Hong Kong-based shipping and property giant Shun Tak Holdings, founded by Macau casino tycoon Stanley Ho, has bought a 33.3 percent stake in new budget airline Jetstar Hong Kong.
The $66 million deal gives Shun Tak an equal share in the low-cost carrier, a joint venture involving Qantas and China Eastern Airlines that plans launch this year flying to China, Japan, South Korea and Southeast Asia.
In a statement to the Australian stock market Qantas chief Alan Joyce said, “This adds to the strategic partnerships we have across Asia with companies that have chosen to invest in the Jetstar brand.
“There is clear potential for a local low-cost carrier in Hong Kong to stimulate new travel demand, particularly given the proximity to mainland China and the ability to connect with existing parts of the Jetstar network,” he added.
Jetstar Hong Kong is still awaiting approval from regulators and Hong Kong has tough rules for foreign-owned firms looking to set up locally.
Qantas owns the Jetstar brand and has other joint ventures in Japan, Singapore and Vietnam.
Shun Tak was established by Stanley Ho in 1972, and owns many luxury hotels in Macau as well as interests in some of that city’s casinos.
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