Pacific Century Considers Offers for Real Estate in BeijingJoshua Fellman
Pacific Century Premium Developments Ltd., controlled by Li Ka-shing’s son Richard Li, said it was approached by potential buyers of its stake in Pacific Century Place in Beijing.
The company is considering the proposals and hasn’t yet made a decision or signed a sale agreement, according to a Hong Kong stock exchange filing yesterday evening. Pacific Century denied media reports that it’s in talks to buy insurer FWD from Richard Li, its chairman.
Shares of Pacific Century will resume trading in Hong Kong today. The stock halted trading at 1 p.m. local time yesterday after surging 34 percent to HK$2.94. The stock has gained 62 percent this year, compared with a 0.7 percent gain in the city’s benchmark Hang Seng Index.