A knowledgeable source indicated that the value of the capital could be increased to more than MOP 2 billion.
Business
The growth of the financial sector in Mainland China will create opportunities for the banking sector in Macau as the city develops into a financial platform.
Macao’s overall residential property price index for August – October decreased by 0.5% over the previous period (July – September 2020) to 267.6.
The three-day “1st Macao Quality of Life Expo” co-organised by the Macau Jiangmen Chamber of Commerce and the Jiangmen Association of Enterprises with Foreign Investment, which started on Friday, attracted 230 companies from the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), according to a statement provided by the organiser.
Christmas and the Chinese New Year (CNY) are the peak holiday seasons in Macao, therefore the city can expect more visitors from the mainland during that time, Secretary for Economy and Finance Lei Wai Nong told reporters on Wednesday.
Macao’s gross gaming revenue (GGR) fell by 70.9% year-on-year to MOP 6.75 billion (US$843 million) in November.
Macao’s 120 hotels and guesthouses recorded 57,000 staycation guests in October, a year-on-year increase of 13.6%.
Secretary for Economy and Finance Lei Wai Nong has announced that the government has decided to give residents their annual “wealth-sharing” handout in cash next year – as in previous years.
In the government’s latest estimate, Macao’s gross domestic product (GDP) is expected to fall around 56% this year, adding that while the estimate “will be constantly adjusted” the government predicted this year’s economy would contract over 50%.