No measures yet to curb property speculation

“In the Policy Address report we continue to express our hope in a stable development of the real estate market”, Chui Sai On

The Chief Executive has acknowledged that Macau’s government has not yet decided whether or not to launch measures to curb property speculation, or even to introduce domestic rental market legislation.
At a press conference held yesterday after delivering his 2015 Policy Address, Chui Sai On recalled that the real estate sector plays an important role in Macau’s economy, but so far the government will not be launching any measures to curb property market speculation or to introduce a law governing the domestic rental market.
“I am going to be honest and sincere and tell you that, currently, Macau’s government has not taken any decisions to revise [real estate market] measures, therefore we will remain attentive to the market’s changes,” he stated, adding that he too finds “prices in the market too high.”
He added that, “therefore we are paying attention to the population’s income and purchasing power.” He likewise stated, “In the Policy Address report we continue to express our hope in a stable development of the real estate market.”
Mr Chui reiterated that this is a matter deeply affecting Macau’s population, so the government will not make a decision on changing real estate measures and regulations now. Nevertheless, he stressed that through increasing the number of public housing units granted to Macau citizens and through recovering more unused land, the government is hoping to “stabilize the market and develop it in a healthy way.”
He pledged to, alongside his team, step up efforts to solve the housing crisis within the next five years.
Upon being asked for how long he thinks the ‘adjustment phase’ in Macau’s economy will last, Mr Chui stated that after a period of great development in the gaming industry, the government had been preparing for a phase of adjustment.
“I believe that in the future there won’t be serious consequences [following the gaming revenue decline] in relation to the government’s financial situation or to measures relating to Macau’s population livelihood,” he reiterated.
Nevertheless, he recalled that after gaming revenue declined for nine consecutive months, the government has had to adjust its “economic outlook.” He added that the administration will take advantage of this adjustment period to reinforce the city’s infrastructure and promote the adequate diversification of the economy.

Chui submits report on tourism capacity to Beijing

The Chief Executive told a press conference yesterday that he has already submitted a report on tourism capacity to the central government. The offices of the Secretary for Social Affairs and Culture and the Secretary for Security had been tasked with drafting a report on the city’s tourism capacity. The report will analyze whether Macau has capacity to welcome more tourists, while also assessing the current individual visit scheme. The government had previously stated that there’s a need to optimize tourism capacity. Yesterday, Mr Chui revealed that the Policy Research Office is also conducting a study on Macau’s demography, which will be completed in two months. According to the Chief Executive, they’re forecasting that Macau’s population will reach 710,000 inhabitants by 2020.