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Richard Li’s firm sells property in Beijing
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A company led by Hong Kong businessman Richard Li said it has sold a landmark Beijing property for more than US$900 million, fueling speculation about the motive for Chinese property sales by his family.
Pacific Century Premium Developments — a firm chaired by Li, the younger son of Asia’s richest man Li Ka-shing — signed a deal on Tuesday to sell Pacific Century Place for US$928 million, the company said in a statement filed with the Hong Kong stock exchange.
The deal is nearly 30 percent lower than the asking price reported last year for the well-located Beijing property, made up of two office towers, two serviced apartment blocks and a shopping mall, the Oriental Morning Post said yesterday.
The son and father act separately in their business operations.
But the deal is the fourth Chinese property disposal by entities associated with the Li family since August, the newspaper said, adding that the sales have fetched a total of nearly 18 billion yuan (US$2.9 billion).
“Li Ka-shing’s investment strategy since the 1970s shows that he will always sell his assets two to three years ahead of crises to reallocate (the resources),” the newspaper quoted an unnamed industry insider as saying.
The 85-year-old Li Ka-shing’s companies have already disposed of properties in major Chinese cities including Guangzhou and the financial hub of Shanghai.
Talk that the billionaire was pulling out of China rose so high that he met the press for 90 minutes in late February to emphasize his confidence in the country’s property market and its slowing but still strong economic growth.
PCPD also said in a statement that it would continue to invest in China “as its key priority as it is committed to building its presence in Asia.”
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