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Last updated at: (Beijing Time) Tuesday, August 20, 2002

Macao Draws Huge Overseas Investment

Overseas investors poured more than 1.1 billion patacas (137.5 million US dollars) into the Macao Special Administrative Region (SAR) in the first seven months of this year, showing their consolidated confidence in the city's future.


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Overseas investors poured more than 1.1 billion patacas (137.5 million US dollars) into the Macao Special Administrative Region (SAR) in the first seven months of this year, showing their consolidated confidence in the city's future.

The Macao Trade and Investment Promotion Institute posted Tuesday that the figure was up more than 20 percent from a year earlier.

Business people put the majority of their investment in real estate as well as catering and hotel business, much of it because the gambling industry -- the most important economic pillar for the SAR -- was set to be liberalized.

Newly-approved offshore companies, mostly from Hong Kong and the United States, pledged to invest 1120 million patacas (140 million dollars) in Macao, the source said.

The institute expects to receive 1,600 applications from overseas people who seek formal residential rights in the SAR by investing about one million patacas (125,000 dollars) each in local property in accordance with law.

This number represents a sharp rise from the 266 such applications recorded in 1999, the year when Macao returned to themotherland.

The Macao Trade and Investment Promotion Institute, an official agency authorized for overseas investment management, has been cutting red tape in the approval process and carrying out various promotions to lure overseas investment.

On Aug. 1, the Macao Business Support Center under the institute was inaugurated as a service platform for overseas enterprises starting and expanding business in the SAR. The 22,000-square-foot center will drive home messages about Macao's economic policies and mountains of market information and provide offices for investors.


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