As pressure grows on Macau to discover new causes of revenue, scion of casino dynasty imagines another future for that other SAR
Sabrina Ho Chiu-yeng is performing what she could to aid Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could be more well known for gracing society and entertainment pages, however in January she organised the very first Macau sales by China’s state-owned Poly Auction and then in November held her annual hotel art fair, having already launched an exhibition to promote the job of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t want to rely just on the gaming industry. We would like more families ahead here for holidays, we want to boost our cultural and creative industries.”
This is a politically correct view for that daughter of the casino magnate. Macau is within the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging town to quit its obsession with the gaming sector, the taxes where spend on most public expenditures, back during the boom years, when the “build it and they can come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers combined with a slowing economy have raised pressure to discover new revenues.
Fundamental change may be slow ahead. Five casinos have opened since 2012 plus much more are saved to just how, including two from branches from the Ho empire – the Grand Lisboa Palace, led by Ho’s mother, Angela Leong On-kei (Stanley’s so-called “fourth wife”), and MGM Cotai, headed by Stanley ho daughter‘s half-sister Pansy Ho Chiu-king.
So are Sabrina’s cultural endeavours all just a little of soft advertising for that clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections may help it plunge into a new and wealthy market where no international house includes a presence. In return, Ho says, she wants the auctions to aid attract tourists and possibly encourage the city’s 600,000 residents to formulate a greater portion of an interest in culture. The partnership, called Poly Auction Macau, is 51 % properties of Poly along with the rest by Ho’s company, Chiu Yeng Culture.
Ho was raised surrounded by art and other collectables properties of her parents but she actually is a newcomer on the auctions business. After graduating having an arts degree from your University of Hong Kong, in 2013, she labored on the branding and marketing side from the family’s hotel and property businesses. “But I prefer art and i also asked Poly only can perform in their free time inside their Hong Kong office, to discover the auction world,” she says.
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