Lee targets $1b worth of stock

Property tycoon Lee Shau-kee wants to take up at least $1 billion worth of PetroChina shares offered to institutional investors yesterday.

Mr Lee, who will subscribe to the shares through his privately owned investment fund, Shau Kee Financial Enterprises, said: 'PetroChina has a good price-earnings ratio, dividend payout level and management.'

The head of Henderson Land Development also vowed to step up his fund's investment on the mainland, where he found abundant opportunities as the economy powered ahead.