The Secretary for Economy and Finance, Mr Leong Vai Tac, speaks to reporters.
The Government is analysing the recently-launched measures related to house purchase to see if they are working as intended regarding the managed development of Macao’s residential property market.
Speaking to reporters today, the Secretary for Economy and Finance, Mr Leong Vai Tac, said it would be not scientific to comment on the measures at this stage: it would take some time for the market to accommodate them and for the community to understand them.
The Government would keep monitoring closely the development of the city’s residential property market, he added.
The new rules, which came into effect on 10 February, included: additional stamp duty tax applicable on home acquisitions in cases where the buyer was already in possession of one or more residential properties; and permission for local banks to lend to young Macao residents who are also first-time buyers, a greater percentage of the agreed valuation on a property.
Mr Leong explained that the initiative regarding additional stamp duty tax aimed to ensure a greater number of residential properties would be available for first-time buyers. The new mortgage-lending guidelines aimed to create better conditions for young people to be able to purchase a residential property as first-time buyers.
In response to other questions from the media, the Secretary stated that recent performance of the city’s gaming industry was best evaluated on a quarterly basis – namely from January to March – rather than on a monthly basis. This was because the Chinese New Year holidays might fall in January or February depending on the lunar calendar, and impact monthly year-on-year comparisons.
Macao’s casino gross gaming revenue for February totalled 24.3 billion patacas, representing 5.7-percent growth judged year-on-year, the Gaming Inspection and Coordination Bureau had announced today.
When asked about the 24-years-and-six-months extension of the city’s horse racing concession, Mr Leong noted the incumbent company’s current trading position of long-term deficit. However the decision would be helpful for diversifying non-gaming offerings in the city’s gaming sector and for propelling development of Macao’s strategic position as a world centre of tourism and leisure, he added.
Mr Leong stated the concession extension introduced new conditions, including a shortening of the grace period allowed for the company to pay any due taxes. Additionally, the promised 1.5-billion-patacas investment, to be allocated in three phases, would have to be in place according to an agreed schedule, otherwise the concession would be suspended.