Chinese property developer Yeung Kwok-keung is close to finalising a deal to buy a 75% stake in Hong Kong's Shaw Brothers from Sir Run Run Shaw.

The deal would give Yeung, who is chairman of Guangdong-based development company Country Garden Holdings, control of Hong Kong's largest broadcaster TVB. Shaw Brothers is the largest shareholder in the free-to-air broadcasterwith a 26% stake.

It was earlier believed that the deal had fallen through when Yeung failed to meet the asking price of $1.3bn-$1.4bn (HK$10.5bn-HK$11bn). However, it is understood that Yeung is finalising a $640m (HK$5bn) syndicated loan to secure the transaction. Citibank leads the syndicate of six lenders.

Shares in Shaw Brothers yesterday rose 4.32% to HK$21.75, while TVB climbed 0.88% to HK$46.

Hong Kong's oldest film studio, Shaw Brothers is no longer active in production and sold the bulk of its library to Malaysian tycoon Ananda Krishnan in 2000.The library of Shaw Brothers classicshas since been remastered and distributed around the world by Hong Kong-based Celestial Pictures.

Shaw Brothers has since set up the $200m shooting facility, Shaw Studios, in Hong Kong which has hosted productions such as Ang Lee's Lust, Caution. Sir Run Run Shaw celebrated his 100th birthday last year.