Jetstar Hong Kong (Hong Kong International) is set to take on a new 33% shareholder in the form of local Hong Kong property and transportation conglomerate, Shun Tak Holdings Ltd, who acquired the stake for USD33milion. The nascent carrier believes the introduction of a new local investor, alongside Qantas (QF, Sydney Kingsford Smith) and China Eastern Airlines (MU, Shanghai Hongqiao) (now each also holding 33.3%), will help placate Hong Kong's regulator, the Transport and Housing Bureau, into issuing it with an AOC, despite it having conformed to local laws that stipulate that airlines must be incorporated in the city and have their principle place of business in Hong Kong to be considered "local" under the law. In a further set back to Jetstar's launch plans, the Transport and Housing Bureau has now stated it won't process any further start-up applications pending a review of the law which will now likely include shareholding structure, among other unspecified determining factors. The red tape is widely seen as a protectionist move by the city to protect incumbent Cathay Pacific (CX, Hong Kong International).