As pressure grows on Macau to locate new reasons for revenue, scion of casino dynasty imagines another future to the other SAR
Sabrina Ho Chiu-yeng does what she’ll to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun might be also known for gracing society and entertainment pages, but also in January she organised the 1st 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 project of young art graduates in September.
“Macau is changing,” she tells The Collector. “We don’t desire to rely just around the gaming industry. We wish more families to come here for holidays, we want to boost our cultural and inventive industries.”
This is the politically correct view to the daughter of an casino magnate. Macau influences cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the town to quit its obsession with the gaming sector, the required taxes where spend on most public expenditures, back throughout the boom years, in the event the “build it and they will come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers along with a slowing economy have increased the pressure to locate new revenues.
Fundamental change continues to be slow to come. Five casinos have opened since 2012 plus more are saved to the way in which, including two from branches with 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 may be Sabrina’s cultural endeavours all just a bit of soppy public relations to the clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections can help it plunge into a brand new and wealthy market where no international house features a presence. In exchange, Ho says, she would like the auctions to help attract tourists and possibly encourage the city’s 600,000 residents to build up much more of an interest in culture. Their bond, called Poly Auction Macau, is 51 per cent of Poly and the rest by Ho’s company, Chiu Yeng Culture.
Ho was raised surrounded by art and also other collectables of her parents but she’s a newcomer towards the auctions business. After graduating by having an arts degree from the University of Hong Kong, in 2013, she labored on the branding and marketing side with the family’s hotel and property businesses. “But I love art and i also asked Poly if I perform part time at their Hong Kong office, to understand the auction world,” she says.
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