Macao is taking steps to cool its property market amid concerns that low interest rates and strong Chinese demand are fuelling a bubble, following similar moves by Hong Kong, Singapore, Australia and the Chinese mainland, writes Justine Lau in Hong Kong.
The government said it would increase land supply, tighten mortgage lending rules and increase transaction costs in an effort to take the steam out of speculative activity.
Once a sleepy gambling backwater, Macao has been growing quickly since it liberalised betting some years ago and brought in more casino operators. The former Portuguese colony overtook Las Vegas as the world’s biggest gaming market in 2006.
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