Gambling is back in Macau
Top business and technology news for February 27, 2017. Part of the daily SupChina news roundup "Chinese private military contractors."
- China’s high rollers are back at Macau’s gaming tables / Bloomberg
After a two-year slump caused by the anti-corruption campaign and China’s slowing economy, Macau’s casinos have been enjoying a spurt of growth. Bloomberg interviewed the president of the Association of Gaming and Entertainment Promoters of Macau, who said that “VIP room operators are very happy when we meet in the street or at the parties… Six months ago, they would complain about the bad market for the whole day.” Bloomberg attributes the high rollers’ renewed enthusiasm for losing their money at casinos to high land prices and healthy industrial profits.
- China bankruptcy cases surge as economy slows / Financial Times (paywall)
About 5,665 bankruptcy cases were accepted by Chinese courts in 2016, an increase of 54 percent compared with the year before, according to the country’s top court. More than 1,600 of the cases were filed by companies in the eastern provinces of Zhejiang and Jiangsu, which are known for manufacturing by small- and medium-sized enterprises. The surge in bankruptcies is “linked to getting rid of zombie companies and making the economy more efficient,” according to Susan Finder, a law scholar in residence at Peking University Shenzhen Graduate School.
- China will allow more IPOs to lure capital, regulator says / Bloomberg
- For more Chinese firms, it pays to make it in the USA / WSJ (paywall)
- China’s Huawei battles to own the next generation of wireless technology / WSJ (paywall)
- GoPro integrates app with Huawei’s new phone in China push / Bloomberg
- China’s expensive new airports lack one thing: passengers / WSJ (paywall)
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