ESun Holdings sold $455 million worth of new shares yesterday to pay for part of the land premium for its $20 billion project in Macau's Cotai site. The entertainment arm of Lai Sun Group had obtained approval from the Macau government to develop the East Television City project into a casino, hotel and convention centre facility, a source said. The source added that the plot ratio of the project would be lifted to four or higher, which translated into a gross floor area of six million square feet. The proposed development consists of a film studio, concert hall, convention centre and retail complex, two four-star to five-star hotels and an all-suite hotel with a gross floor area of about 340,000 square metres, assuming a plot ratio below 3.5, according to a company release in May last year. The plot ratio adjustment for developments in Cotai is considered a general policy change as Chinese Estates Holdings, Melco International Development and Shun Tak Holdings have all applied to revise their projects' plot ratios. Only Chinese Estates has been allowed a revision. Lai Fung Holdings, Lai Sun's mainland property arm that is assumed to shoulder 40 per cent of the investment cost in a memorandum of understanding signed in December, would bring in Singapore's CapitaLand as a strategic investor in the project, the source said. ESun and parent Lai Sun Development asked that trading in its shares be suspended yesterday. ESun owned 40.8 per cent of Lai Sun and the developer held 38.31 per cent of eSun before the share placement.