Pursuits
Tables Look Set to Turn for Asia's Worst Property Market
- Transaction volumes doubled in first five months of the year
- Gaming revenue stabilizes, giving hope for home price recovery
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The worst may be over for Asia’s worst-performing property market. Macau’s housing prices, which have plunged by a third since 2014, may get a boost amid signs that a two-year casino slump in the Chinese gambling mecca is near its end.
A private equity fund managed by Gaw Capital Partners sold almost 90 percent of the units it offered on the first day at a development in early July, with evidence of buoyant demand from local buyers. Billionaire Sheldon Adelson, whose firm owns Macau’s largest casino operator, expressed optimism on a recovery in the hard-hit betting industry, fueled by recreational gamblers and tourists, joining analysts at JPMorgan Chase & Co. in predicting a turnaround.