Wynn aims to use Vegas as a model to transform Macau's US$28 billion casino hub into a '1+4 economy'. Macau plans to generate 60 per cent of its income from non-gambling sectors by 2028, a significant increase from the current 20 per cent.

During the previous fall, Lamborghini's Veneno Roadster, valued at $4 million, was showcased in the main entrances of Wynn Macau's premier hotels. This attracted an extensive audience consisting of motor racing supporters, car lovers, and tourists not just from mainland China but also from all over the world.

The costliest Lamborghini model ever produced, of which only nine exist – the Veneno, was showcased alongside 30 other exclusive hypercars for the first time in Asia. These included the McLaren Speedtail, Porsche GT1 Strassenversion, Ferrari FXX, and Aston Martin V12 Speedster.

President and Vice-Chairman Linda Chen, along with non-executive chairman Allan Zeman, embarked on a meticulously planned campaign worth HK$1.5 billion (US$192 million). Their goal was to curate "the experience" – an unforgettable and immersive event that leaves a lasting impression of their brand on attendees.

They are adopting strategies similar to those of Wynn Resorts, a company based in Las Vegas, where Chen held a director position from October 2007 until December 2012. This firm, which is listed on the Nasdaq, holds a 71% stake in a casino concessionaire that is listed in Hong Kong.

"The supercar idea was highly effective in creating unforgettable moments in Vegas, which gives us confidence that it will work in Macau," she expressed during a conversation in Macau. "We comprehend the factors that led to the success of Wynn Las Vegas. They were truly the trendsetters in every aspect."

Initial buyers purchase Tuen Mun apartments as uncertainty surrounding Trump policies decreases

Over 75% of the 280 apartments available at The Reserve in New Territories were bought by Saturday afternoon, thanks to sales by Early Light.

By 5pm, out of the 280 properties available at The Reserve at Gold Coast Bay in Tuen Mun, 217 were purchased, as per the information provided by the developer. The developer is a business owned by Francis Choi Chee-ming, a toy magnate from Hong Kong.

The apartments, which cost anywhere from US$310,796 (HK$2.42 million) to US$940,683 (HK$7.34 million) post-discounts, or US$1,020 to US$1,547 per square foot, are appealing to both personal and investment buyers due to their comparatively low rates, which are akin to the cost of parking spaces, according to Louis Chan Wing-kit, CEO of the residential division at Centaline Property Agency.

The most recent grouping consists of 72 studios, 112 single-bedroom apartments, 77 double-bedroom residences, and 19 triple-bedroom houses, with sizes varying between 304 and 655 square feet. The developer stated that approximately 40% of these properties were listed under HK$3 million.

Chan observed that the apartments were favored by young individuals purchasing their first home and investors because of the high demand for rentals in the region.

China is speeding up the merging of its smaller banks to prevent overarching financial risk. The director of Fitch Ratings indicates that these smaller banks are likely to see a decline in asset quality in the near future, in addition to facing earnings stress.

China's initiative to merge its smaller banks has significantly decreased their quantity. This is part of the regulatory attempt to minimize the possibility of widespread risk coming from these banks, which are frequently susceptible to inefficient operations or risky loans.

In 2024, 162 minor banks either combined, ceased to exist, or had their registration cancelled, marking an increase of over four times from 2023 and seven times from 2022, as per the information from Qiye Yujingtong, a service that monitors business hazards. Approximately 4,000 such banks exist in the country.

"Smaller local banks usually exhibit less robust financing profiles and a greater inclination towards risk," stated Elaine Xu, who is in charge of Asia-Pacific financial institutions at Fitch Ratings. "This has resulted in their increased involvement in hazardous sectors like property development."

The merger also intends to lessen the danger associated with exposure to government funding platforms, according to analysts. Yet, they noted that this endeavor is facing several hurdles, ranging from a decelerating economy to deteriorating government financial health.

Zhao Xijun, a finance professor at Renmin University in Beijing, has noted that the banking industry is experiencing difficulties with revenue and profitability due to the declining economy. Zhao emphasized that this stress is particularly evident in small and medium-sized banks.

Experts predict the problems will continue.

Hong Kong shares curb increases due to Chinese GDP figures as Vanke plunges. Investors have shifted their attention from the main figures to the sustainability of the revival, given the absence of further information on stimulus plans.

The Hang Seng Index increased by 0.3 per cent, closing at 19,584.06, after recouping from a 0.6 per cent rise. This marked a four-day upward trend, the longest the index had experienced since October 2. Over the course of the week, it saw a 2.7 per cent improvement.

The Tech Index of Hang Seng saw an increase of 1.4 percent. Simultaneously in China, there was a 0.3 percent rise in the CSI 300 Index, and the Shanghai Composite Index also reported a 0.2 percent growth.

