Business

Prices in Macau in 2016 recorded an average annual increase of 2.37 per cent due to a rise in the price of car park leases, the prices of meals bought away from home, cars and tobacco and the costs of buildings management services, reported the Statistics and Census Bureau.

Tencent Web (qq.com), one of the mainland’s largest Internet companies, announced on Monday that its coverage has been extended to Macau. The announcement was made during a press conference at Macau Tower.

The Department of Economics, University of Macau (UM) released a report stating that the region’s economy is beginning to recover and is forecast to “continue its steady growth in 2017.”

Macau Small and Medium Enterprises (SMEs) Association President Stanley Au Chong Kit said on Thursday he expected housing prices in the city to drop this year, in the expectation that the US Fed will raise interest rates several times in the year ahead.

Macau-based Banco National Ultramarino (BNU) officially inaugurated its Hengqin branch, becoming Macau’s first local incorporated bank to open a branch in the mainland.

Mass market baccarat ended 2016 with an increase in gross revenue while the mainstay of Macau casinos, VIP baccarat, saw a year on year decline, according to figures released by the region’s Gaming Inspection and Coordination Bureau (DICJ).

Secretary for Economy and Finance Lionel Leong Vai Tac said on Tuesday that the gaming tax rate was not the only factor in determining the local gaming industry’s competitiveness. Leong made the remarks on the sidelines of a press conference at the Macau Chamber of Commerce about local gaming operators’ procurement partnerships with small- and medium-sized enterprises (SMEs).

Discussion over gaming tax rates in Macau has prompted the director of the Gaming Inspection and Coordination Bureau (DICJ) to announce the possibility of amending existing casino taxation laws. Such an amendment would occur before the casino license renewal period due in the next decade.

Secretary for Economy and Finance Lionel Leong Vai Tac pledged on Thursday that the government will further promote the development of the convention and exhibition industry, with priority being given to the organisation of conferences. Leong also vowed that the government will strive to bring more “good quality” international conventions and exhibitions to the city.