Richard Li, the son of Hong Kong’s richest man Li Ka-shing, may have almost quadrupled his investment on a U.S.-backed loan to the bankrupt Fisker Automotive Holdings Inc., according to a settlement agreement.
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.
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.
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.
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.
Pacific Century Premium Developments Ltd., the property unit of billionaire Richard Li’s PCCW Ltd., surged to an almost 10-year high after saying it is in advanced talks to sell an office, retail and residential complex in Beijing.