Jetstar Hong Kong has gained a new investor, Shun Tak Holdings, which has taken an equal third share along with existing partners Qantas Group and China Eastern Airlines. The start-up low-cost airline is progressing with regulatory approval. It plans to fly to destinations within five hours of Hong Kong and is considering destinations in Southeast Asia, Japan, South Korea and Mainland China. It also plans to operate a fleet of 18 A320 aircraft by 2015 with a local team of 600 people. “As Hong Kong’s only local low fares airline, having a strong local partner in Hong Kong like Shun Tak who understands the revolution we want to bring to Hong Kong air travel is of great benefit,” said Jetstar Hong Kong CEO, Edward Lau. “We see enormous potential for a local LCC in Hong Kong and our low fares model will stimulate a new market, bringing significant opportunities to Hong Kong’s local tourism sector and our broader economy.” Shun Tak Holdings is a Hong Kong-based conglomerate covering transport, hospitality and property.