Richard Li News
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ING Groep NV is seeking to sublet as much as two floors it currently leases in Hong Kong’s tallest building as the company reduces space following the sale of its insurance business in the city.
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Li Ka-shing, Asia’s richest man, backed recent measures by the Hong Kong government to curb an “unhealthy” surge in property prices that’s turned the city into the world’s most expensive housing market.
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Cheung Kong Holdings Ltd., the builder controlled by Asia’s richest man, said 2012 profit excluding contributions from unit Hutchison Whampoa Ltd. rose 6 percent as rental income growth offset a decline in home sales.
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ING Groep NV will sell insurance assets in Hong Kong, Macau and Thailand to Richard Li, a son of Asia’s richest man, for 1.64 billion euros ($2.14 billion) as local buyers seek to profit from the dismantling of one of Europe’s largest financial companies.
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ING Groep NV, under European Union orders to divest assets, is near an agreement to sell its Hong Kong and Thailand insurance businesses for about $2.2 billion to Richard Li, son of Asia’s richest man, said three people with knowledge of the matter.
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Billionaire Li Ka-shing ’s foundation hired PineBridge Investments LLC to manage some assets after his son Richard Li took over the fund management firm from American International Group Inc. this year.
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PCCW Ltd., the telecommunications company chaired by Hong Kong billionaire Richard Li, is selling dollar-denominated notes as two insurers also market offerings in Asia. Bond risk fell in Japan and Australia.
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Cheung Kong (Holdings) Ltd., the Hong Kong developer controlled by billionaire Li Ka-shing, posted first-half profit that beat analyst estimates as rental income and the value of its investment properties increased.
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PCCW Ltd. Chairman Richard Li said he won’t reduce his shareholding in Hong Kong’s biggest phone company, which is seeking to spin off its telecommunications assets to focus on media operations such as pay television.
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Li Ka-shing, Hong Kong’s richest man, said he will offer financial support to allow his younger son Richard Li to build businesses outside of the family’s Cheung Kong Group of companies.
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