MOP 6.00 Year IV
Number 771 Thursday April 16, 2015
Publisher: Paulo A. Azevedo
Closing editor: Luís Gonçalves
Caesars fall boosts 5-year record number of U.S. companies seeking bankruptcy Page 7
The Mong Ha Gate Cost overruns. Low quality. Red tape. The dire state of public works in Macau has become the “new normal”. So says Legislator Ho Ion Sang, pointing to several mega infrastructure projects. The most recent example? The reconstruction of the Mong Ha social housing and Sports Pavilion. Now on hold because of a lawsuit involving the gov’t and contractor. Legislator Ho put Secretary for Transport and Public Works Raimundo Rosario on notice that he would ask penetrating questions at his Policy Address Q & A. Demanding answers to the Mong Ha fiasco. And the wider culture of the construction industry PAGE 2
Power outage zaps city A massive power outage. Triggered by malfunctioning electrical substations. Paralysing fixed-line telephones, traffic lights and elevator services yesterday, said the gov’t. Banking services were also briefly suspended. Electricity supplies were restored at noon. Electricity supplier CEM denied the power outage had anything to do with electricity importation from Mainland China
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Residential prices to rebound
Paper trail pursuit
Economic housing law revised to speed up process Page 3
Pataca rose again in March Page 5
Luxury brands cut prices in Hong Kong Page 7
They tanked 20 pct since Q3 of last year. But housing prices have been going up since February. This quarter, they may claw back as much as 10 pct, according to Centaline Property
A U.S. workers’ union is tenaciously pursuing an answer. The International Union of Operating Engineers wants the Chief Executive’s response. Did previous CE Edmund Ho grant land rights to two local companies which subsequently claimed to have owned the Cotai land of Wynn Macau? The union asks the gov’t if official documents can be provided. And whether representatives of the Macau Gov’t were empowered under local law to grant undocumented land rights
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HSI - Movers April 15
Name
%Day
Industrial & Commerc
4.86
China Construction B
4.39
Bank of Communicatio
4.31
CNOOC Ltd
3.86
Bank of China Ltd
3.56
Fai Chi Kei lifting
China Mengniu Dairy
-2.62
China Mobile Ltd
-2.65
China Shenhua Energy
-2.82
The gov’t has approved mixed residential and commercial development located at a plot occupying nearly 5,500 square metres. In Fai Chi Kei on the northern Macau Peninsula. Adjacent to local developer Mr. Liu Chak Wan’s own residential works
Want Want China Hol
-3.70
Swire Pacific Ltd
-3.95
Source: Bloomberg
I SSN 2226-8294
www.macaubusinessdaily.com
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China slowing further China’s official figures were released yesterday. Confirming the downward trend. And highlighting a stubbornly bad performance by the property sector and factory output
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