Melco International Development may be close to acquiring a development site in Macau for an investment of $1 billion, market sources say. Before the market's opened yesterday, the company requested a halt in trading of its shares, pending an announcement regarding 'very substantial acquisitions and a connected transaction'. Chairman Stanley Ho Hung-sun yesterday confirmed the transaction was related to an investment in Macau but did not disclose details. Bankers said Melco has been negotiating with banks to arrange a syndicated loan since last week. Shares of Melco last traded at $19.40 on Tuesday, down 3.48 per cent from the previous day. Analysts expect Mr Ho will inject more of his own assets into Melco - run by his son Lawrence Ho Yau-lun - which is bulking up its investments in Macau's gaming and hotel sector. Melco's share suspension announcement came after Mr Ho's privately owned Sociedade de Jogos de Macau (SJM) last week unveiled plans to launch a $6.2 billion multi-use development project in Macau. Scheduled for completion in 2009, Oceanus will comprise a 600-room luxury hotel, shopping centre, casino, children's playground, rooftop garden and theatre. Macau Success also requested a halt in trading of its shares yesterday, pending release of details concerning a major transaction. Macau Success shares had fallen 5.81 per cent to close at 81 cents before being suspended in the afternoon session. A company spokeswoman said the proposed transaction had no connection to Melco. Other Macau plays also fell yesterday. Shares of K Wah Construction and Materials dived 10.29 per cent to close at $6.10; Century Legend (Holdings) shed 10 per cent to 22.5 cents; A-Max (Holdings) dropped 5 per cent to 76 cents; and Shun Tak Holdings dipped 2.7 per cent to $7.20. Herbert Lau, head of research at Celestial Asia Securities, said there was selling pressure on Macau concept stocks as rumours circulated they might seek further funding through share sales to finance ambitious acquisitions. 'We see profit taking on Macau concept stocks.'