Despite hopes that the casino business would weather the economic storm, almost all building sites in Macao have gone quiet—a stark reminder that not even China is immune to the impact of a global recession. “We look at this crisis with shock and horror,” says Keith Griffiths, Asia and Middle East chairman of Aedas. The firm recently halted work on its projects on Macau’s formerly booming Cotai Strip, including the Four Seasons Hotel and new phases of The Venetian mega-casino. Like other foreign firms operating in China, Aedas—which had projects in Macau comprising some 50 million square feet—has laid off 30 of its 800 Hong Kong–based employees and contemplated salary cuts. Other firms with offices in Hong Kong and China have laid off 25 percent of their staff.
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