CAPITALAND’S joint casino project partner in Macau said that disagreements with its business partner New Cotai had led to delays in getting land-use approval.
CapitaLand – which owns a 20 per cent stake in the US$2 billion Macao Studio City through a joint venture firm with eSun Holdings Ltd known as EAST Asia Satellite Television (East) – said last Saturday that it will work with eSun on solutions to enable the project to progress.
It also said that it has the option to ‘put back’ its shares to eSun if certain conditions are not met by September 2011 ‘or such other date as may be mutually agreed’.
In a statement last Friday, Hongkong-listed eSun said that progress for Macao Studio City has stalled due to differences of opinion between East and its US partner New Cotai, which has a 40 per cent stake in the joint venture company in charge of the project, Cyber One.
The Macau government had not given permission for Cyber One to make modifications to the land and raise the developable gross floor area of the site to about six million square feet. Continue reading
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