Qantas has sold a major stake in its planned Hong Kong budget airline to a company established by billionaire Stanley Ho.

Hong Kong-based transport and hospitality company Shun Tak has bought a 33.3 per cent stake in the airline, giving it an equal share with the other owners – Qantas and China Eastern Airlines.

Shun Tak was established by Stanley Ho in 1972, and owns many luxury hotels in Macau as well as interests in some of that city’s casinos.

The $US198 million ($A208.74 million) Hong Kong Jetstar is still awaiting approval from regulators, and plans to offer low-fare flights to China, Japan, South Korea and south east Asia.

Qantas chief executive Alan Joyce said Shun Tak’s tourism and travel interests aligned well with Jetstar Hong Kong.

Pilots and cabin crew are currently being trained in anticipation of operating approval being given to the airline.