Hong Kong's third-richest man owns 89.5 percent of Chow Tai Fook Jewellery Group, the largest jeweler in China and Hong Kong. Through Chow Tai Fook Enterprises, his closely held investment company, Cheng also controls New World Development Co., a land developer with holdings in hotels, retail, infrastructure and public transportation.
China Aluminum International Engineering Corp. is considering a sale of dollar perpetual bonds as the yield premium investors demand to own U.S. currency debt in Asia drops to the least in almost a month.
Dollar-denominated bonds sold by Asian issuers are outperforming local-currency offerings by the most since at least 2000 after a selloff in emerging markets. New World Development Co. is planning a sale of dollar debt.
Gold consumption and production in China expanded to records as prices that slumped into a bear market spurred sales of jewelry and bars, underlining a shift in global demand from west to east. Bullion increased.
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.
The following companies may have unusual price changes in Asian trading tomorrow. Stock symbols are in parentheses, and share prices are as of the latest close. The information in each item was released after markets shut unless stated otherwise.
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.
Chow Tai Fook Jewellery Group Ltd., the world’s largest listed jewelry chain, forecast “steady” growth for the rest of the fiscal year after first-half profit almost doubled on a surge in Chinese demand for gold.