The National Bureau of Statistics reported on Friday that China's economy grew by 5.4% in the last quarter year on year, surpassing the anticipated growth of 5% predicted by Bloomberg-tracked economists. The total annual growth was in line with the government's annual target, also at 5%.

Nonetheless, investors shifted their attention away from the main figures, concentrating instead on the resilience of the nation's comeback in the absence of further information on stimulus strategies. The agency noted that unemployment stayed high, at 5.1 per cent by December's close, a figure surpassing the anticipated 5 per cent.

The future of Chinese developer Vanke is uncertain as its stocks and bonds take a hit due to circulating speculations. An analyst suggests that a potential government acquisition could be perceived as a beneficial turn of events in the market.

An analyst suggests that a potential acquisition could be viewed as a beneficial progression in the market. This comes as the company, along with other significant construction firms, wrestle with an impending surge of debt obligations due this year. Meanwhile, the nation's real estate values persist in their decline.

"According to Jeff Zhang, an Equity Analyst at Morningstar, it remains uncertain whether the government will take over Vanke at this point. He also mentioned that the company has over 30 billion yuan [approximately US$4 billion] of bonds maturing in 2025, and he anticipates that most of them will be restructured through discussions with the creditors."

The possibility of a governmental acquisition could assist in immediate debt settlement, which could be perceived favorably by the market, he mentioned. However, he also noted that there are limited examples of the Chinese government buying out privately-owned developers, and there are still doubts about the procedures for such an action.

Following media reports on Thursday night that President and CEO Zhu Jiusheng was taken into custody by the police, Vanke's stock plummeted 3.29% to HK$4.70 on Friday. The firm's shares listed on the mainland also saw a 3.63% decrease to 6.63 yuan. Shenzhen Metro Group, the company running the city's railway transit system, holds the majority of Vanke's shares.

Zhu shared his location on the Chinese social media site WeChat at about 12:45 am on Friday, as per a screenshot viewed by the Post. Zhu was advertising Vanke's property leasing venture in his post, while mentioning he was "getting back to work following the [Chinese] holiday, a short transitional phase".

There's been a surge in users, often referred to as TikTok refugees, moving to RedNote and learning Mandarin through Duolingo. Both Duolingo and Drops, popular language-learning platforms, report a rise in American users taking up Chinese.

Language learning applications, Duolingo and Drops, reported a recent surge in American users studying Mandarin on their platforms.

Duolingo reported approximately a 216 per cent surge in new Mandarin students in the US, compared to the same period last year. The firm indicated that this rise was "significantly larger" than other languages, even those that are typically popular. Spanish, for instance, only experienced a 40 per cent increase during the same timeframe.

Duolingo conducted a poll amongst its new users regarding how they discovered the app and noted a significant increase in the number of people mentioning 'TikTok' as their source.

On Thursday, Duolingo ranked as the 18th most downloaded free application in the US Apple App Store.

Drops, a language learning application based in Estonia, also reported a rise in users learning the Chinese language.

Frederik Cordes, the head of Drops, revealed that the app has seen a surge in the number of users learning Chinese recently. The increase is threefold compared to the past few days and quintuple the number of US-based users learning Chinese, surpassing their expectations based on the prior two weeks.

According to a source, Nvidia's CEO, Jensen Huang, will forego attending President Trump's inauguration due to a planned trip to Asia for the Lunar New Year. Meanwhile, notable leaders from Apple, Amazon, and Tesla – Tim Cook, Jeff Bezos, and Elon Musk respectively, will be present at the event.

A spokesperson for Nvidia, located in Santa Clara, California, chose not to give any information about Huang's location or if there has been any interaction with the incoming government.

Earlier this month, Huang expressed his enthusiasm about the possibility of meeting Trump, stating his readiness to contribute to the success of his administration. However, he mentioned at that point that he hadn't received an invitation to visit the president-elect's primary residence at Mar-a-Lago in Florida.

Stocks for solar-panel manufacturer Longi plummet due to price competition and surplus leading to losses. Citigroup reports that the cost of the most sought-after solar panels has dropped to a point where most manufacturers cannot make a profit.

The biggest global manufacturer of solar silicon wafers anticipates reporting a deficit between 8.2 billion yuan (US$1.1 billion) and 8.9 billion yuan for the year 2024, as per a document filed with the Shanghai Stock Exchange on Friday. Predictions gathered by Bloomberg had projected a loss of 7.1 billion yuan, compared to a lucrative return of 10.7 billion yuan in 2023.

The stock experienced a 1.6 per cent decrease, falling to 15.16 yuan on Friday, marking the most significant dip since January 10. Over the previous year, Longi's stocks plummeted by 30 per cent, while the Shanghai Composite Index saw a rise of 12 per cent.

