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.
Bank of East Asia Ltd. said it has signed an agreement with Shanghai Shengpay e-payment Service Co. to provide cross-border electronic payment services. * Bank of East Asia to become first foreign bank to provide cross-border electronic renminbi payment services in Shanghai’s pilot free-trade zone, the company said in a press release today * the pact will enable Bank of East Asia to further develop its international trade payment and cross-border RMB settlement business * China’s banking regulator also recently approved the bank’s Shanghai free-trade zone sub-branch to conduct personal banking business, the release said.
Key Safety Systems, a maker of components for the auto industry, is close to being bought by Chinese private equity firm FountainVest Partners for as much as $800 million, said people with knowledge of the matter.
Cofco Corp., China’s largest food company, plans to acquire a majority stake in Noble Group Ltd.’s agriculture unit in a deal that values the business for about $3 billion, two people with knowledge of the matter said.
China Guangfa Bank Co., part-owned by Citigroup Inc., plans to seek about $2 billion through a Hong Kong initial public offering after shelving a proposed Shanghai listing, said people with knowledge of the matter.