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Business Daily #1385 September 18, 2017

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Landing raises funds to support further Jeju preparation Funding Page 6Monday, September 18 2017 Year VI  Nr. 1385  MOP 6.00  Publisher Paulo A.…
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Landing raises funds to support further Jeju preparation Funding Page 6Monday, September 18 2017 Year VI  Nr. 1385  MOP 6.00  Publisher Paulo A. Azevedo Closing Editor Kelsey Wilhelm  www.macaubusiness.comKYCPropertyVRNo KYC measures yet for HK ATMs: HKMA Page 7Real Madrid Hengqin project part of overall shift to diversify MSAR Page 3S&PPortugal rating upgrade opening investment opportunities Page 14Households in China see real estate prices increasing Page 10Legislative Assembly revampElectionOnce every four years. The population votes on the city’s legislative assembly. More changes than expected. Mak Soi Kun’s party raking in the votes, followed by Ella Lei, while Melinda Chan’s list didn’t make re-election. Young democrat Sulu Sou grabs a seat, as does Agnes Lam. Page 2Sustainable tourism, dispersing tourists to secondary markets, using innovation – the way forward for tourism says the CEO of the Pacific Asia Travel Association (PATA), Mario Hardy. Best example of success in controlling tourist numbers: Bhutan. Social media and gamification couple with immersive experiences as well as diversification of tourism source markets. Compete or die says the expert. Interview | Tourism Pages 4 & 5HK Hang Seng Index September 15, 2017 No repeat of 2014Crackdown Analysts point out that a recent increase in anti-corruption measures by the central gov’t, with 181 investigations announced in the first eight months of the year, focusing on ‘notable’ figures from banking, insurance and more, could result in slowdown in VIP sector uptick, while mass market continues ‘robust’. Page 6Loans in China outperform Banks Mainland’s banks credit numbers performed better than expected in August, with mortgages fueling demand. However there are signs that credit growth may have reached a peak. Page 827,807.59 +30.39 (+0.11%) Worst PerformersHenderson Land Develop-+2.75%Hong Kong & China Gas Co+1.09%AAC Technologies Holdings-3.10%Lenovo Group Ltd-0.94%China Mengniu Dairy Co Ltd+2.73%Link REIT+1.01%China Shenhua Energy Co-1.35%Hang Lung Properties Ltd-0.87%CNOOC Ltd+2.71%Hengan International Group+0.94%Want Want China Holdings-1.10%Sino Land Co Ltd-0.86%China Overseas Land &+2.01%Swire Pacific Ltd+0.88%WH Group Ltd-0.98%Hong Kong Exchanges &-0.76%Geely Automobile Holdings+1.22%China Mobile Ltd+0.80%China Resources Power-0.97%Cathay Pacific Airways Ltd-0.67%27°  32° 27°  31° 27°  31° 26°  31° 26°  32° TodaySource: BloombergBest PerformersTueWedI SSN 2226-8294ThuFriSource: AccuWeatherChanging tourism spectrum2    Business Daily Monday, September 18 2017Macau ElectionLegislative Assembly re-shuffle Results show that Jiangmen tongxianghui and unionist took the crown, democrats took three seats and, while SJM’s Angela Leong On Kei was re-elected, Melinda Chan failed to regain a seat Cecilia U cecilia.u@macaubusinessdaily.comMak Soi Kun topped the list in the sixth Legislative Assembly (AL) election, winning 17,207 votes, followed by unionist Ella Lei Cheng I, bringing in 16,694 votes. The second candidates for both lists - Macau-Guangdong Union and Union for Development - Zheng Anting and Leong Sun Iok also saw their AL terms secured, the only lists to win multipleseats. Meanwhile, Si Ka Lon and Song Pek Kei, from the Fujian community, secured only two seats, losing a seat when compared to the last election led by Chan Meng Kam. The group once headed by Chan had decided to split into two, led by Si and Song, with Si telling the media that the less favourable outcome of this year’s election was due to a more fierce competition, and that Chan no longer running had an effect on the results as well. Ho Iong Sang and former political organization partnerWong Kit Chen also succeeded in retaking their seats in the legislative body. The first candidate of the group New Hope, José Pereira Coutinho, was successful in securing a seat in the assembly but the party was unable to secure a second. With votes equally distributed among the three democratic groups, Ng Kuok Cheong and Au Kam San confirmed their continuation of serving the AL, while new blood from pro-democracy group and the youngest elected legislator at 26 years old, Sulu Sou Ka Hou alsosuccessfully entered the AL. The next AL also welcomed newly elected candidates Agnes Lam. On the other hand, Angela Leong On Kei, SJM’s executive director, had her seat secured for for the next fouryear term but was unable to obtain a seat for her partner - local businessman William Kuan Wai Lam. Leong criticised the more stringent measures regarding the gaming industry implemented by the Electoral Affairs Commissioner (CAEL), leading to a reduced number of her supporters, TDMChinese Radio reported. Melinda Chan, wife of local businessman David Chow Kam Fai, the head of casino operator