Shun Tak Moves Project to Cotai - Monday 23rd of January 2006

Shun Tak Holdings Ltd. (0242.HK), a Hong Kong-based conglomerate controlled by Macau casino owner Stanley Ho, said it will move its planned Cotai development project in Macau to the Cotai strip.

"The company said the original site was dropped because of environmental constraints that would have hampered development.

"Shun Tak, which is managed by Stanley Ho's daughter Pansy Ho, will build the project through a joint venture with Sociedade de Turismo & Diversoes de Macau, which has gambling, hotel, aviation and property investments in Macau.

"Shun Tak, which paid HK$500 million for the original site, sold a 20% stake to STDM for HK$100.2 million.

"The conglomerate said the location of the Cotai development, originally planned on the border of Cotai, was moved to the strip after it decided to arrange a land swap through the Macau government…"

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