THE M3: CHINA LENDING SLOWS; STAMP DUTY

The Macau Metro Monitor, June 13, 2011

CHINA LENDING UNEXPECTEDLY TUMBLES, ADDING TO EVIDENCE ECONOMY IS SLOWING Bloomberg

Chinese financial institutions issued 551.6 BN yuan (US$85 billion) of new loans in May, down from 739.6 BN yuan loans in April and missing consensus expectations of 650 BN yuan loans.  May M2--a money supply measure--was up 15.1% YoY (consensus: +15.5%), which is slower than the 16.6% rise in April.

NEW STAMP DUTY FOR PROPERTY COMES INTO EFFECT TOMORROW Macau Business

The new 20% stamp duty for residential real estate transactions will come into effect tomorrow.  The special stamp duty will be applied to residential properties resold within a year of their purchase.  The levy will be reduced to 10% if the resale takes place between one and two years after purchase.

The law states that a revision should take place in mid-2013, taking into account changes in the real estate environment in Macau.