Richard Li of PCCW
Image credit: Forbes
The real estate arm of Richard Li’s PCCW announced this week that it is close to selling a Beijing office building for a price put by sources close to the deal at US$900 million, as the Hong Kong princeling follows his father’s lead in selling off China property assets.
The move by Hong Kong based Pacific Century Premium Developments Ltd (PCPD), follows soon after the younger Li’s father, Li Ka-shing sold the Nanjing IFC in eastern China’s Jiangsu province on January 1st, and is the latest in a sequence of lucrative asset sales by a family whose original fortune was built buying undervalued Hong Kong real estate assets following a market crash in the 1960s.
In a statement to the Hong Kong Stock Exchange, PCPD indicated that the building under consideration is Pacific Century Place in Beijing, where office rents and assets values have been rising rapidly.
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