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- Macau is the Las Vegas of
the Far East, in 2004 producing $5.4bn gaming
revenue
- With China & Asia’s rapidly growing
middle class, Macau gaming revenue is now
higher than Vegas and should surpass Vegas for
visitor numbers by 2010
- 20 new casino hotels will be built
in the next 5 years at cost of $10bn in an
area 3% the size of Hong Kong
- Completion of the Hong
Kong—Macau bridge
in 2009 will enable travel from Hong
Kong to Macau by car or rail in under 30
minutes
- Macau
prices average roughly ONE THIRD of similar
property in Hong Kong
- Despite a small population
of only 500,000, Macau receives over 25 million
visitors each year
- Domestic tourism is doubling
in China every decade, over 720m Asians live
a 2 hour flight from Macau
- GDP Growth 10%+ per annum
in Macau each year for past 5 years
- 70% loan-to-value
mortgages over 30 yr repayment terms with
low interest rates
Capital Gains Tax = 0%
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As
one of the very few locations in Asia where
casino gaming is legal, Macau is set to
emerge
as Asia’s entertainment capital. With
the opening of the Sands Macau, the largest
casino in
the world, in 2004, and Wynn Macau in 2006,
gambling revenues from Macau’s casinos
rose
to be greater than those of Las Vegas, making
Macau one of the highest-volume gambling
centres in the world. It is estimated that
about 15 new casinos will become operational
by
the end of 2009 along with a number of new
hotels. The new casinos and hotels are: The
Venetian Macao (2007), Four Seasons (2007),
Grand Hyatt (2007), Galaxy Cotai Megaresort
(2008), City of Dreams (2008), Oceanus (2008),
Mandarin Oriental (2009).
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Macau’s gaming-related tourist market gives strong support
to the building of more casinos.
Gaming is more popular in Asia than America, and with China the
World’s largest and growing
middle class population on Macau’s doorstep, the future of
Macau gaming tourism is set to
explode. Macau receives 25m tourist annually and rapidly growing,
104% higher in June 2005
than the same period in 2000. As a result, Macau’s economy
is growing extremely rapidly.
The average GDP growth rate between 2001 and 2005 was approximately
10% per year. In
the second quarter of 2006, unemployment stood at 3.8%. From 1984
to the first half of
2005, savings have grown by more than 15 times, while the overall
economy expanded by
eight times during the same period.
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The economic benefits stemming from the
casino and tourism industry will raise the
demand
for housing. Analysis shows that 7,000 to
15,000 expatriates will relocate to Macau
just to
cover the positions created by the new casinos.
This influx of expatriates will set a strong
demand base for medium to high-end residential
properties and will absorb a large proportion
of future residential supply. This estimation
of demand does not take into account expatriates
in sectors outside the gaming industry (hotels,
entertainment facilities etc), or the natural
growth of local demand for housing. Furthermore,
the future Macau-Hong Kong-Zhuhai Bridge
is also likely to attract Hong Kong citizens
to either rent or buy properties in Macau
due to
comparatively cheaper property prices (the “Vienna
Effect”).
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Overall,
the sustainable economy boom, the demand
for medium to high quality residential
property and the limited supply of land will
give a strong boost to property prices as well
as to
rental yields in the Macau market.
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Along with Bermuda, the British Virgin Islands and the Bahamas, Macau
is one of the most
well-known offshore financial centres and tax havens worldwide. Income
tax is low and there
is no capital gains tax in Macau.
Banco Nacional Ultramarino, Banco Delta
Asia, Seng Heng Bank and Tai Fung Bank are among
the most influential banks in Macau, foreign banks include the Bank of
America, the Bank of
East Asia and HSBC..
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Property
prices in Macau vary from HKD1,000 to HKD4,000
per sq/ft. The banking system
(70% LTV payable over 30 years for non-residents)
and comparatively low interest rates
(currently at 5.25%) make Macau properties very affordable.
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