(Macao, September 18, 2008) In response to a news
item today which reported on the sale of apartment-hotels, a spokesperson of
Venetian Cotai SA (VCL) offered the following comments:
accordance with the land concession entered into between the Macao Special
Administrative Region Government and VCL, the company is allowed to construct
The land premium for the apartment-hotels was calculated in accordance with the
applicable regulations in force in the Macao SAR.
The apartment-hotels will be owned by corporate entities, in accordance with
the existing land grant contract, whose shares will be available for purchase
The apartment-hotels are an integral part of VCL's resort development and will
be managed and operated by renowned international chain of hotels. The
apartment-hotel being built adjacent the Four Seasons Macao will be managed by
the Four Seasons hotel group.
The units of the apartment-hotels shall not be subject to sale and purchase
transactions and its usage shall be ruled by a shareholders' agreement.”