Hong Kong-based Paul Y Engineering's (PYE) shareholders yesterday approved a fundraising plan through share placement and convertible bonds for a high-end Macau tourist project.
The engineering and property firm said in November that it would tap into the world's largest gaming destination by building a luxury hotel and entertainment project in Macau's Cotai Strip, a new destination for gamblers.
PYE deputy chairman Tom Lau Ko-yuen said that the hotel, due to be completed in 2016, would have a "wow effect".
"We are targeting the VIPs among VIPs," Lau said.
According to PYE chairman James Chiu, the Macau project has a "bright future" and will enable the company to realise the business diversification it has been seeking.
Last year PYE announced a joint venture with a Hollywood film company and Beijing's Huayi Brothers, but pulled back after it failed to raise enough money in a weak market.