Macau Legend Development Ltd, failed to get enough votes to secure a seat in the assembly. Speaking to the press after the vote count, Tong Hio Fong, the head of CAEL, reported that this year’s election had seen the participation of approximately 57.22 per cent of the 305,615 registered voters, up 2.2 percentage points, or 22,992 voters, when compared to last AL election in 2013.ElectionLivelihoods continue to prevail in voters' choices Voters at the ballot box, however, also perceived that casting votes would perhaps make a reform for the AL Cecilia U cecilia.u@macaubusinessdaily.comVoters of this year’s Legislative Election have their minds on candidates that could likely resolve issues relating to transportation and housing. The majority of voters that Business Daily talked to yesterday are not satisfied with the performance of the previous Legislative Assembly (AL). A civil servant surnamed Chan expressed a wish for new blood in the AL who are unbiased and that act in accordance to issues rather than for their own benefit. “It is necessary for the AL to have different voices,” remarked Ms. Chan toBusiness Daily. “If most of the legislators are related to the business sector than obviously they would favour decisions that benefit their businesses.” The 30-year-old civil servant divulged that she would not vote for those who are related to business or tongxianhui [Chinese native-place associations]. Ms. Chan said that she had noticed a lot of shuttle buses carrying eldery people to the ballot box, and stating that the related authorities (the Commission Against Corruption or Electoral Affairs Commission) had not investigated the matter. “These senior citizens had their badges representing some sort of associationsstuck on them and many of them don’t even know what they are voting for,” said Ms. Chan. Business Daily also spoke with a number of senior voters and all of them said “they know nothing, they just came and vote.” However, Ms. Chan also stated that more young people were willing to vote in this year’s election. “After the hit of [Typhoon Hato], I believe more young people come out and vote,” commented Ms. Chan. “Like some of my co-workers, who didn’t vote last time, decided to vote this time because the previous AL was really bad.” A 54-year-old housewife surnamed Chan, on the otherhand, told Business Daily that she dislikes former legislators who support the government without disagreement. “Some of these legislators advocated to support women but why in the end di they vote against the Domestic Violence Prevention Bill?” questioned Mrs. Chan. Meanwhile, Mrs. Chan commented that the campaign period is too short. “I notice that only the big associations are giving out pamphlets near my place,” said Mrs. Chan. “Many of my friends didn’t even know that the campaign had started.”Vote mattersAnother voter surnamed Tsang spoke to Business Dailyafter casting his vote yesterday, opining that casting a vote would open up opportunities for a change in the AL in the long run. “Although only 14 are directly elected, if we choose someone who wants to make a change at the AL I think in the long run that the AL will change,” said Tsang. “Like more directly elected [seats], but if we don’t vote there will be no change for sure.” Voting for the third time, Tsang expressed the wish that the new AL would expedite its work. “The previous AL was slow in making progress, like with the rental law,” said Tsang. “They just finished the voting at the very end of the AL session.”Business Daily Monday, September 18 2017    3Macau HengqinReal Madrid adds lustre to China’s wannabe “Orlando” tourist hub The transformation of Hengqin is part of Beijing’s efforts to bolster links between Hong Kong, Macau and nine cities in the Pearl River Delta region, or so-called “Greater Bay Area” Farah MasterJust a stone’s throw across a narrow waterway from the world’s largest gambling hub Macau, a former oyster farming island is being transformed into China’s newest tourism haven. Dubbed by some as China’s answer to Florida’s Orlando - a global tourist magnet with its cluster of major theme parks - Hengqin has seen property prices more than double over the past two years. While still a dusty mass of construction sites, Hengqin now draws millions annually to its anchor attraction, the “Chimelong Ocean Kingdom” theme park, with a slew of hotel, malls and sprawling residential developments being built nearby. Spanish soccer club, Real Madrid, announced last week they would open an interactive “virtual reality” complex in Hengqin, in partnership with Hong Kong-listed developer, Lai Sun Group. The 12,000-square metre venue, set to open in 2021, will include virtual reality entertainment and a museum showcasing the club’s history. The transformation of Hengqin, which is three times as large as Macau, is part of Beijing’s efforts to bolster links between Hong Kong, Macau and nine cities in the Pearl River Deltaregion, or so-called “Greater Bay Area”, modelled after other dynamic global bay areas such as Tokyo and San Francisco. “Hengqin will be the Orlando of China. Macau