16th Apr 2024 14:08
(Alliance News) - Macau Property Opportunities Fund Ltd on Tuesday said it welcomes legislative changes in Macau as the company continues to improve its balance sheet.
The Macau-focused property investment company said proposed changes to long standing anti-speculation measures would boost interest for the luxury residential properties held in is portfolio.
If successful, the reforms would end additional stamp duty on properties resold within 24 months, as well as extra the 10% extra duty imposed on foreign buyers and 5% duty on additional ownership.
The amendments remain subject to formal ratification by the Legislative Assembly.
In addition, the company has made progress in its divestment from The Waterside development after selling an additional 6 units for USD17.9 million since the start of the year.
24 of the 59 units have now been sold, raising USD67.1 million for the company.
So far in 2024 Macau Property has reduced its total debt position by 18% to USD79.3 million from USD96.5 million.
Macau Property shares were up 3.3% to 23.55 pence each in London on Tuesday afternoon.
By Elijah Dale, Alliance News reporter
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