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Property giant bets on Macau
Last Updated(Beijing Time):2007-01-10 15:57

CapitaLand Ltd is paying HK$658 million (US$84.4 million) for a 20 percent stake in an entertainment project in Macau, its first investment in the region, it said in a statement yesterday.

Singapore's biggest property developer is buying the stake from eSun Holdings Ltd, a unit of Hong Kong developer Lai Sun Development Ltd, according to the statement acquired by Bloomberg News. eSun will own 40 percent of the project. The remainder will be owned by a group of US-based investors including Silver Point Capital LP and Oaktree Capital Management LLC, according to the statement.

The acquisition will give CapitaLand a stake in the biggest gambling and entertainment market in the world. Last year, Macau's casinos raked in an estimated US$6.8 billion, overtaking the Las Vegas Strip, according to estimates.

"This joint venture provides CapitaLand an opportunity to enter into Macau to capitalize on the tremendous growth potential," said Liew Mun Leong, CapitaLand's chief executive officer, in the statement.

Source:Shanghai Daily 
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