Chow Tai Fook Enterprises of Hong Kong plans to invest $2.6bn in a casino project in Incheon, South Korea, which is working to attract Chinese gamblers.
The Incheon city government said yesterday it expected work to begin this year on a resort that includes a hotel, shopping mall and conference facilities.
Chow Tai Fook is controlled by the family of Cheng Yu-tung, whose hotels, shopping malls and construction businesses put him fifth on Asia’s rich list, according to Forbes. The investment group’s only listed entity, Chow Tai Fook Jewellery, is the world’s largest jeweller by market capitalisation.
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