Cheung Wah Development, to be renamed Softbank International Investment Strategic, has announced details of share tie-ups with Chinadotcom and three other partners to further its expansion into Asia. In preliminary agreements, Cheung Wah will swap about 4.7 per cent of its enlarged share capital with Nasdaq Stock Market-listed Chinadotcom and three other companies in the region. Cheung Wah will swap about 0.9 per cent of its issued share capital with Chinadotcom, 1.9 per cent with Philippine broadband access and e-commerce firm Philweb and 1.9 per cent with Malaysia's No 3 mobile operator Digi SwissCom. Cheung Wah and Chinadotcom will each invest an initial US$5 million in a 50-50 joint venture. It will provide consultancy services to companies under the Softbank and Chinadotcom umbrellas which wished to move into each other's respective markets of Japan and Greater China. Subject to more talks, Cheung Wah and Chinadotcom could end up making a total outlay of up to $100 million in the consultancy. In the Philippines, Cheung Wah and AIG Asia, a unit of the United States insurance giant, have agreed to each invest $2.5 million in Internet company Philweb and will each receive nil-paid warrants to subscribe for one billion shares in Philweb. Cheung Wah and AIG Asia will each receive 10 per cent stakes in PhilWeb. In addition, a total of $25 million will initially be injected into a joint venture in which PhilWeb will hold a 50 per cent stake, and Cheung Wah and AIG each a 25 per cent stake. Cheung Wah also confirmed its share-swap deal with Lai Sun Hotels. Cheung Wah said it would take a 5.3 per cent stake in the enlarged Lai Sun Hotels, which will issue 101.34 million new shares to Cheung Wah. In return Cheung Wah will place 13.51 million shares or 0.7 per cent of the enlarged company with Lai Sun. Lai Sun will be renamed eSun.com and focus on developing Internet content.