Li Ka-shing Sells Shanghai Commercial Complex for 20 Billion Yuan

(Hong Kong) — Hong Kong business tycoon Li Ka-shing has agreed to sell an office and retail property complex in Shanghai to an unnamed insurance company for 20 billion yuan ($2.95 billion), the latest property divestment on the Chinese mainland by the Hong Kong multibillionaire.

Cheung Kong Property Holdings Ltd. and the Li Ka Shing (Overseas) Foundation — both owned by the businessman — sold their combined 100% share in investment holding company Mapleleaf Developments Ltd., Cheung Kong said in a filing to the Hong Kong Stock Exchange on Wednesday. Mapleleaf indirectly owns the Century Link complex, located in Shanghai's Pudong New District.