New residential mortgages approved by Macao banks in October fell by a whopping 57.4 percent month-on-month to 1.3 billion patacas
Business
The SAR’s outgoing chief executive spoke of leaning into Macao’s strengths at a GBA business conference in Hong Kong earlier this week
Macao’s secretary for economy and finance Lei Wai Nong has expressed an interest, following an inspection tour in Hengqin yesterday
In interviews with mainland Chinese media, the city’s outgoing top official says Macao is ‘shifting away from a gaming-dominated economy’
Recent government data indicates that outbound trips by Macao residents have been booming this year, with a 45 percent increase during the first ten months
The new two-tier customs arrangement between the SAR and Hengqin has contributed to the increase thanks to its largely tax-free status
In its bid to diversify Macao’s economy, the government is aiming to have non-gambling industries generate over half of local GDP by 2028
When compared to the annual figures in pre-pandemic 2019 and 2023, the current rate marks an increase of 2.7 percent and 9.4 percent respectively
The August to October period experienced a small drop compared with the previous rolling three-month period, but fell by 12.4 percent year-on-year