Average rooms rate rise across the board as the city’s hospitality industry begins to recover from the three years of the Covid-19 pandemic.
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Hike is mostly due to rises in the cost of food and fuel, the DSEC says, with rents forecast to rise in 2023.
News comes as Portugal appoints a new delegate to the multilateral body aimed at promoting trade between China and lusophone countries.
But the territory is pinning its hopes on revived passenger numbers with the ending of Covid-19 restrictions.
Concessionaire plans for the opening of phase 3 of its resort but like others is still counting the cost of the three-year Covid-19 pandemic.
The People’s Bank of China says it wants to make it easier for Macao residents to live and work in the zone.
General market recovery expected this year, however real estate executive warns ‘situation will not improve overnight’.
Geopolitical crisis, the Covid-19 pandemic and interest rate hikes by major central banks take their toll, with the AMCM forecasting enormous challenges this year.
As it emerges from the pandemic, Macao seeks to position itself as a well-rounded destination, but there are obstacles according to Alidad Tash.