is Las Vegas (and) Hong Kong is New York,” said Larry Leung, an executive with Lai Sun that is helping build the Real Madrid complex at its “Novotown” project in Hengqin. “Within an hour you can have them all.” Novotown’s entertainment mix will also feature China’s first Lionsgate movie world with theme rides from blockbuster films such as the Hunger Games and Twilight, as well as a National Geographic educational centre. And high-end hotel chains and luxury yacht makers are building more hotels and a marina on Hengqin.Expanding the MSARChinese officials see Hengqin helping Macau diversify away from casinos to a more wholesome tourism industry. More than 80 per cent of Macau’s public revenues come from the gambling sector. Businesses in Macau have been encouraged to invest in Hengqin with the government providing cheaper rent and tax subsidies. Galaxy Entertainment, Shun Tak and Macau Legend have also earmarked developments for Hengqin.Realtors expect property prices to keep rising once a sea bridge linking Hong Kong, and a high speed rail station are completed. Hoffman Ma, deputy chairman of Success Universe Group, which operates the Ponte 16 casino in Macau, said Hengqin could take some convention and exhibition business away from the former Portuguese colony. “It doesn’t make sense for Macau to do that, due to a consistent labour shortage,” he said. Wang Lian, from Wuhan in centralChina, brought his daughter to watch whale sharks and polar bears at Chimelong Ocean Kingdom recently. Industry reports show 8.5 million people visited China’s top theme park last year, more than Hong Kong Disneyland’s 6.1 million, and almost a third of the 28 million people who visited Macau last year. “China’s population is so big they need something like this nearby [...] its (Hengqin’s) economic ties will also help Macau develop,” Wang said. Reuters advertisement4    Business Daily Monday, September 18 2017MacauMario Hardy, CEO of the Pacific Asia Travel Association (PATA)InterviewSustainable tourists As the CEO of the Pacific Asia Travel Association (PATA), Mario Hardy has been advocating for the development of sustainable tourism through dispersion of tourists to secondary markets, innovation, and creative offerings for many years. Business Daily talked to the tourism expert about how the sharing economy can improve Macau’s hotel and tourism industry and if having an annual visitor cap could resolve excessive visitation in the city Nelson Moura nelson.moura@macaubusinessdaily.comWhat is the main goal of PATA? Our mission is really to help destinations and businesses to develop sustainable tourism. We include both private and public sector organisations; we have almost 100 destinations who are members of PATA and over 850 corporations who are members as well, including 75 universities. We’re a bridge between the private and public sector, we’re trying to bring people together around the same table and have some meaningful discussions about the development of tourism and help destinations who might be facing challenges or difficulties over tourism or not enough tourists. Or simply talk about business and how to develop it more efficiently. Your organisation emphasises the sustainable development of tourism. In which areas do you believe these developments need to be made? It’s very important for the organisation. I always mention that when we talk about sustainability, the first thought that comes to mind is the environment and climate change. These issues are an important part and we do our best in those areas too, but it’s not the only part of sustainability, which is also about business, people, communities and society in general. We want to make sure we don’t end up in situations with excessive tourism, with residents complaining and saying ‘enough is enough, get out of my city’, or starting to have racial conflicts due to excessive occupationof their space. It’s about better planning and planning for the long term. Planning for too much or planning for not enough. Finding the right balance is always a challenge. Sometimes it’s seasonal, sometimes it depends on the days of the week. I think there are solutions for all these problems, we just need to plan better.“Macau should provide more shows with celebrities that can make more people willing to fly over” Excessive visitation is something that seems to apply to Macau, with some reports believing the city could see 40 million visitors annually by 2020. Do you believe Macau is ready for that amount and what similar cases have you seen in the region? I think this issue is very pertinent to many destinations. We all know about Barcelona, Venice or Reykjavik (Iceland) - European cities where residents are very vocal about the issue of over tourism. In Asia, cities are maybe less vocal, but certainly there are areas such as Angkor Wat (Cambodia), which as a UNESCO site has way too many tourists, with the region not being able to handle the situation, or handling it badly. I always say, there are 17,508 islands in Indonesia, but everyone goes to one (Bali) and not even the entireisland, but just a