According to a statement sent by the company to the Hong Kong Stock Exchange, potential buyers of the Legend Point project may submit bids until October 30.
The note, released on last week, stresses that “there is no set starting price for the public tender” and that Macau Legend’s profit “will depend on the final price offered by the winning bidder.”
Interested parties, however, must provide a bank guarantee worth 15 million yuan to Zhuhai Lai Ieng, the company that owns Legend Point.
Macau Legend holds a 21.5% stake in Zhuhai Lai Ieng, but the operator did not disclose the identity of the remaining shareholders.
Legend Point, located near the border separating the Hengqin special economic zone and Macau, currently has 109 commercial spaces and 862 parking spots, the company said.
The project, covering about 130,000 square meters, was launched in 2014. At the time, Macau Legend’s leader, David Chow Kam Fai, said it could serve as a “gateway” for Chinese tourists to Portuguese culture.
In March 2019, the operator said in a statement that Legend Point would be completed by the end of the year, including a Manueline square capable of hosting ten thousand people.
The main building of the project was to be an exhibition center, which could “promote quality products,” particularly those from Portuguese-speaking countries.
Last week, Macau Legend admitted it had “significant doubts about the group’s ability to continue operating” due to total debts of HK$2.4 billion.
The operator reported a loss of HK$1.42 billion in the first half of the year, more than 12 times higher than in the same period of 2024.
The company attributed the results to a drop in the value of its Fisherman’s Wharf development, due to the already announced closure of the Legend Palace “satellite casino” by the end of the year.
At the end of March, Macau Legend had already reported losses of HK$45.9 million in 2024, partly due to the reversal of a hotel-casino in the capital of Cape Verde.
In November, Cape Verdean authorities initiated a process to reclaim the hotel-casino and other unfinished Macau Legend works on Santa Maria islet and the Gamboa waterfront, in the city of Praia.
In July, Cape Verde’s Minister of Internal Affairs, Paulo Rocha, told Lusa that the Government would give the company a “last chance,” after it promised “an alternative” for the site.
At the end of 2023, Macau Legend president Li Chu Kwan said the group intended to close its projects in Cape Verde and Cambodia by 2025.
