Hong Kong-listed casino developer Landing International Development Ltd. has committed to subscribe about HK$960 million (US$124 million) to an investment fund, the company told the Hong Kong Stock Exchange yesterday. The lock-up period for the fund is 12 months from the subscription date of December 2, according to the filing. The company is to pay an annual management fee of 1.5 per cent per annum of the net asset value of the fund payable monthly in arrears. The fund invests primarily in companies located in China, Hong Kong, Macau and Taiwan, Landing International said in the filing without specifying the type of businesses the fund is investing in. ‘Looking at the investment portfolio and objective of the fund, the track records of the fund manager and the expected positive development of the economics of Greater China and Singapore with growth in the respective stock market the directors are confident that the investment will generate a higher rate of return than [from a] time deposit account,’ Landing International said. The Hong Kong-listed casino and property developer has joined hands with Genting Singapore Plc to develop a casino resort project on Jeju Island in South Korea called Resorts World Jeju. The US$1.8 billion casino resort project is slated to open progressively from 2017.
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