The company stated in its report that the increased competition in the industry has impacted its production of second-generation products, keeping it at a minimal level. The costs and gross profits of established products have been on a downward trend, leading to operational losses and allowances for asset devaluation.

Trump intends to prioritize cryptocurrency through an executive order, insiders claim

The incoming US president is set to issue an executive order to champion the policy priorities of the crypto industry, insiders suggest.

The directive is anticipated to designate cryptocurrency as a national necessity or priority – a strategic phrasing meant to encourage government departments to collaborate with the industry, as per individuals acquainted with the situation.

The plan also included the establishment of a cryptocurrency advisory board to push for the sector's policy objectives, according to individuals who asked to remain anonymous while discussing a yet-to-be-released executive order.

In recent years, governmental bodies such as the Securities and Exchange Commission have launched over a hundred regulatory measures against the sector. Additionally, banking authorities have created challenges for cryptocurrency firms trying to collaborate with financial institutions.

Hong Kong's life insurance sales reach an all-time high due to local demand; Middle East and Southeast Asia also show an increase. The fresh life insurance sales hit HK$169.6 billion (US$21.8 billion) in the initial three quarters of 2024, which is the most significant amount since the establishment of the authority in 2016.

Sales of life insurance in Hong Kong reached an all-time high last year, with a significant boost coming from local consumers. The surge was also fueled by increased business from the Middle East, Southeast Asia, and mainland China.

In the first three quarters of 2024, there was a 15.7% increase in sales, raising the total to HK$169.6 billion (US$21.7 billion), a significant jump from HK$146.5 billion during the same timeframe in 2023, as per the Insurance Authority (IA). The surge in the city's sales, the most considerable since the IA's inception in 2016, was primarily due to mainland customers purchasing Hong Kong's insurance as a safeguard against the weakening value of the yuan compared to the US dollar.

"Individuals from various global locations, such as Indonesia, the Philippines, and Singapore, are purchasing life insurance plans in Hong Kong," stated Marty Lui, the IA's executive director of long-term business, in a press conference. "We are also seeing a growing trend of visitors from the Middle East acquiring policies in Hong Kong."

The agency plans to gather additional information on the purchasing behaviors and kinds of policies these guests prefer. This information will be used to devise strategies to boost sales and safeguard their interests, he mentioned.

"Lui stated that if the data indicates an increase in purchases by Middle Eastern visitors, it will be necessary to produce Arabic educational materials. This would be done to increase customer awareness and safeguard them. He also mentioned that the IA plans to introduce steps to stop insurance providers from exaggerating possible policy dividends, and to reassess the commissions given to sales agents."

Revenue from visitors from the mainland decreased slightly by 0.4% to HK$46.6 billion in the span of nine months, relative to the same period the previous year. According to the data, mainland purchasers of insurance accounted for 27.6% of all life and health insurance sales during that time.

China's largest cities see steady real estate prices due to stimulus efforts from Beijing

In December, the decline in property prices in 70 key cities was the least in a year and a half, while a price increase was observed in the top four cities.

Nonetheless, analysts predict that it might take a while for the country's substantial real estate industry to experience a robust revival, given that builders still have a considerable amount of properties to sell off.

In the previous month, the cost of newly constructed homes in the 70 primary cities of mainland China saw a slight decrease of 0.08 per cent from the preceding month, as per statistics published by the National Bureau of Statistics (NBS) this past Friday. This marks the first instance in 18 months where the housing prices in China remained almost the same, in the midst of a real estate downturn that has reportedly eroded roughly US$18 trillion of Chinese domestic wealth since 2021.

In the four major cities – Beijing, Shanghai, Guangzhou and Shenzhen – there was a 0.2 per cent increase in prices on a monthly basis.

"Decreased loan rates for properties and easier conditions for non-residents to purchase apartments in the most progressive cities have sparked an increase in the demand for homes," stated Zhu Xinhai, a sales executive at 5i5j Real Estate Brokerage, based in Shanghai. "An outpouring of deferred demand for housing emerged as the primary catalyst in the latter part of 2024."

For the fourth consecutive month in December, the drop in real estate prices in 70 cities lessened. This improvement came after both the national and local governments introduced various strategies to rescue the struggling property market.

Alipay shoulders the financial impact of a system glitch that mistakenly gave discounts to user transactions. The system glitch incorrectly added a 20% 'government subsidy' to an unspecified quantity of transactions on Thursday, as reported by users.

This guarantee was intended to alleviate worries about possible fraud. Alipay emphasized that they hadn't dispatched any SMS to retrieve funds and cautioned users against clicking on links within any messages they might get concerning this issue.