As pressure grows on Macau to get new sources of revenue, scion of casino dynasty imagines some other future for your other SAR
Sabrina Ho Chiu-yeng does what she’ll to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun may be higher quality for gracing society and entertainment pages, but also in January she organised the first Macau sales by China’s state-owned Poly Auction and also in November held her very own annual hotel art fair, having already launched an exhibition to market the task of young art graduates in September.
“Macau is changing,” she tells The Collector. “We don’t want to rely just for the gaming industry. We’d like more families ahead to put holidays, you want to boost our cultural and inventive industries.”
This can be a politically correct view for your daughter of an casino magnate. Macau is in the cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the location to quit its dependence on the gaming sector, the taxes that pay for most public expenditures, back through the boom years, once the “build it and they can come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers joined with a slowing economy have gone up the stress to get new revenues.
Fundamental change continues to be slow ahead. Five casinos have opened since 2012 plus much more are stored on the way, including two from branches from 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 Sabrina ho‘s half-sister Pansy Ho Chiu-king.
So can be Sabrina’s cultural endeavours all slightly of soft public relations for your clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections will help it get into a new and wealthy market where no international house has a presence. In turn, Ho says, she wants the auctions to help attract tourists and perhaps let the city’s 600,000 residents to develop a greater portion of a desire for culture. Their bond, called Poly Auction Macau, is 51 per-cent properties of Poly and the rest by Ho’s company, Chiu Yeng Culture.
Ho was raised surrounded by art along with other collectables properties of her parents but she actually is fairly new towards the auctions business. After graduating with an arts degree in the University of Hong Kong, in 2013, she labored on the branding and marketing side from the family’s hotel and property businesses. “But I like art and I asked Poly if I perform in their free time in their Hong Kong office, to discover the auction world,” she says.
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