part of it. Thailand also suffers from this in certain destinations such as Koh Samui, Chiang Mai, Pattaya or Phuket, but there’s so much more to the country than these destinations, just like there’s so much more in Cambodia than Angkor Wat. PATA has been promoting for almost four years what we refer to as the dispersal of tourism: getting tourists to explore the secondary destinations in the rest of the country, to plan for infrastructure development in these regions, because it takes time. If suddenly millions of people started to fly to Lombok, Indonesia they wouldn’t be ready for it.For me, it’s one of the leading examples of how to properly manage tourism. If a country was to start from scratch today, this is how I would envision it to manage and control the number of tourists.What regions have you seen that have successfully enforced measures to control tourist numbers? Probably the best case would be the Kingdom of Bhutan. This might sound controversial, but they control the number of tourists that can enter the country every year. Some of the local tour operators obviously are not very satisfied with that because it hits their business, they want to grow but they can’t because there’s a cap. However I think they’re actually doing the right thing. They have a balance of not accepting more tourists until they can handle and cope with them. They’re saying we can accept X amount, and next year maybe a little bit more, after we develop new roads, new infrastructure in the East where there's none at the moment. It’s a small country so it’s maybe a bit easier than other places. They know how many rooms they have, they know what is their maximum occupation per day, per week or per month, and say ‘this is how much we can cope with’.Which sector do you see pushing more towards the measures for sustainable tourism PATA advocates? It depends from country and destination. If I was to generalise, I would say probably the private sector is pushing more for change. Maybe sometimes not for the right change, but I think they’re probably the ones more vocal about it.Although such a cap has to be a publicly-led measure, does it have to be completely government-run? Yeah, but hopefully with some type of collaborations and agreements with the private sector, if it is the right thing to do for the country and the industry. After all, this also allows them to charge a premium for it, it is expensive to go to Bhutan, but it’s a privilege.Macau has also been, and is catering to, a very specific type of customer, the Chinese tourist, for many years. What risks does this situation entail and how can Macau improve? There’s a large risk of being largely dependent on a source market or one type of product. What happens when you’re no longer the flavour of the day? I’ve seen this in many destinations. Look at what happened in South Korea, where over 60 per cent of their source market originated from mainland China. Because of the [THAAD anti-missile defence system] crisis, there’s not a single [Chinese] tourist going to South KoreaBusiness Daily Monday, September 18 2017    5Macau anymore. Overnight they lost over 60 per cent of their market. It will come back, they’ll resolve the issue, but overnight they lost a huge chunk of their market. The message of this for any destination, is to make sure you have a good mix of source destination markets and product offerings. That’s what Macau needs to find: what is the other thing they can offer? What really helps in Macau are the shows you have. I know people from Singapore, Taiwan or Thailand that come here just because there’s a big show in town. Macau should provide more shows with celebrities that can make more people willing to fly over. In Macau, the majority of tourists concentrate on certain spots or areas. What methods can be used to convince tourists to visit secondary or lesser-known attractions? There’s a lot of ways we can encourage people to go and discover. There needs to be collaboration between the public and private sectors to put packages, to tell stories differently, create itineraries. In Taipei, Taiwan we’re hearing how to use art to create different pathways for people to circulate, or create in the surrounding villages or mountains paths where you place some sculptures or interactive technology. Not just something that can give people an excuse to take selfies, which everyone loves in Asia, but something that actually pushes people to explore something different. You need to think of it differently. What would entice someone to start from a different location or decide to explore a different area? It sounds silly, but maybe a yellow brick road will help discover something different. What innovations can support the development of sustainable tourism? There are so many out there available. Tell stories about the destination to get people to know it and understand it better, to share about new places that

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Sep 18, 2017

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Sep 18, 2017
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