Macau casino czar Stanley Ho has taken a stake in Qantas and China Eastern Airlines’ Hong Kong budget airline venture.
The move is being seen as helpful to the chances of Jetstar Hong Kong winning an operating licence from local authorities.
Jetstar Hong Kong sold a 33.3%stake to Shun Tak Holdings, Qantas said.
Shun Tak’s biggest shareholders include firms owned by Ho’s daughters and himself.
Its businesses range from casinos, property development, ferry services between Hong Kong and Macau, hotels and investment.
Qantas and China Eastern will hold 33.3% each, according to the statement.
With the addition of the partner, Qantas cut its initial planned equity investment to US$66 million from up to US$99 million.
China Eastern and Shun Tak will also contribute up to US$66 million each, the statement said.
Jetstar Hong Kong will focus on flying to secondary Chinese cities.
