Richard Li’s Pacific Century marks return to property development after 10-year absence
A partnership with Hong Kong-listed CSI Properties is a return to the spotlight for Li
Richard Li Tzar-kai’s Pacific Century Premium Developments will partner with Hong Kong-listed CSI Properties to jointly develop a prime residential site near the city’s main business and nightlife hubs.
According to a statement by CSI, the site of around 11,700 square feet, at No 3-6 Glenealy, Central, can be redeveloped into a new premium residential tower.
CSI will receive HK$2.02 billion (US$258.2 million), as well as 50 per cent of future profits in the project, the company said.
Other developments by CSI include Graham Street in Central, and residential projects at 47 Perkins Road at Jardine’s Lookout, 47 Barker Road at The Peak and No. 8 Peak Road.
The project reflects a return to the spotlight by Li, whose Pacific Century Premium Developments has been absent from Hong Kong property development since 2008. Richard Li is the younger son of Hong Kong’s richest man Li Ka-shing.
Last year, Li Ka-shing, chairman of CK Asset Holdings, sold The Center tower for a record HK$40.2 billion to a consortium of investors from Hong Kong mainland China, marking the deal as among the world’s most expensive real estate transactions.