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Family of Asia's richest man Li Ka Shing sells $1.1 billion Beijing property

Published on Apr 10, 2014 1:44 PM
 
Mr Li Ka-shing, chairman of Cheung Kong (Holdings), speaks during a news conference after the company's annual general meeting in Hong Kong, China, on Friday, May 20, 2011. A company controlled by Mr Li has sold a landmark Beijing property for more than US$900 million (S$1.1 billion), it said, adding to speculation he is cashing out of Chinese property. -- FILE PHOTO: BLOOMBERG

BEIJING (AFP) - A company controlled by the family of Asia's richest man Li Ka Shing has sold a landmark Beijing property for more than US$900 million (S$1.1 billion), it said, adding to speculation he is cashing out of Chinese property.

Pacific Century Premium Developments - a company chaired by Mr Richard Li, the tycoon's younger son - signed an agreement 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 per cent 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, China's Dongfang Daily newspaper said Thursday.

The deal is the fourth Chinese property disposal by Mr Li's family since August, it said, adding that the sales have fetched a total of nearly 18 billion yuan (S$3.6 billion).

 
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