Can you introduce Heep Wo Investment and explain the company’s historical roots in Macau and Hong Kong?

Heep Wo Investment was formally established in 1975 as a real estate property management company, but the family’s business history in Macau dates back much further. Our roots go back to my great-grandfather  who was a well-known merchant operating various businesses in Macau from the 1920s through the 1950s. Over time, particularly beginning in the 1930s, much of the family gradually moved to Hong Kong because the economic opportunities there were expanding much faster than in Macau.

By the early 1960s, most of our business activity had shifted entirely to Hong Kong. For decades afterward, the Macau side of the family business was largely in a process of consolidation and divestment, selling off properties and winding down operations. However, after the 1999 handover, Macau experienced tremendous economic growth as the gaming and tourism industries expanded. Around 2017, our family decided to reverse course and begin reinvesting in Macau again. At the same time, I personally returned from California, where I had built my career as an engineer, to help lead this new phase of redevelopment and revitalization.

What inspired the family to restart development activities in Macau after decades of consolidation?

The turning point was really the transformation Macau experienced after the handover. Over the last twenty-five years, the city’s economy expanded enormously, and even the remaining assets we still held in Macau appreciated significantly. Looking at our own financial records, we realized there was genuine untapped potential in the properties we had retained.

Another important factor was timing. In 2017, we sold our share in a prominent Macau property, which provided the capital necessary to reinvest locally. At the same time, I had just rejoined the family business after living in the United States for most of my life. Our Hong Kong operations were already very stable and well managed, so we felt this was the right moment to focus attention on Macau again.

What attracted us most was not simply the commercial opportunity, but the cultural and historical value of Macau itself. Many of our properties are located in heritage areas or are heritage buildings themselves. Rather than continuing to sell assets, we wanted to explore how these sites could be repositioned and revitalized in ways that would contribute to the city’s long-term cultural and economic development.

Could you tell us about Riverside Macau and why the Barra district was selected for this project?

Riverside Macau is one of our flagship redevelopment projects and represents the new direction we want to pursue in the city. The project is located in Barra, directly beside A-Ma Temple, one of Macau’s most historically significant sites. The area is considered the place where the Portuguese first arrived centuries ago, and where the name “Macau” itself is believed to have originated.

The site was originally an empty plot of land of roughly 4,500 square feet. We developed it into a six-story commercial building with approximately 25,000 square feet of space. The concept is inspired by the “Ginza-style” model seen in Japan, where each floor is occupied by a separate food-and-beverage or retail tenant.

Construction began in late 2018 and continued throughout the pandemic, which created major logistical and economic challenges. After six years of work, we are now finally receiving the occupancy permit and preparing to officially launch leasing activities.

What makes the project particularly interesting is its architectural identity. One side of the building is modern and contemporary, while the rear façade preserves a traditional heritage appearance. We wanted to reflect the broader Macau identity — East meets West, old meets new — in a way that feels authentic to the surrounding neighborhood.

You have spoken about the importance of cultural heritage in Macau. How does that influence your development strategy?

Cultural heritage is central to our long-term vision because we believe it is one of Macau’s greatest competitive advantages. Large-scale casino resorts can exist almost anywhere in the world, but Macau’s historic streets, architecture and multicultural identity are unique.

Our portfolio includes several classified heritage properties protected by Macau’s Cultural Bureau. One of the most important is Taksang On, an old pawn shop building constructed in 1917 by my great-grandfather. It operated as part of the family business for decades before being abandoned and left vacant for nearly forty years. Recently, we invested private funds to restore and stabilize the structure because we felt preserving it was important both historically and culturally.

The challenge with heritage buildings is balancing preservation with productive economic use. Ideally, we would like to see Taksang On transformed into a community-oriented cultural space or leased to a business operator whose concept complements the building’s historical character. However, because these are protected properties, any modifications require close collaboration and approval from government authorities. It is a complex process, but we believe preserving and activating these buildings is essential to Macau’s future identity beyond gaming.

What are your strategic priorities for 2025?

Our immediate focus for 2025 is bringing strong tenants and operators into our newly completed projects, particularly Riverside Macau and Taksang On. We are actively seeking partnerships with food-and-beverage brands, retailers and operators that understand the long-term potential of the Barra district.

The broader challenge is that Macau’s economic environment has changed significantly since before Covid. Visitor numbers have recovered strongly, especially from mainland China, but consumer spending patterns are different. People are spending more carefully, which means operators and landlords need to work together more collaboratively than before.

One of our priorities is helping accelerate the revitalization of Barra as a tourism and community destination. The area already hosts major annual events connected to A-Ma Temple and traditional festivals that attract very large crowds, yet commercially it remains underdeveloped. We believe there is enormous opportunity for businesses willing to invest early in the district’s transformation.

At the same time, we are also exploring more modern leasing models, including revenue-sharing arrangements instead of purely traditional fixed rents. We want our relationship with tenants to function more like a partnership, where both sides share risks and opportunities while contributing to the broader revitalization of the area.

How do you view Macau’s future amid increasing regional competition and economic transition?

I remain very optimistic about Macau’s future. There will certainly be challenges as the economy evolves and competition increases from destinations like the Philippines, Japan and the UAE, but Macau still possesses extraordinary advantages that cannot easily be replicated.

The key is diversification. Macau’s future cannot depend solely on gaming. Increasingly, visitors from mainland China and elsewhere are looking for authentic cultural experiences, walking tours, heritage neighborhoods and historical architecture. They want to experience the real Macau beyond the casino resorts.

That is why I believe preserving and revitalizing districts like Barra is so important. These neighborhoods contain the authentic identity of the city. If Macau can successfully combine tourism, entertainment, cultural heritage and community development, it will remain a highly attractive destination for decades to come.

We are also trying to modernize how Macau presents itself internationally. Because of my American background, I have focused heavily on English-language communication, digital marketing and platforms like Google Maps and SEO systems to make our properties more accessible to international tourists and investors. Macau has tremendous hidden potential, and part of our mission is helping more people around the world discover it.