll in Macau's economy, as GDP growth slows to more than half, and unemployment rises drastically in 2009. The country's real estate market has also suffered significantly with residential sales transactions on the fourth quarter of 2008 plunging 53.3%, quarter on quarter. The average residential transacted price fell by 21.5% during the same period. In an effort to stimulate Macau's slumping real estate, the government will provide a 4% interest rate subsidy scheme for permanent residents that buy their houses for MOP 3 million or less. Mortgage loans will also be made more available for home buyers.

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Miners Bid for Lucrative Mongolian Mine

Mongolia's coal mine – Tavan Tolgoi – is finding itself with three suitors bidding for a 49% stake.

Mongolia's coal mine - Tavan Tolgoi - is finding itself with three suitors bidding for a 49% stake. Amongst the supposed suitors are firms from Japan, Russia, China and Korea, all firms are looking to claim a huge stake in what is said to be the biggest untapped coking coal deposit. To come across such an opportunity is rares, considering that good quality hard coking coal is a rare commodity. An investment in coking coal is considered to be long term and a large asset stated on source. Despite recent prices performances, analysts believe that hard coking coal prices have a bright outlook in the future.

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Macau Draws the Line on its Casino Industry

Macau’s chief executive, Edmund Ho, is reluctant about issuing new licenses and land allocations for the creation of new casinos.

Macau's chief executive, Edmund Ho, is reluctant about issuing new licenses and land allocations for the creation of new casinos. At the moment Macau has three casino licenses and three casino sub-licenses.

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Macau 2007 Growth Domestic Product Up By 27.3%

Macau had greater economic growth in 2007 than the rest of the world due to the expansion of the gaming and tourism sector as well as strong stability of investment and local consumption.

Macau had greater economic growth in 2007 than the rest of the world due to the expansion of the gaming and tourism sector as well as strong stability of investment and local consumption. The GDP of Macau in 2007 was at around USD 19.20 billion and the per-capita amount was USD 36,357. Both of these numbers show considerable increase from 2006.

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Macau Closes in on Las Vegas After Bumper Year for Gaming Revenues

Gaming revenues in Macau rocketed more than US$10 billion (HK$78 billion) last year, a raise of 46 percent; it continues to close in on the greater Las Vegas Region.

Gaming revenues in Macau rocketed more than US$10 billion (HK$78 billion) last year, a raise of 46 percent; it continues to close in on the greater Las Vegas Region. The gaming enclave reached a record HK$81.3 billion, according to the latest figures from Macau's Gaming Inspection and Coordination Bureau. Macau's revenue was boosted by a record fourth-quarter performance, pushed up by the opening of the giant US2.4 billion Venetian, owned by the US firm Las Vegas Sands. It currently stands second largest building in the world and largest within Asia.

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Macau Site Sells for 10 Times Reserve Price

Macau land to be developed, sold for 10 times more than reserve price

A site was sold at a government land auction yesterday in Macau yesterday for 555 million patacas (HK$541.45 million), 10 times higher than the reserve price. The cite had a reserve price of 55 million patacas. The two residential sites are located in the northern part of Macau, Fai Chi Kei. The other site, with the area of 32,000 sq/ft had a reserve price of 95 million and was sold for 867 million patacas It is predicted that the retail price wills reach up to 5,500 patacas per sq/ft when developed, which will push housing prices up 25 percent this year.

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