Casino tycoon Stanley Ho buys stake in HK budget airline
HONG KONG (AP) - Asian casino tycoon Stanley Ho's transport company is buying a stake in a budget airline that Qantas and China Eastern Airlines are setting up in Hong Kong, the companies said on Thursday.
Ho's Shun Tak Holdings said on Thursday it is paying US$66 million (S$82.6 million) for a third of the new venture that will fly under the Jetstar brand.
Australia's Qantas Airways and Shanghai-based China Eastern said in March last year that the US$198 million venture would serve the swelling numbers of Chinese travellers.
The venture was expected to start operating by mid-2013. But it has faced delays as it seeks regulatory approval.