A total of 7,652 residential flats were under construction at the end of March, and the units are expected to be absorbed by the market over the next three years.
Business
The government has been cracking down on illegal online gambling and will continue to do so, resulting in over 300 websites being shut down between 2016 and last year.
Local junket operator Suncity Group Chairman Alvin Chau Cheok Wa said on Saturday that no legal action would be taken against any media.
Wynn Resorts Ltd. unveiled plans for a US$2 billion expansion of its properties in Macau, including a theatre and museum in the world’s largest gambling market.
Mainland-based Economic Information Daily reported that local junket operator Suncity “has raked in billions of [US] dollars in online gaming and proxy betting, causing great harm to [mainland] China social economic order.”
Macau’s top junket operator Suncity said in a paid advertisement published in the Chinese-language Macao Daily News Tuesday that it didn’t operate any online gaming business and that all its operations were permitted under local government regulations.
The diversification of Macau’s economy centred on relations with Portuguese-speaking countries is essential if the territory is to find its place in the Greater Bay Area, said the chief executive of Banco Nacional Ultramarino (BNU).
The central government started issuing its first renminbi (RMB) sovereign bonds in Macau on Friday, and Chief Executive Fernando Chui Sai On said that the issuing marked a new phase of development for the city’s financial services.
China’s Ministry of Finance on Thursday issued debt securities in the amount of 2 billion renminbi, “in order to support the development of the territory’s bond market.”