Wynn’s Macau casino has now been delayed twice in recent months
China’s economy may not be headed for a hard landing, but the high rolling days in Macau’s casinos seem to have already fallen off a cliff, as one of America’s biggest gaming companies puts the brakes on a $4 billion resort project in the gaming haven. Plus Vanke’s Wang Shi thinks the government might still save his job and Greenland Group wants to give Jack Ma some competition in China’s ecommerce market. Read on for all these stories and more.
Wynn Delays Opening Macau Casino Amid Slump
Wynn Resorts Ltd. expects to open its Wynn Palace casino resort in Macau on Aug. 22, another delay for the $4 billion hotel project in the Chinese gambling enclave. Last year, Wynn said the big hotel project in the Cotai area of Macau would open in June, instead of March.
Gambling revenue in Macau, which had been a growth area for the casino industry, is in the midst of a prolonged slump, as an anticorruption drive in China has led to a decline in the number of high rollers that generate the bulk of the sector’s revenue. Read more>>
Wang Hints Regulators Would Protect Vanke Board
Wang Shi, the founder and chairman of China Vanke, has attempted to reassure investors in the embattled firm that market regulators would step in if the company’s largest shareholder Baoneng Group did anything to hurt the company’s operations, or its share price.
“The majority shareholder cannot do whatever it wants, for example suddenly proposing to remove all the directors and advisors — we still have regulators, ” Wang told the firm’s annual general meeting in Shenzhen on Monday, another day which saw yet more twists and turns in the saga. Read more>>
Greenland Group Turns to Cross-Border Ecommerce to Spur Growth
Shanghai-based Greenland Holding Group, one of the mainland’s three largest property developers, is speeding up diversification into non-property businesses and seeking to bolster a newly launched cross-border e-commerce trading platform.
Greenland said it initially targeted annual sales of 2 billion yuan (HK$2.36 billion), taking a substantial step toward tapping increasing demand for foreign-made consumer products among mainlanders. Read more>>
Suburban Homes Big Sellers as Shanghai Prices Continue to Climb
NEW home buying sentiment in Shanghai climbed above the 300,000-square-meter threshold last week amid ample supply, latest market data suggest.
The area of new residential properties sold, excluding government-funded affordable housing, rose 20.6 percent to 328,000 square meters during the seven-day period ended Sunday, Shanghai Centaline Property Consultants Co said in a report released today. Read more>>
HK Home Loans Rise to Highest Level Since 2008
Hong Kong home buyers are seeking larger mortgages, with lending now at an eight-year high as home prices continue rising, according to the mReferral Mortgage Brokerage Services.
The mortgage broker says 35.1 per cent of its clients are now opting to borrow between 70 and 90 per cent of their purchase value — the highest proportion since its started researching the market in January 2008.
“That reflects just how high home prices remain,” said Kostka Cheung, mReferral’s chief operating officer. Read more>>
Shanghai Property Developer Abandons Real Estate for Art
According to a lengthy story in the South China Morning Post, Chinese real estate impresario Dai Zhikang had made the “bold” decision to get out of property investment and look to investing in the arts.
The founder and chairman of Shanghai’s Zendai Group compared the recent property market rise to a “dead cat bounce,” according to the article, saying he wants to rebuild Zendai “top to bottom.” In order to do this, “he singles out culture, financial services and investment among a clutch of sectors including the internet, as becoming the new driving forces of the mainland economy.” Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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