HONG KONG (Reuters) - Hong Kong property firm Pacific Century Premium Developments Ltd (PCPD) (0432.HK), controlled by tycoon Richard Li, said on Monday it was in advanced talks to sell a property in Beijing for an undisclosed amount.
PCPD’s announcement follows a trading suspension of the company’s stock which surged about 15 percent. Shares in its controlling shareholder, telecommunications company PCCW Ltd (0008.HK), were also halted.
PCPD named the property under discussion as Pacific Century Place, Beijing, which is an office and retail complex. The company gave no further details.
Shares in both PCPD and PCCW would resume trading on Tuesday, the company said in a statement to the Hong Kong exchange.
PCCW owns about 74.5 percent of Pacific Century Premium Developments.
The Hang Seng Index .HSI ended up 0.2 percent at 22,888.76 points on Monday.
Reporting by Denny Thomas and Donny Kwok; Editing by Anne Marie Roantree and Miral Fahmy