Stanley Ho’s Shun Tak Buys Land on Hengqin Island Next to Macau
Shun Tak Holdings Ltd. (242), the company founded by gambling billionaire Stanley Ho, is planning to build a hotel-to-office complex on an island next to Macau.
The Hong Kong-based company won a bid for a site in Hengqin for 721 million yuan ($118 million), according to a statement to the Hong Kong stock exchange. The site will be developed into an office, hotel, service apartment and commercial project, according to the statement.
China designated Hengqin as a tourism, business and cultural zone, and a resort is under construction in the area, Shun Tak said. SJM Holdings Ltd. (880), the casino company founded by Stanley Ho, received final approval in May to build build a casino resort in Macau’s Cotai area.
“The location and strategic value of this Hengqin project naturally complement our existing hospitality business in Macau,” Pansy Ho, managing director of Shun Tak, said in a separate statement.
The site will have direct access to port and commercial facilities at the border between Hengqin and Macau and will be located at a planned transportation hub, the company said. Site works are expected to begin late this year, according to the statement.
Galaxy Entertainment Group Ltd. (27) have also expressed interest in pursuing a non-gambling project in the area.
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