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Family Detained for Filming Rogue Taxi Driver P3 TRACY HEADS HARD ROCK ‘THE MACAU KID’ WINS CHINESE JAPAN DIVISION Ng Kuok Kun beat Thailand’s Former Sands China CEO, Komsan Polsan on points NUCLEAR Edward Tracy, was appointed during the 5th CCTV POWER to lead Hard Rock Japan, which CNY Cup – IBF World FLEET COULD plans to bid for resort licenses Championship OVERTAKE US P2 P5 BOXING P11 WED.01 Feb 2017 T. 14º/ 21º C H. 65/ 90% facebook.com/mdtimes + 11,000 MOP 7.50 2733 N.º HKD 9.50 FOUNDER & PUBLISHER Kowie Geldenhuys EDITOR-IN-CHIEF Paulo Coutinho www.macaudailytimes.com.mo “ THE TIMES THEY ARE A-CHANGIN’ ” WORLD BRIEFS AP PHOTO Family detained for P3 UK President Donald Trump’s order barring U.S. filming rogue taxi driver entry to people from seven majority Muslim nations is “divisive, discriminatory and wrong,” British Foreign Secretary Boris Johnson said. But he rebuffed calls for cancelling Trump’s MARQUES RENATO planned state visit to the U.K. More on p15 AP PHOTO USA Trump has fired the acting attorney general after she questioned the legality of his immigration ban. Sally Yates (pictured), who was appointed by Barack Obama, ordered justice department lawyers not to enforce the president’s executive order. A White House statement accused Yates of “betraying” the justice department and being “weak on borders”. PHILIPPINES The United States is not building any weapons depots in the Philippines, the U.S. ambassador says, denying the basis on which President Rodrigo Duterte threatened to abrogate a 2014 defense pact that allows U.S. forces to temporarily base in local camps. More on p12 PHILIPPINES The Philippine Supreme Court yesterday prohibited a group of police officers from entering a slum community to prevent them from threatening villagers who have accused them of ruthlessly killing four residents in an anti-drug raid, in the latest setback Crowds turn out to celebrate CNY for the president’s bloody crackdown on drugs. P4, 6 More on backpage in Macau, hotels booked out 01.02.2017 wed th Anniversary 2 MACAU 澳聞 WWW.MACAUDAILYTIMES.COM.MO ARD Rock Interna- Htional announced on Monday the launch Edward Tracy CEO for Hard of a new division of the company, Hard Rock Ja- pan LLC, as well as the appointment of Edward Rock’s new Japan division Tracy as its CEO. According to a state- ment from Hard Rock July 2010 he joined Sands the World” in its annual International, Tracy’s China Ltd, a subsidiary of top-100 ranking. Las Vegas Sands Corp., appointment is “a stra- “As the former CEO of BLOOMBERG tegic move designed to as its president and chief Sands China Ltd and CEO support the company’s operating officer. He la- of the Trump Organiza- growth plans in the re- ter became the company’s tion, Tracy brings more gion.” CEO in July 2011, respon- than 30 years of proven Japan’s legislature re- sible for the oversight of gaming, hospitality and cently approved the coun- the largest integrated integrated resort expe- try’s Integrated Resorts resort operator by reve- rience to Hard Rock,” Promotion Bill, marking nue, accounting for some said Jim Allen, chairman the first step toward the 13,000 hotel rooms and of Hard Rock Internatio- legalization of gaming in 30,000 employees. nal, as cited in the state- a market that CLSA ga- Prior to Sands, Tracy ment. ming analysts estimate to served as president and “We are confident in be worth USD40 billion. CEO of Capital Gaming, a Tracy’s ability to lead the With 30 years of ex- multi-jurisdictional ma- company’s efforts in Ja- perience in the Japane- nager of regional casinos, pan and we look forward se market, including six as well as president and to seeing our business Hard Rock Café locations CEO of the Trump Orga- continue to grow under currently in operation, nization, where he was his leadership,” he added. the company now plans responsible for managing The statement also no- to expand their portfolio 12,500 employees, 3,000 ted that the appointment by becoming a contender luxury hotel rooms and of Tracy and the launch among the bidders for Ja- 240,000 square feet of of Hard Rock Interna- panese resort licenses. casino space. tional’s Japan division Tracy has held a number In October 2014, Har- confirm the company’s of positions within the vard Business Review na- “expansion efforts and gaming and hospitality med Tracy as one of “The commitment to growth in industry in the past. In Best-Performing CEOs in Asia.” DB Edward Tracy LEGAL WISE BY MdME João Encarnação* of some issues that commonly arise during or after purchase, such as the AVOIDING THE PITFALLS OF PROPERTY TRANSACTIONS net and gross areas of the proper- ty; the special transaction tax which becomes payable upon reselling the property within the two years imme- he Macau Real Estate market is on a provisional basis), regardless of representation or assistance is not diately following the purchase (which Treviving at an accelerated pace. A whether the purchase goes through. mandatory. However, the complexity can amount to between 10 and 20% year-on-year comparison last Decem- After identifying a