More Investors Seek Home in Macao

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Last updated at: (Beijing Time) Friday, August 02, 2002

More Investors Seek Home in Macao

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An increasing number of people sought to obtain residential rights in Macao by investing in local property on the back of a more liberalized economy and beautiful environment in the Special Administrative Region (SAR) of Macao.

The Macao Trade and Investment Promotion Institute told Xinhua Friday that it has approved more than 2,300 applications of the kind over the past few years, bringing in 2.24 billion patacas (280 million US dollars) of funds for the SAR. The figure for this year alone is expected to rise sharply to more than 1,000 in number.

In general, one who invest more than one million patacas (125,000 dollars) in real estate or projects in Macao can get residential rights in line with local rules, while overseas management and professional personnel employed by local companies do not need to buy property if they intend to reside in Macao.

In the first five months this year, a total of 488 applicants were approved, many of them are Hong Kong and Taiwan people and overseas Chinese from the Philippines and some other countries.

Authorities from the trade and investment promotion center attributed the boom to local government's efforts to upgrade work efficiency, simplify approving procedures, revamp investment environment and smarten up the city.

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