Special Feature | More than gambling: Sands China is spearheading Macau 3.0 with NBA involvement and improved facilities

Xi Jinping is set to visit Macau on the 25th handover anniversary while Sands China introduces a non-gambling approach

Xi Jinping is set to visit Macau on the 25th handover anniversary while Sands China introduces a non-gambling approach

As Macau commemorates a quarter-century since its transition, the city's gambling businesses are reacting to the Chinese President, Xi Jinping's, appeal to channel investments towards the tourism and leisure sector in an effort to diversify the economy, which heavily relies on gambling. This is the initial profile in a series where the Post examines Sands China's efforts to enhance its amenities and focus more on distinct events and entertainment.

Two thirty-three

Sands China is spearheading 'Macau 3.0' with NBA stars and improved facilities.

Sands China, along with its rivals, Wynn Macau, Galaxy Entertainment, MGM China, Melco Resorts, and SJM Holdings, are also enhancing their luxury casino zones and organizing entertainment activities.

According to its president and CEO Grant Chum, Sands China distinguishes itself from its rivals through twenty years of handling significant non-gaming assets and businesses.

"Our vast expertise spans all these non-gaming sectors and business areas, from retail and entertainment to food, beverages, conventions, and exhibitions," he exclusively conveyed to the Post. "It's not because we were instructed to do so, but because it's a fundamental aspect of our business strategy. It's ingrained in our DNA."

China is seeking to mend the damages caused by industrial 'involution', as authorities pledge to halt the severe losses. Beijing plans to correct the 'neijuan-style' competition that has led to worries about overproduction and has negatively impacted earnings, particularly in the new-energy sector.

In response to growing grievances from the private sector regarding shrinking profit margins and surplus stock, China's leading officials have committed to taking more robust measures to tackle excess industrial production and intense competition in the upcoming year.

Beijing has pledged to thoroughly reform the 'neijuan-style' competition by managing the conduct of local governments and businesses. This commitment was made at the two-day central economic work conference that concluded on Thursday.

The renewable energy industry, a notable driver of economic growth in the nation in recent times, primarily comprised of private companies, has taken the hardest hit. In the solar industry, for instance, both product costs and the value of industrial production have continued to decrease this year. This is in tandem with the swift growth in manufacturing abilities, uses, and export quantities.

The driving force behind the industrial strategies that have accelerated the expansion of China's renewable energy sector has been the country's local administrations. They provide substantial assistance, including inexpensive land and affordable power purchase contracts, which stimulates the establishment of additional factories to the point of surplus.

Solar product prices have seen a significant decrease, dropping between 60 and 80 per cent from their peak in 2023, as per Wang Bohua, the honorary chairman of the China Photovoltaic Industry Association. Furthermore, a third of publicly-traded solar manufacturers have reported net profit losses this year, with the industry's top companies experiencing the most severe losses.

Hikvision, a Chinese surveillance company, terminates contracts with the Xinjiang government prior to the second Trump administration. The security camera manufacturer, which was banned by Trump in 2019, did not provide a reason for ceasing these contracts related to projects finished in 2018.

Hikvision has terminated agreements related to its public security initiatives in the far-west region of China. These agreements were originally signed by local affiliates with the regional municipal governments in 2017, as stated by the state-owned surveillance equipment manufacturer in a Friday announcement.

Hikvision has stated that the projects were finalized in 2018 and have since moved into a servicing stage. The company also mentioned that their five local branches will persist in settling their payables and receivables, although they will cease to participate in other business operations.

The five subsidiaries of Hikvision – Luopu Haishi Dingxin Electronic Technology, Moyu Haishi Electronic Technology, Pishan Haishi Yongan Electronic Technology, Urumqi Haishi Xinan Electronic Technology, and Yutian Haishi Meitian Electronic Technology – were incorporated into the so-called Entity List in March of the previous year. This list is governed by a department within the US Department of Commerce.

One hour and twenty

The US imposes restrictions on 28 Chinese organizations due to Xinjiang

The American Industry and Security Bureau has accused the firms of participating in human rights abuses. These are said to be part of China's suppression campaign, which includes unnecessary detention and advanced technological surveillance against the Uighur community and other Muslim minority groups in the Uighur autonomous region of Xinjiang.

Macroscope | US and other countries' protectionist trade policies could lead to global conflict

It appears that world leaders have overlooked the fact that self-sufficiency doesn't align with the economic prosperity that has been experienced since the end of the war era.

This situation is undoubtedly heading towards catastrophe. The economic growth experienced over the past few years has been built on the unrestricted entry to foreign markets for products. Consequently, this has led to reduced costs of imports and controlled inflation.

Journalist's observation: A Mexico City mall turns into a battleground in the US-China economic conflict

The intense business rivalry between the US and China has left numerous victims in its wake – including a shopping mall situated in the center of Mexico City.

