16
Fisherman’s blues
Fisherman’s Wharf developer, Macau legislator David
Chow Kam-fai, is negotiating to buy back about US$340
million (MOp2.7 billion) in convertible bonds from foreign
investors Texas pacific Group (TpG) and Och Ziff, at
about US50 cents on the dollar. if the deal is done, the
original developers David Chow and his partner Stanley
Ho Hung-sun - are likely to get back their share of the
park’s initial HK$2 billion investment. repurchasing his
own debt at a hefty discount, Chow stands to pocket up
to US$170 million. Stripping out interest paid over the last
three years, that sum probably still exceeds his own share
of the Wharf’s initial construction cost. Macau Fisherman’s
Wharf broke ground in 2001 on an 111,500 square metre
waterfront site. The original plans called for a family-
oriented theme park with a 40-metre artificial volcano, an
amphitheatre inspired by the rome’s Colliseum, a replica
S
INGAPORE remains the
Ming Dynasty palace and an arabian children’s fort. The
favourite city for expatriates
theme park was even supposed to be Macau’s answer
to Hong Kong Disneyland, but it has never managed
in Asia. Hong Kong fell behind
to be a success.
Tokyo because of bad air pollution
and Macau comes in seventh on
the top ten of favourite locations
Vote vetoed
for expats in Asia. An annual
The new Macau Electoral Committee which will elect the
survey by London-based Human
next Chief Executive looks set not to be formed by a vote,
because the number of candidates matches the number
Resources ECA International
of seats exactly. in what appears to be a coincidence,
analysing life quality in more than
the 254 seats available squares perfectly with the
400 locations around the globe number of people who want to sit on the committee. This
shows that Singapore has been ranked the best location for the
means that if candidates fulfil all the requirements, the
10th straight year, followed by Japanese cities Kobe, Yokohama
elections, scheduled to take place on april 26, are likely
and Tokyo. China remains a hardship posting and pollution
to be cancelled. The committee will also include 40 other
appointees, including deputies to the National assembly,
is a problem, but infrastructure development, low crime rates
representatives of the deputies to the legislative assembly
and political stability put the country well ahead of India in
and Macau representatives in the National people’s political
the rankings. New Delhi stayed in 37th place partly because Consultative Congress. Elections for the Macau legislative
the air quality there is particularly bad and that puts it behind
assembly will take place on September 20 but no firm date
Hanoi, Colombo and even Ulaanbaatar, in Mongolia. Mumbai,
has been set for the election of the next Chief Executive.
in 30th place, was unchanged from last year’s ranking, despite
the Mumbai attacks. Macau opens 3G tender
In contrast, Bangkok’s
Macau is to get a fourth 3G mobile phone operator. The
ranking fell to 9th from tender to award the licence is open until april 26 and the
8th place after political
bids will be open until May 4. The final decision is expected
unrest late last year
in about six months. Macau currently has more than
caused street protests
900,000 mobile telephone subscribers, of which 220,000
use 3G services. CTM, Hutchison Telecom and China
and the closure of the
Telecom currently provide 3G services in Macau.
city’s international
airport for several days.
The end of CTM monopoly
Kabul was named the
least favourable location
The government plans to liberalise the Macau public telecom
services, opening the market to a possible second operator
in Asia.
before CTM’s franchise expires, on December 31, 2011.
The public telecom services concession contract was taken
Human trafficking, a cruel reality
to the legislative assembly, but if there is a complete
opening of the local market before the concession ends,
The Commission for Human Trafficking in Macau has revealed that the government will be faced with a redemption fee of MOp
one or two new cases of trafficking are uncovered in the territory every 1.6 billion to CTM. No compensation will have to be paid if
month. Von Chun Fat said his organisation provides support where the government chooses to go for a partial liberalisation of
they can. in 2008, the commission identified 25 cases, the majority of several telecom services. if the proposal is approved, initially
victims being females from other asian countries. The traffickers are only one more telecom operator will be allowed. However,
either from Macau or the neighbouring region. New laws to combat after 2011, it has been announced that the government
this criminal activity in Macau were approved last year raising to 20 will put an end to CTM’s monopoly and fully open the
years the maximum prison sentences for human trafficking. telecoms market.
april 2009
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