An international developer bidding to build a casino resort on Matsu yesterday said it has budgeted US$2.5 billion to construct supporting infrastructure.
This will remove the biggest obstacle facing Matsu’s development: a lack of transportation infrastructure, Weidner Resorts chairman and CEO William Weidner said.
The money would be used mainly to upgrade Beigan Airport so that it can handle larger aircraft such as Airbus SAS’ A320s and Boeing Co’s 747s, Weidner said.
Photo: Tsai Wei-chi, Taipei Times
A bridge connecting the Matsu chain’s Beigan and Nangan islands, a ferry harbor and a yacht terminal would also be built, he said.
“[The project] will develop Matsu’s infrastructure and help connect it to the rest of the world,” Weidner said.
He said that the US$2.5 billion, which is part of the US$8 billion in funds for the entire project, came from Bank of America, Deutsche Bank, JPMorgan and Credit Suisse.
Weidner said the resort could generate 70,000 job opportunities.
Matsu County residents approved a referendum in July last year allowing casinos to be built on the island chain.
However, such projects cannot proceed until a bill governing the operation of casinos is passed by the legislature.
The Cabinet is currently working on drafting legislation toward that end.
ECONOMY TWEAK: Lowering the rate would allow more cities in China to reduce minimum mortgage rates for homebuyers, which might stimulate sluggish demand China yesterday ramped up support for its property sector with its biggest-ever cut to a key mortgage reference rate, raising expectations for more aggressive measures to support the economy in the months to come. Chinese lenders slashed their five-year loan prime rate (LPR) by 25 basis points to 3.95 percent, the People’s Bank of China said. It was the first cut since June last year and the largest reduction since a revamp of the rate was rolled out in 2019. Lowering that rate will allow more cities in China to reduce minimum mortgage rates for homebuyers, which might stimulate sluggish demand for apartments
OVERSEAS: The company is expanding with OSAT development in India, an EV factory in Thailand and possibly an 12-inch fab in Malaysia, Young Liu said Hon Hai Precision Industry Co (鴻海精密), the world’s largest contract electronics maker, is expected to forge deeper and more comprehensive collaborations with its main customer Apple Inc, the company’s chairman said on Tuesday. Speaking before a dinner banquet on Tuesday to mark the company’s 50th anniversary, Hon Hai chairman Young Liu (劉揚偉) said that the two companies would forge a deeper and more extensive partnership. “Everything that should be there will be there and nothing will be missed,” Liu said, when asked about the progress made in Hon Hai’s collaborations with Apple in the artificial intelligence and electric vehicle (EV) fields. Hon
UP AND DOWN: Although average regular monthly pay rose 2.43 percent to NT$45,496 last year, sharper inflation of 2.5 percent drove real monthly wages down 0.05 percent The labor market improved last year with a rise in employment, as well as monthly take-home pay and total wages, but faster inflation wiped out those increases, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday. The industrial and service sectors hired 7,000 people, a 0.09 percent increase from the previous year, to grow the workforce to 8.17 million people, as retailers, hospitality and tourism companies benefited from “revenge” consumption in the post-COVID-19-pandemic era, the agency said. Strong consumer spending more than offset a slowdown that hit manufacturers and shrank their payroll by 0.74 percent, it said. Steep global inflation and monetary
SLOWING DOWN: Last year, new investment in China from Taiwanese firms fell to its lowest since 2001, while that of Japanese firms also fell to a 10-year low Foreign businesses’ direct investment into China last year increased by the lowest amount since the early 1990s, underscoring challenges for the nation as Beijing seeks more overseas funds to help its economy. China’s direct investment liabilities in its balance of payments was US$33 billion last year, data released on Sunday by the Chinese State Administration of Foreign Exchange showed. That measure of new foreign investment into the country — which records monetary flows connected to foreign-owned entities in China — was 82 percent lower than the 2022 level and the lowest since 1993. The data show the effect of COVID-19 lockdowns and weak