NWS Holdings Ltd, a company controlled by Hong Kong tycoon Cheng Yu-tung, agreed to acquire a stake in Beijing Capital International Airport Co from sovereign wealth fund GIC Pte. The said transaction is valued at HK$2.36 billion ($304 million), according to Bloomberg.

A Hong Kong stock exchange filing yesterday said Cheng's company will buy 8.8% of the operator of China's biggest airport. NWS will buy 383 million GICs shares in the airport at HK$6.15 each. The deal will also allow NWS to have a 20.4% stake in the airport operator's Hong Kong-listed H shares, the report detailed.

The Beijing airport is ranked as the second-busiest airport in the world, with 82 million passengers handled last year. The acquisition will give NWS an exposure into the booming market of air travel in Beijing. In a company email, NWS said this is its first investment in an airport, the report stated.

The Bloomberg Billionaires Index ranks Cheng Yu-tung as the fourth richest man in Hong Kong. Cheng has a net worth of $20.1 billion, Bloomberg reported.