The Macau Metro Monitor, September 12, 2011
ACCEPTANCE OF LAND CONCESSION CONTRACT FROM THE MACAU GOVERNMENT IN RESPECT OF THE COTAI LAND Wynn Macau Limited
Palo Real Estate Company (owned by Wynn) and Wynn Macau have accepted the terms laid out by the Macau government regarding developing the ~51 acres of land on Cotai. Palo will pay a land premium of MOP1.55 BN and rental fees of MOP6.17MM to the government. The first payment towards the land premium will occur in the form a down payments of MOP500,000,000 (approximately HK$500,000,000 or US$62,500,000) and the balance will be paid 8 additional semi- annual payments beginning six months from the date the Land Concession Contract is published in the official gazette of Macau.
and Wynn Macau to develop a resort containing a five-star hotel, gaming areas, retail, entertainment, food and beverage, spa and convention offerings on Cotai. Palo will lease the Cotai Land from the Macau Government for an initial term of 25 years from the date the Land Concession Contract is published in the official gazette of Macau with the right to successively renew the Land Concession Contract for additional periods, subject to applicable legislation.
NEW LOANS HIT 548.5 BILLION YUAN IN AUGUST People's Daily
China's commercial banks were more aggressive in lending in August than in July due to a temporary ease in inflation in August. New loans reached 548.5 BN Yuan. New lending in August, up 1.7% YoY and 11.3% MoM.
