MOP 6.00 Closing editor: Luís Gonçalves
Markets scapegoat The futures market in China. In everyone’s sights. A useful resource for hedging. But a den for short sellers. And epitome of the negative mood that reversed the over-optimistic stock market
Year IV
Number 837 Friday July 17, 2015
Publisher: Paulo A. Azevedo
Page 9
Too soon to celebrate
Last Monday, casino stocks climbed. On news the Macau Gov’t had conceded the possibility of allowing smoking lounges to remain in casinos. Sterne Agee CRT says investors are overreacting. Their optimism is misplaced, they claim. Citing a member of the Macau Assembly, the brokerage says a universal smoking ban is far more likely. Political heavyweights on both sides of the border are aligned against any such reprieve Page
6
Hengqin Headstart
James Packer and Steve Wynn vie for talent in Las Vegas Page 7 Government to recruit Portuguese medical specialists Page 2 Tigerair Taiwan offers egg tarts on board to promote Macau Page 3
Construction started this week. On a Macau firm’s shopping mallcum-hotel project called ‘Sportland’. Headed by local prominent businessman Lou Wai Sek. A hotel, theatre, four-storey mall and sports facilities will occupy a gross floor area of 145,000 square metres on Hengqin.
MOP175 mln paid for enterprises’ bank loan interest in H1 Page 4
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Industrial properties still pricey The Cinderella of real estate. Industrial property prices are now falling. Plunging 20 pct y-o-y in 1H. This has not, however, translated into transactions. Market prices need to drop another 15 pct say realtors
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HSI - Movers July 16
Name
Shaking the money tree
Gov’t subsidies. In the 1H, more than MOP140.7 million helped shore up the city’s SMEs. Retailers benefited most with 38.5 pct of total loans granted. Followed by construction & infrastructure, wholesale, hotels and F&B. Since 2003, the gov’t has subsidised 8,795 local SMEs to the tune of MOP2.09 billion
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www.macaubusinessdaily.com
Budget Framework
%Day
China Overseas Land &
+4.33
China Resources Land
+4.30
Sino Land Co Ltd
+1.96
Hong Kong Exchanges
+1.75
China Resources Powe
+1.70
China Mengniu Dairy C
-1.06
Lenovo Group Ltd
-1.07
Li & Fung Ltd
-1.33
China Unicom Hong Ko
-1.81
Galaxy Entertainment
-1.97
Source: Bloomberg
Paper Trail
I SSN 2226-8294
Not as simple as it seems. The Financial Services Bureau (DSF) said yesterday that public departments now have to submit a quarterly and half-yearly budget execution report. This to the Legislative Assembly, on top of the usual annual budget execution report. But bankers and auditing associations doubt the efficacy of the initiative. Especially on infrastructure projects involving multiple years of investment
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