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Li Ka-shing to shed 2.33 million square meters of assets in Jiangmen, China

Hong Kong tycoon Li Ka-shing will sell 2.33 million square meters of properties in the Chinese city of Jiangmen in Guangdong province to Chinese real estate developer and manager Guangzhou Yuetai Group Co. Ltd., according to a report by The Paper.

The buyer will build a large-scale tourism and residential development on the area, including elements like premium hotels, yacht clubs and other commercial amenities. The total transaction price was undisclosed.

Li had originally purchased 3,800 mu, 2.53 million square meters, of land in Jiangmen in 2007, with plans to develop the plots to house yachting and polo clubs, retail and entertainment space, and high-end residential units, the Feb. 28 report noted.