Hengqin not ideal for investment, says Chan Chak Mo

Lawmaker Chan Chak Mo indicated that Hengqin does not currently possess the proper conditions for investment – at least for his own businesses, according to a report by Hoje Macau.

Earlier, while talking to journalists in Lisbon, Chan revealed his fear that the project he planned for Hengqin will not go forward because the neighboring island has not yet developed all of the aspects it had promised develoeprs.

“The project we have on Hengqin is being developed at a very slow pace,” said Chan, adding that he has been disappointed by the area’s slow rate of population growth.

“The population has not increased as expected by the Hengqin and Zhuhai governments. It was predicted that there would be 200,000 permanent residents in Hengqin, which is not happening,” said Chan.

Chan explained that no people means there are no consumers.

Moreover, according to Chan, Hengqin’s unsatisfactory population is the reason why his and other people’s investments, in Hengqin are suspended or maturing at a slow rate.

Besides the number of consumers, the free movement of people between Macau and its neighboring regions is another factor contributing to the unpromising business of his Hengqin investment.

“In order to have free circulation, it is necessary for policies to be changed, which has not happened in a long time,” said Chan. “To invest in China, there must be business and people. If there is no purchasing power, it is not worth doing anything.”

“I think Hengqin and Zhuhai have to look at the big picture and see what else they can do to attract people,” said Chan. JZ