During the recent China International Supply Chain Expo held in Beijing, I encountered a businessman who had spent several years working at a Chinese-language newspaper in Mexico City. Given my recent reporting stint in the capital of Mexico, we found a lot to discuss.

The discussion swiftly shifted to a contentious Chinese-financed superstore, known as Plaza Izazaga 89 or Mexico Mart, situated in the city's heart. Local officials had mandated its temporary shutdown twice in the current year.

"He asserted with assurance, "It's going to be closed once more."

"How can you be certain?" I inquired.

In a media conference after the shutdown, where 262,334 fake items valued at 7.5 million pesos (approximately US$371,795) were confiscated, the nation's financial chief, Marcelo Ebrard Casaubon, stated that the government is safeguarding local businesses and eliminating unlawful activities that harm both the citizens and the economy of the country. He further mentioned that similar actions will be implemented throughout the country.

Nio, a Chinese electric vehicle manufacturer, is setting its sights on international luxury brands like BMW and Audi with its latest sedan. The company plans to start shipping the ET9 in March, and it is currently being pre-sold for 800,000 yuan, equivalent to US$110,080.

The all-electric ET9 executive sedan, set to be delivered starting in March, is predicted to lead the charge among Chinese electric vehicle manufacturers in challenging the supremacy of traditional gas-powered luxury cars produced by international competitors, according to William Li, the Chief Executive Officer of the company based in Shanghai.

He confidently stated on Thursday at a press conference that international automobile manufacturers will keep experiencing a decline in their market share in China. He further asserted that they will increasingly be sidelined in this market, as local car manufacturers are demonstrating a superior edge in the creation and production of electric vehicles.

The ET9, which is currently available for pre-order at a cost of 800,000 yuan (equivalent to US$110,080), comes equipped with a high-powered computer system. Nio claims it's the first vehicle in the world to feature a fully active integrated hydraulic suspension system, promising a smooth and comfortable journey, even on rough terrains.

The vehicle will utilize a 120 kilowatt-hour (kWh) battery pack that boasts an energy density of 292kWh per kilogram, which is notably higher than the typical 200kWh per kilogram found in average electric vehicle batteries. A higher energy density translates to a longer driving distance for a battery of the same weight.

In the mainland market, BMW's 7 series cars, which run on internal combustion engines, begin at a price of 919,900 yuan. Similarly, the standard version of the Audi A8, which also uses a petrol engine, is available for 789,800 yuan.

Special Report | Abu Dhabi Global Market aims to strengthen financial relationship with China through a tour

The scheduled journey in February will include stops in Beijing, Shanghai, Shenzhen and Hong Kong due to the tremendous fascination in the UAE's financial hub.

The Abu Dhabi Global Market (ADGM), the financial hub of Abu Dhabi, plans to hold a promotional tour in China in mid-February. This move is in response to the significant interest shown by businesses wanting to establish their presence in the capital of the United Arab Emirates, as per the head of market development.

The proposed journey comes after a July tour that took place in Shanghai and Hong Kong. In the upcoming year's version, it's anticipated that top-level officials from the ADGM, among others, will make stops in Beijing, Shanghai, Shenzhen, and Hong Kong.

"Strong ties exist between the two nations," stated Arvind Ramamurthy, the head of market development at ADGM, during a discussion on Thursday. "The UAE and China have a long-standing history. We regard China as an ideal collaborator for not only ADGM's expansion, but also for the development of a wider regional financial scene."

Ramamurthy stated that the connection between Abu Dhabi and Hong Kong is fostered by their substantial financial markets and alike legal contexts.

The ADGM follows an autonomous English common-law system for settling civil and commercial conflicts, much like the legal framework in Hong Kong.

An unknown affluent buyer purchased 26 apartments in Hong Kong for HK$150 million in a single-day buying frenzy. According to brokers, all these properties were bought in the Kai Tak district, within projects like Double Coast 1 and Twin Victoria.

Apartments were purchased in developments like Double Coast 1 and Twin Victoria, where the builders offered price cuts to purchasers at their inception earlier this year, as per real estate agents.

The purchaser views the acquisitions as a sustained investment, considering rental options, according to Sammy Po Siu-ming, the head of Midland Realty's housing sector.

Po mentioned that the area, previously known for being the location of Hong Kong's old airport, was the primary factor behind the significant investment. He referred to his colleagues as the source of his information and refused to disclose if Midland was a part of any transactions.

The Kai Tak Development, a massive 320-hectare (790 acre) project, is touted as the second major business hub in Hong Kong. It features a variety of commercial and entertainment ventures, including the Sogo shopping mall and the expansive Kai Tak Sports Park, which extends over approximately 28 hectares. The primary stadium has the capacity to seat around 50,000 fans and is equipped with a retractable ceiling and an adaptable playing field.

According to data gathered by Midland, Kai Tak recorded the most significant sales of new homes this year, reaching a total of HK$33 billion by November 17.

