Gaw Capital Partners is in late-stage discussions with Chinese real estate mogul Zuo Hui over the 10 billion yuan sale of assets at Pacific Century Place, a mixed-use complex in Beijing's Sanlitun district, Bloomberg News reported June 8, citing sources with knowledge of the matter.
Zuo, who runs realty company Beijing Homelink Real Estate Brokerage Co. Ltd., is backing the company that is intending to make the purchase of the compound. Gaw Capital, a Hong Kong-headquartered property-focused private equity firm, acquired the residential and commercial property in 2014 for US$939 million from Pacific Century Premium Developments Ltd., a company run by Li Ka-shing's younger son Richard Li.
The 169,900-square-meter complex contains two office buildings, a retail mall and two upscale residential towers housing serviced apartments.
Both the current seller and potential buyer declined to comment on the impending deal to the media outlet.
As of June 8, US$1 was equivalent to 6.41 Chinese yuan.
