MHC, Swiss Exhibition Basel, the group that owns Art Basel & Art Basel Miami Beach, has acquired a controlling interest in ART HK, the Hong Kong Art Fair. This purchase gives MHC a sizable footprint into the Oriental art fair market that it lacked until now. The 2012 show will be the last under the ART HK name. From then on, it will be known as ART Basel HK.
The current ART HK Director, Magnus Renfrew will stay at the helm. The 2011 ART HK has 260 Galleries from 68 countries.
Sources: [Link], [Link]