Sands China, the gaming operator in Macau, has requested to cede the title of the Four Seasons apartment-hotel to a subsidiary company. Jaime Carion, director of the Lands, Public Works and Transport Bureau, has admitted there is no law in Macau that prohibits Sands China from selling its Four Seasons apartment-hotel under a co-op scheme.
Under this scheme, a housing cooperative – usually a corporation – owns the building and each shareholder is granted the right to occupy one housing unit. Shareholders in a co-op don’t own real estate but a share of the legal entity which does.
However, Carion told reporters that Sands China is still waiting for government approval to go ahead with the move.
MacauBusiness.com reports that after the change of title of the property is approved, Sands China can start implementing the co-op scheme without need of any further approvals from the government.
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