THE M3: GALAXY WORKERS; CHINA PROPERTY MEASURES NO CHANGE; CONSUMER CONFIDENCE DOWN; FERRIES & MORE

The Macau Metro Monitor, July 13th, 2010

 

CONSTRUCTION WORKERS RECOVER OVERTIME PAY Macau Daily Times

150 foreign workers from the Galaxy Macau construction site claimed that the contractor owes them around MOP2MM in overtime pay.  DSAL has ordered Galaxy Macau’s contractor to reimburse the outstanding pay before this Friday.


CHINA SAYS NO CHANGES TO PROPERTY MEASURES Channel News Asia

China has denied any changes to lending restrictions.  The China Banking Regulatory Commission said that there had been no policy changes or revisions to mortgage requirements for second and subsequent home purchases despite media reports that suggested first-tier cities have resumed lending to buyers of third homes.

 

Also, according to a statement, The Ministry of Housing and Urban-Rural Development urged local governments to strictly comply with lending policies designed to curb speculative investment in property.  The ministry acknowledged that "positive changes had emerged in the property market" and repeated it would increase the supply of affordable homes.

 

SURVEY: INFLATION MAKES NO EASY LIVES Macau Daily Times

The Macau Consumer Confidence Index dropped 1.77% QoQ and 0.17% YoY in Q2 2010.  The survey found inflationary pressures affecting living standards.  Confidence in the local economy dropped 2.96 points, but still above the optimism level of 100. “Employment situation” also reported a decline of 3.92 to 93.37, suggesting job pressures remain. 

 

TURBOJET, CHU KONG TO MISS FERRY DEADLINE Macau Daily Times, Intelligence Macau

According to a spokesperson for the Maritime Administration, three route permits, Turbojet's routes from the Outer Harbor to Zhuhai and Dongguan, and Chu Kong's route between Pac On terminal and Zhuahi, have been revoked due to "a failure to be operational before the ferry deadline."  Meanwhile, Sands China's CotaiJet beat the deadline and will launch services between Hong Kong and Macau Outer Harbour Terminal. 

 

Meanwhile, IM doesn't see much impact from the opening of the Pac On Ferry Terminal some time in 2012, as the biggest entry point to Macau is still Gongbei, an arrival point that the Venetian dominates.


PACKAGE TOURS AND HOTEL OCCUPANCY RATE FOR MAY 2010 DSEC

Visitor arrivals in package tours climbed 132.9% YoY to 569,803 in May 2010, as visitors in package tours for May 2009 was adversely affected by the human swine influenza pandemic.  Visitors from Mainland China (422,204); Japan (22,645); Taiwan, China (21,293); and Hong Kong (20,368) rose substantially by 168.0%, 85.9%, 38.1% and 14.5% respectively.  650,849 guests checked into hotels and guest-houses in May 2010, up 46.3% YoY.  Occupancy increased 18.6%YoY to 77.9%.

 

BRISK BUSINESS AT THIS YEAR'S GREAT SINGAPORE SALE Asia One News

MasterCard said its cardholders, both Singapore-based and foreign, spent $633.8 million from May 28 to June 26, a 23% YoY growth.