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Tycoon Zuo is said to pursue Gaw's US$1.6b Beijing complex
[HONG KONG] Chinese property brokerage tycoon Zuo Hui is in advanced talks to acquire Beijing real estate from Gaw Capital Partners for about US$1.6 billion, people with knowledge of the matter said.
A company backed by Zuo is in discussions to buy property assets at Pacific Century Place, a residential and commercial complex in the Chinese capital's Sanlitun downtown nightlife area, the people said, asking not to be identified as the information is private. Zuo is chairman of Beijing Homelink Real Estate Brokerage Co., one of China's biggest realtors, and also runs property investment and management companies.
Gaw Capital bought the complex in 2014 from billionaire Richard Li's Pacific Century Premium Developments Ltd. for US$939 million, data compiled by Bloomberg show.
Pacific Century Place includes two office blocks, a shopping mall and a pair of luxury residential buildings containing serviced apartments. It covers approximately 169,900 square meters (1.83 million square feet) of gross floor area, according to Gaw Capital's website.
Representatives for Gaw Capital and Zuo's property investment company declined to comment.