The Macau Metro Monitor, November 12th, 2010
COTAI TO GET THEME PARK Macau Daily Times
The Macau Theme Park and Resort Ltd, led by Angela Leong On Kei, Stanley Ho Hung Sun's fourth wife and local businesswoman, will build a MOP10.4BN Cotai theme park. Pending approval from the Land, Public Works and Transport Bureau, the resort project will consist of 3 phases, each taking around 2-3 years to complete. The entire family resort will consist of one 5-star, four 4-star and one 3-star hotels with over 6,000 guest rooms, shopping malls, convention facilities, an indoor beach and wave pool, amusement rides, a 4D theatre, an equestrian centre, a horse carriage trail, and a water sports performance centre.
7,500 construction jobs are expected and once the theme park becomes fully operational, about 9,000 employment opportunities will be added to the job market. Director Angela Leong disclosed that the project is for now only financed by Industrial and Commercial Bank of China (ICBC) and to date MOP 1BN has already been secured. Of the MOP 10.4BN total investment, MOP 9.4BN is for the hotel development and MOP 1BN is for the theme park. The amount will be divided into MOP 4.4BN for the first phase construction, and then MOP 3BN each for the second and third phases.
CHINA'S INFLATION ACCELERATES TO 4.4%, FASTEST IN TWO YEARS Bloomberg, Reuters
CPI rose 4.4% YoY, beating estimates of 4%. This has led to speculation of further tightening measures by the Chinese central bank.
CHINA TO RESTRICT FOREIGN INVESTMENT IN PROPERTY Reuters
According to the Securities Times, China plans to limit foreigners from investing in its real estate market. The Ministry of Housing and Urban-Rural Development and the State Administration of Foreign Exchange have issued a notice to outline the rules, which will only allow individuals to purchase one housing unit for their personal use. Foreign companies can only acquire non-residential office facilities in their registered cities, the newspaper said.