As pressure grows on Macau to locate new options for revenue, scion of casino dynasty imagines some other future for your other SAR
Sabrina Ho Chiu-yeng is doing what she will to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun may be better known for gracing society and entertainment pages, but also in January she organised the first Macau sales by China’s state-owned Poly Auction and then in November held her own annual hotel art fair, having already launched an exhibition to market the work of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t desire to rely just around the gaming industry. We wish more families to come to put holidays, you want to boost our cultural and artistic industries.”
This can be a politically correct view for your daughter of the casino magnate. Macau influences cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the city to stop its being hooked on the gaming sector, the required taxes that spend on most public expenditures, back throughout the boom years, if 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 risen pressure to locate new revenues.
Fundamental change may be slow to come. Five casinos have opened since 2012 and much more are stored on the way in which, including two from branches of 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 Casino tycoon daughter‘s half-sister Pansy Ho Chiu-king.
So can be Sabrina’s cultural endeavours all just a bit of soft publicity for your clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections might help it break into a brand new and wealthy market where no international house has a presence. In exchange, Ho says, she wants the auctions to help attract tourists as well as perhaps encourage the city’s 600,000 residents to develop much more of a desire for culture. Their bond, called Poly Auction Macau, is 51 percent of Poly along with the rest by Ho’s company, Chiu Yeng Culture.
Ho grew up surrounded by art as well as other collectables of her parents but jane is a newcomer to the auctions business. After graduating with the arts degree through the University of Hong Kong, in 2013, she labored on the branding and marketing side of the family’s hotel and property businesses. “But I favor art and I asked Poly easily will work part-time at their Hong Kong office, to discover the auction world,” she says.
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