Yeung Kwok-Keung, chairman of Country Garden, the Chinese property developer, is set to beat foreign private equity groups including Blackstone and Carlyle to buy a stake in Television Broadcasts, one of the world’s leading Chinese language TV stations, for at least HK$10bn ($1.28bn).

Sir Run Run Shaw, TVB’s centenarian founder and chairman, has agreed to sell his 74.58 per cent stake in Shaw Brothers to Mr Yeung, a member of one of China’s richest families. Shaw Brothers in turn owns 26 per cent of TVB.