Companies controlled by billionaires James Packer and Cheng Yu-tung have lodged bids to develop casinos in Australia’s Queensland state, as the state government plans to lure Asian tourists with new resorts.
Asia’s benchmark stock index fell the past five days to the biggest two-week loss since June as Chinese shares traded in Hong Kong entered a bear market and the Federal Reserve gave a timetable for raising interest rates.
Billionaire Cheng Yu-tung’s New World Development Ltd. offered HK$18.6 billion ($2.4 billion) to take its China property unit private after shares in the arm traded below net asset value for more than six years.
Hong Kong stocks fell, with a gauge of Chinese shares listed in the city touching a 20 percent decline from a Dec. 2 peak, after brokerages from UBS AG to Bank of America Corp. cut China growth forecasts amid further signs of an economic slowdown.
International Entertainment Corp., the company controlled by the family of Asia’s fourth-richest man, Cheng Yu-tung, agreed to pay as much as HK$7.35 billion ($948 million) for a Macau gambling-junket operator, seeking to tap a casino boom in the Chinese city.
Billionaire Cheng Yu-tung ’s Chow Tai Fook Group hired Deutsche Bank AG, Goldman Sachs Group Inc., HSBC Holdings Plc and JPMorgan Chase & Co. for an initial share sale of its jewelry unit that may raise as much as $4 billion, two people with knowledge of the matter said.
NWS Holdings Ltd., controlled by Hong Kong billionaire Cheng Yu-tung, agreed to buy a stake in the operator of China’s biggest airport from sovereign-wealth fund GIC Pte, betting on a surge in travelers.