Savills has opened an office in China’s new gaming capital, Macau, to capitalise on international interest in the area.
US giants MGM Mirage and Las Vegas Sands have already set up joint ventures to open large casinos in Macau.
Savills’ new office will be staffed by 12 people, the majority transferring from Savills’ regional head office in Hong Kong. Raymond Lee, managing director of that office, will head the Macau venture.
Rob McKellar, chief executive of Savills Asia Pacific, said: “Asia’s buoyant real estate economy is attracting international funds in increasing numbers.
“Macau’s economy in particular grew by over 28%, with gambling and leisure accounting for over half the total.”
He added: “Macau offers enormous potential for further growth from throughout the international community, and property is a key part of that development path.”
Savills has nine other offices in China.
References: EGi News 25/04/05
