The Macau Metro Monitor, November 10th, 2010
LAS VEGAS SANDS: NOTIFIED BY CHINA SAFE OF PRELIMINARY PENALTY OF CNY10.8MLN WSJ
LVS said the State Administration of Foreign Exchange (SAFE) issued a preliminary penalty of US $1.63MM against one of LVS's wholly-owned foreign enterprises in China. The enterprises "were established to conduct non-gaming marketing activities in China and to create goodwill in China and Macau for the company's operations in Macau." As disclosed in its 2008 annual report, SAFE had made inquiries and obtained documents relating to payments made by company-owned foreign enterprises to counterparties and other vendors in China. Also, in its latest 10Q, LVS said that SAFE's decision will become final unless contested.
AMBROSE SO SELLING SHARES IN SJM macaubusiness.com
SJM CEO Ambrose So and Executive Director Ng Chi Sing are selling 67MM shares. They are selling the shares in a price range of HK$11.75-HK$12.25 each, in a deal bookrun by Deutsche Bank AG.
IMPORTED WORKERS CONTINUE TO RISE macaubusiness.com
In September 2010, the total number of non-resident workers in Macau stood at 74,525, up by 806 people MoM.
CHINA'S HOME PRICES GROW AT SLOWEST PACE IN 10 MONTHS Xinhua News, BusinessWeek
October home prices in 70 cities climbed 8.6% YoY--the lowest YoY increase this year--and 0.2% MoM. This missed estimates of 8.9% growth. Property sales volume dropped 11.2% MoM.
PBOC: TO RAISE RESERVE REQUIREMENT RATIO 50 BPs TUESDAY WSJ
China's central bank said it will raise banks' reserve requirement ratio by 50 bps from Nov 16, the fourth such hike this year.
HENGQIN BORDER TARGETING 24-HOUR CROSSING Macau Daily Times, macaubusiness.com
According to Macau govt spokesperson Alexis Tam Chon Weng, The Central Government’s approval of round the clock immigration clearance at the Hengqin checkpoint is expected to be obtained by early 2011. “Everything is ready right now except the permission from the Central Government,” said Tam. Expectations are that the scheme will later be extended to the Barrier Gate border.