Pacific Century to Sell Property to Gaw for $928 Million

Pacific Century Premium Developments Ltd., the real estate unit of billionaire Richard Li’s PCCW Ltd., agreed to sell a Beijing commercial and residential complex to Gaw Capital Partners for $928 million. Pacific Century shares tumbled.

The sale of Pacific Century Place to the Hong Kong-based fund manager will generate HK$2.65 billion ($341 million) of consolidated pretax profit, which the company will use to pay debt and fund projects in Japan, Thailand and Indonesia, according to a filing to Hong Kong’s stock exchange yesterday.