Shares of Pacific Century Premium Developments plunged 21.5 per cent yesterday on news the company is selling its core holding of Pacific Century Place in Beijing to a private equity fund for US$928 million. PCPD is the property arm of PCCW, which is controlled by Richard Li Tzar-kai. The stock dropped HK$1.43 to close at HK$5.23 in heavy trade, after hitting a low of HK$5.18. "Shareholders were disappointed as the company did not announce any special dividend payout from the asset sale," said Kenny Tang Sing-hing, a general manager at AMTD Financial Planning. PCPD announced on Tuesday that it had agreed to sell the Beijing complex to Vinter Star, which is owned by Gaw Capital Partners. Tang said investors took profits after the rise in the share price over the past few months. PCPD shares had risen since the start of the year on news about the impending sale. In January, PCPD said it was talking to a potential buyer of its Beijing complex. The company's stock traded from HK$2.76 at the beginning of the year to Tuesday's close of HK$6.66, hitting a 52-week high of HK$6.90 along the way. The Beijing complex comprises two office buildings, two serviced apartment blocks and a shopping centre. This is not the first time the property was in the spotlight over a potential sale. In 2008, the company announced it had been approached by a buyer for the property. Tang said the company's outlook was clouded by uncertainties as there was talk Li could inject his insurance business into PCPD, possibly triggering a share placement.