Liu Chak Wan: Property Market Downturn Normal Adjustment

Developer Liu Chak Wan denies rumours that the Tin Wai Investment Limited, which won the bid for two residential land plots in Baia Norte do Patane early this year, intends to renege on its bid. Liu, whose brother Liu Hei Wan heads Tin Wai Investment Limited, stated publicly that as far as he knows the company is discussing the project plan with the government following its down payment and is now awaiting government approval for the project to start. He also observed that Macao’s housing market is cooling due to the current international financial gloom and is a normal market adjustment although it may take some time to return to earlier levels. He admits he is not sure what will become of the economy but is confident about Macao’s property market.