Saturday, 13 March 2010

Pacific Century barred from land deals in Beijing

Beijing municipal authorities on Friday suspended permission for Pacific Century Regional Developments Ltd, chaired by Hong Kong tycoon Richard Li Tzar-kai, to buy and sell land in China’s capital.

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Guanyu 道 said...

Pacific Century barred from land deals in Beijing

12 March 2010

Beijing municipal authorities on Friday suspended permission for Pacific Century Regional Developments Ltd, chaired by Hong Kong tycoon Richard Li Tzar-kai, to buy and sell land in China’s capital.

The Beijing Municipal Bureau of Land and Resources also imposed fines of around 5.1 million yuan (HK$5.7 million) on the company.

The moves are part of a policy by the bureau to prevent large developers from driving up property prices by hoarding land.

Pacific Century Regional Developments, a subsidiary of Li’s company Pacific Century Group purchased land at No 4 Gongtibei Road, Chaoyang District, Beijing in 2006.

The contract stated that construction should start promptly, but the site remained vacant.

A Pacific Century spokesman, surnamed Siu, told SCMP.com the company was now trying to settle the issue in Beijing.

Siu said the company had sold the land to Shui On Construction last September.

Shui On Group chairman Vincent Lo Hong-sui confirmed to local media that his company had acquired the plot in September 2009.

Lo said Shui On began construction after it bought the land and would fully co-operate with mainland laws, local media reported.

Richard Li is chairman and chief executive of Pacific Century Holdings.