Hong Kong's stock market experiences its biggest drop in a month following a disappointing economic policy meeting in China. The announcement from China's economic conference lacked specific information regarding the government's planned stimulus actions for the upcoming year.

The Hang Seng Index experienced a 2.1 per cent drop, closing at 19,971.24, making it the most significant fall since November 12. This downturn reduced the weekly growth to just 0.5 per cent. The Hang Seng Tech Index also saw a 2.6 per cent reduction. Meanwhile, in mainland China, the CSI 300 Index decreased by 2.4 per cent and the Shanghai Composite Index went down by 2 per cent.

Out of the 83 stocks in the Hang Seng Index, all except six plummeted; Chinese real estate developers experienced the greatest losses.

During the two-day assembly, senior leaders mostly reiterated the rhetoric employed following a Politburo conference earlier this week. They vowed to utilize more relaxed financial instruments, increase the deficit ratio, and stabilize housing prices by 2025. Market participants interpreted the summary as lacking specific information regarding the government's planned stimulus actions to boost economic growth next year.

Laura Wang, a strategist at Morgan Stanley based in Hong Kong, stated that the longevity of sustainability largely depends on the intricacies of policy and its implementation. She recommends that investors remain wary until there's a clearer understanding of policy actions and keep an eye on potential shifts such as reductions in earnings predictions, the depreciation of the yuan, and the strained relations between China and the US.

The UK public offering of Shein is being hindered due to accusations from a Uygur non-governmental organization that claims the company uses cotton from Xinjiang. Furthermore, the UK's Independent Anti-Slavery Commissioner has voiced worries regarding allegations of questionable labor practices by the rapid-fashion corporation.

The UK's financial watchdog is delaying the approval of fast-fashion brand Shein's IPO due to a thorough examination of its supply chain management and evaluation of potential legal risks. This comes after a group advocating for China's Uygur community contested the listing, as per two individuals familiar with the situation.

The UK's Independent Anti-Slavery Commissioner, an oversight agency of the Home Office, has also expressed worries within the government regarding a potential Shein IPO due to claims related to labor conditions at its suppliers.

Shein, a company based in Singapore that primarily sells clothing items like $5 tops and $10 dresses produced in China to 150 global markets, submitted a confidential filing with the Financial Conduct Authority in the early part of June for a listing in London.

Shein is also anticipating authorization from China's securities regulator for its London Initial Public Offering (IPO), according to two independent sources. They added that this approval is expected to follow the decision of the Financial Conduct Authority (FCA).

In June, the campaign organization, Stop Uygur Genocide (SUG), declared a legal dispute and in August forwarded a file to the FCA, accusing Shein of utilizing cotton sourced from China's Xinjiang area.

Two past eight

A Uygur woman recounts her harrowing experience in China's Xinjiang 'job training' facilities.

The United States and various non-governmental organizations have consistently alleged that China is committing human rights violations in the Xinjiang Uygur self-governing region. They claim that Uygurs are coerced into producing cotton and other products.

Apple is close to transitioning to proprietary Bluetooth and Wi-fi chips for its iPhones, shifting away from using Broadcom's technology. The chip, referred to internally as Proxima, has been under creation for a number of years and is expected to be incorporated into the initial products in 2025.

Apple's transition is distinct from its much-awaited move away from Qualcomm Inc. cellular modems, the specifics of which were disclosed by Bloomberg News last week. However, in due course, these two elements will function in unison.

Apple aims to create a fully wireless system that seamlessly integrates with its other parts and is more energy efficient, according to sources who wish to remain anonymous because the plan has not been publicly revealed. Representatives from Apple, headquartered in Cupertino, California, and Broadcom, based in Palo Alto, California, have chosen not to comment.

Broadcom's stock dropped up to 3.9 per cent, hitting a low of US$175.99 following a Bloomberg News report about the transition. Meanwhile, Apple saw a slight increase of less than 1 per cent, reaching US$248.53 by 1.23pm in New York.

Broadcom counts Apple as one of its most significant clients, contributing to approximately 20% of its income. Broadcom is set to release its most recent quarterly figures after the market wraps up on Thursday.

Intel suggests that the chip spin-off remains a potential topic for the incoming CEO. Leadership diverged from previous CEO Pat Gelsinger's rather optimistic outlook, stressing that improving Intel's competitiveness will require time.

Intel's difficulties in matching its competitors, combined with its declining financial health, have fueled rumors that the upcoming CEO will implement significant transformations. This includes discussions about separating the company's production and product design departments.

"We'll address that query some other time," Zinsner responded to an analyst's question.

The two divisions have already been divided in terms of operations, each having distinct supervision and finances, according to him. Gelsinger, who held the position of CEO from 2021 until the previous week, always argued that the company's two primary sections should remain unified.

Johnston Holthaus stated that having access to top-tier production technology gives Intel's products an edge.