The Official Gazette on April 4, 2007 published a by-law to suspend the fixed-asset investment residency policy, with effect from tomorrow.

The Chief Executive, Mr Edmund Ho Hau Wah, announced the Government’s decision this afternoon when he attended a plenary meeting of the Legislative Assembly to answer legislators’ questions over public issues.

Meeting the press after the session, the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, said the decision to have the by-law come into effect tomorrow was to prevent rumours and further speculations on Macao’s real estate market.

The Government had paid great attention to the realty investment residency scheme, said Mr Tam, and he believed that the suspension was widely supported by the public.

The new regulation would not affect the more than 4,000 applications accepted prior to the effective date of the by-law.

Names of these applicants and all other data would be delivered to the Commission Against Corruption to prevent any change identity of these applicants and possible subsequent speculation activities, Mr Tam said.

Renewals and applications for family members of people who have acquired residency would not be affected, the by-law stipulated.

Mr Tam also said that the Government would continue to review the fixed-asset investment residency policy and continue to watch the market and formulate new provisions in the future.

Source | Government Information Bureau

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