Deacon Chiu's Far East Consortium International (Feci) is to pursue listings in Malaysia, the Philippines and possibly New York for its international property and hotel operations. Feci managing director Kohei Ogawa said the listings would provide low-cost financing for expansion in Hong Kong and China. Feci, largely engaged in the Malaysian property market, plans a Kuala Lumpur listing of most of its property operations - other than those in Hong Kong. It hopes to generate a higher price earning multiple of 15 to 20 times because it has an established reputation in Malaysia. A market source said the group was likely to include its Australian properties in the proposed listing in Kuala Lumpur, bringing its total asset value to about US$5 billion. 'We are also considering spinning off our six hotels, either in Kuala Lumpur or in the Nasdaq in New York, and our Philippines floating casino and properties on the third board of the Manila stock exchange,' Mr Ogawa said. Feci would become a holding company for the three offshore listing companies. There were also two proposed four-star or five-star hotels scheduled for completion by next year - one with 29 floors and 330 rooms in Kuala Lumpur and one with 112 rooms in Singapore. In Cebu in the Philippines, the group had acquired the 80-room hotel and floating casino jointly with Lai Sun Development and Allan Glick, the former owner of the Star Dust casino in Las Vegas.