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.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
New World Development Co., the Hong Kong builder controlled by billionaire Cheng Yu-tung, started gauging demand for an initial public offering of its local hotels, two people with knowledge of the matter said.
Companies controlled by billionaires James Packer and Cheng Yu-tung have been shortlisted to develop a new casino resort in Brisbane, Australia, as the nation’s government pushes to lure Asian tourists amid an export slump.