HK-based firms join Echo for Brisbane casino venture
Add BT as a preferred source[SYDNEY] Chow Tai Fook Enterprises Ltd, owner of the world's largest listed jeweller, and property developer Far East Consortium International Ltd will bid with Echo Entertainment Group Ltd to develop a new Brisbane casino.
The two Hong Kong-based companies will each take 25 per cent stakes in the project, Brisbane-based Echo said in a regulatory statement yesterday. The government of the city's Queensland state last month shortlisted Echo, Chow Tai Fook, and two other companies to develop a casino and tourism resort at the riverside Queen's Wharf site at the heart of Australia's third- largest city.
Teaming up with a property developer and luxury retail group will give Echo more expertise and funding as it competes with billionaire James Packer's Crown Resorts Ltd and an affiliate of Chinese property developer Greenland Holding Group Co for a government contract on the site. Chow Tai Fook, which has about 89 per cent of Chow Tai Fook Jewellery Group, was shortlisted in its own right in the government tender. - Bloomberg
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