suitable proper- of the different land holding regimes of the sales price); the additional 10% ber shows the average price increa- ty, buyers should request a valua- – leasehold versus freehold – and of tax payable by non-Macau ID hol- sed 32%, and the number of property tion of the same from more than one the contracts involved – mediation ders; and whether the property is un- transactions more than doubled. bank, not only to assess the perceived agreement, promissory sales/pur- der a current lease agreement, which However, a market frenzy is condu- market value of the property, but also chase agreement, loan agreement, by law shall continue in force until its cive to rushed decisions in detriment to determine which bank can provide property insurance, etc. – require a term. of proper planning and risk assess- them the maximum loan/mortgage clear understanding of the parties’ ri- Finally, due to the peculiarities of ment, and few people know enough - up to the limit of 70% of the unit’s ghts and duties under said contracts. the Macau real estate environment, of finance, real estate and the law price or value (whichever is lower), First-time purchasers or sellers shou- buyers are advised to request infor- to make an informed decision. The- under the Banking Regulatory Autho- ld avoid signing on impulse, and seek mation on facts that may have an im- refore, reputable mediation, proper rity’s directives - and the lowest in- independent confirmation that any pact on the resale price, such as the financial guidance, and technically terest rates and monthly repayments. given document sufficiently protects age of the property, whether mainte- sound legal advice are pillars of cal- Most Macau banks will be happy to their position and is in line with the nance of the building is being carried culated investment in the property assist with this exercise at no cost, or common practice and legal provi- out regularly and the management market. at a relatively small charge. sions of Macau. In this regard, con- fees are paid, the amount of the mon- In order to find the right property, Purchasers should keep in mind that firmation should be sought that the thly management fees, and the yearly there are several reputable real es- Stamp Duty (transaction tax) will be person(s) appearing as the seller(s) cost of the government land lease (if tate agencies and brokers in Macau, levied on the total price of the tran- on the documents are indeed the ow- any). who usually charge a one-off service saction upon execution of a promis- ners of the property and can dispose We know that for most buyers, the fee of 1% of the purchase price, to be sory agreement, and be payable wi- of the same freely; that the property burden involved in purchasing a pro- paid by the party being assisted – if thin 30 days of signing of the respec- has no registered encumbrances; and perty with their hard-earned money both parties are assisted by the same tive agreement, even if only a small that no irrevocable PoA for disposal is not to be taken lightly, so good pre- broker, each shall pay 1%. This broke- deposit has been put forward. of the property has been issued to a paration goes a long way to protecting rage/agency fee will usually be payab- The final stage of a property ow- third party. and maximizing their investment. le as soon as any agreement is signed nership transfer requires Notary in- Furthermore, buyers should be awa- between the seller and buyer (even tervention, but up to that stage legal re of several related concepts and * Partner at MdME www.macaudailytimes.com.mo DIRECTOR AND EDITOR-IN-CHIEF_Paulo Coutinho [email protected] A MACAU TIMES PUBLICATIONS LTD PUBLICATION MANAGING EDITOR_Paulo Barbosa [email protected] CONTRIBUTING EDITORS_Eric Sautedé, Leanda Lee, Severo Portela ADMINISTRATOR AND CHIEF EXECUTIVE OFFICER + 4 Million page views Kowie Geldenhuys [email protected] DESIGN EDITOR_João Jorge Magalhães [email protected] | NEWSROOM AND CONTRIBUTORS_ SECRETARY Denise Lo [email protected] PER MONTH Albano Martins, Annabel Jackson, Daniel Beitler, Emilie Tran, Grace Yu, Ivo Carneiro de Sousa, Jacky I.F. Cheong, ADDRESS Av. da Praia Grande, 599, Edif. Comercial Rodrigues, 12 Floor C, Jenny Lao-Phillips, João Palla Martins, Joseph Cheung, Julie Zhu, Juliet Risdon, Lynzy Valles, Renato Marques, Richard MACAU SAR Telephones: +853 287 160 81/2 Fax: +853 287 160 84 Whitfield, Rodrigo de Matos (cartoonist), Sandra Norte (designer), Viviana Seguí | ASSOCIATE CONTRIBUTORS_ Advertisement [email protected] Thank You! JML Property, MdME Lawyers, PokerStars, Ruan Du Toit Bester | NEWS AGENCIES_ Associated Press, Bloomberg, For subscription and general issues: [email protected] | Printed at Welfare Printing Ltd +11,000 like us on facebook.com/mdtimes Financial Times, MacauHub, MacauNews, Xinhua | SECRETARY_Yang Dongxiao [email protected] SEND NEWSWORTHY INFORMATION AND PRESS RELEASES TO: [email protected] WEBSITE: WWW.MACAUDAILYTIMES.COM.MO wed 01.02.2017 th Anniversary MACAU’S LEADING NEWSPAPER 澳聞 MACAU 3 accusation, which the family declined.
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