Shares in Stanley Ho Hung-sun's Shun Tak Holdings soared 24.19% yesterday after the company said it would net almost HK$700m by cashing out of the Mandarin Oriental Macau and spend HK$580m on a share buy-back.

The property developer and ferry and hotel operator said it would sell its 50% stake in the 416-room hotel to Ho's private Sociedade de Turismo e Diversoes de Macau (STDM) for HK$780 million.

South China Morning Post