These changes are evident in the remarkable transformations the city has experienced, including the liberalization of gaming in 2002 and the opening of major infrastructures like the 55 km Hong Kong-Zhuhai-Macao Bridge (HZMB) in 2018, the longest bridge-tunnel sea crossing in the world.
Choi highlights how Macau’s unique energy fosters passion among its residents. She recalls her early career during the de-monopolization of Macau’s telecommunications business as a pivotal learning experience, saying, “It was exciting to be part of the startup team.”
Choi also notes significant changes in job opportunities available today, noting, “There’s a wide range of opportunities for locals and the attraction of overseas young talents to work in Macau.” She believes this cross-cultural exchange enhances Macau’s vibrancy. Furthermore, she acknowledges improvements in government services that have made life easier for residents. “Department heads are becoming more conscious and proactive in launching programs that meet societal needs.”
Despite these concerns about cultural identity and economic sustainability, there is optimism about the future.
Álvares acknowledges that while challenges exist, there are also opportunities for improving environmental practices: “Environmental sustainability has been a challenge for Macau, but we are making progress.”
As Macau looks forward to another 25 years, leaders like Trindade advocate for a balanced approach to growth. “We need to develop Macau,” he urges, emphasizing collaboration among stakeholders to create a more inclusive economy. “It’s not against gaming; it’s going to be with gaming,” he adds.
Transforming tourism: Hospitality Industry
Macau’s hospitality sector has also undergone a remarkable transformation. Rutger Verschuren, vice president of Macau Operations for Artyzen Hospitality Group, has witnessed this evolution.
Tourism has been the cornerstone of Macau’s economic development since its return to China in 1999.
Verschuren noted that the designation as a UNESCO World Heritage Site in 2005 “elevated Macau’s profile as a cultural destination, complementing its reputation as the ‘Las Vegas of the East.’” As visitor numbers grew, tourism became a key driver for job creation, urban development, and cross-sectoral growth.
Verschuren also highlighted Macau’s role in the Greater Bay Area, noting that it will “bring opportunities to tap into emerging markets like ecotourism, agritourism, and wellness retreats.” He envisions a future where Macau and Hengqin are treated as a “center of tourism and leisure,” seamlessly integrated to offer diverse experiences.
Real estate market evolves with the timesThe city’s real estate market mirrors the dynamic economic changes that have shaped the region.
In an interview with the Times, Jack Lei, principal regional sales director of Centaline Property, provides an in-depth analysis of this evolution.
Lei discusses the significant shifts in Macau’s commercial real estate landscape over the past two decades. “Before the return, Macau was a small fishing village,” he explains. “After the return, we closely examined prices and rents. Although the market has seen declines, current rents and prices are still ten times higher than before.”
The introduction of foreign-funded casinos in the early 2000s was a pivotal moment for Macau’s real estate market. “In 2004, there was the Sands Casino. Foreign-funded casinos came to Macau, which gave Macau a great help,” Lei explained. “As a result, many foreigners and people from all over the world paid attention to the small fishing village in Macau, so the investment atmosphere was quite strong.”
This influx of foreign investment and the subsequent growth of the gaming industry had a profound impact on Macau’s real estate sector. “Since the entry of foreign casinos, I have seen that both residential and commercial properties in Macau have been doing well, and prices have been rising until 2007, when investment immigration ended,” Lei said.
Government policies have also played a crucial role in shaping Macau’s real estate landscape. “The most important factor is the influence of the cooling measures,” Lei said, referring to the various cooling measures implemented by the government to regulate the market.
“If the economy is good in the market, there is nothing to worry about. But in 2014, the VIP room developed unhealthily and many things happened. The transaction volume kept falling because the fundamental economy was bad.”
Despite the challenges, Lei remains optimistic about the future of Macau’s real estate market. “Seeing the transaction volume is helpful. Before, there were probably more than 80 residential properties sold, but now it has reached 200 to 300. In addition, I have seen that the transaction volume of shops and office buildings has actually increased compared to last year,” he said.
locals’ perspectiveA young Portuguese local who has lived in the city his entire life reflects on the remarkable transformation he has witnessed.
“When I was 10 years old, Macau was very peaceful, very relaxing. There weren’t a lot of tourists, and it wasn’t very developed, so it was a more relaxed and chill place,” said the local, who wished to remain anonymous.
This shift has come at the expense of Macau’s local identity, according to the interviewee.
“I think there is still some Macau left from the locals and from the people who have lived here and have grown here who know the true Macau. But of course, nowadays Macau isn’t seen as that place – it’s more seen as a tourist hotspot.”
The local Portuguese influence, which was once a defining characteristic of Macau, has also diminished significantly.
“I don’t think it has any influence at all. I think ever since the transition of Macau from Portugal to China, there hasn’t been much cultural influence, because now the government is more focused on pleasing China than caring about the Portuguese and their culture.”
As Macau will end of its current ‘One country, two systems” arrangement in 25 years, the local expresses excitement about the city’s future integration with China.
“25 years from now is actually when Macau supposedly is no longer going to be independent anymore. So, I am excited to see what’s going to happen in 25 years, when Macau will fully become a real part of China, instead of its own system. It’s something to look forward to seeing what this entails.” Miguel de Senna Fernandes, who heads an association representing residents with mixed Portuguese and Chinese heritage, said Macanese people with mixed backgrounds have historically served as a bridge between Portuguese administrators and local Chinese. Fernandes traces his own Portuguese heritage to 1750 when his ancestors arrived in Macau.
As time passes, language, religion and identity are at risk of being lost along with food traditions. To keep Macanese heritage alive, the Macanese need to embrace their uniqueness, Fernandes said.
“We are from Macau,” he said. “We are different from the Chinese, but we should embrace the differences.” Nadia Shaw & Victoria Chan
