Business is like art. It is complex, colourful and challenging. If you happen to be a Maestro like Li Ka-Shing, then your achievements will make you an ultra rich magnate.
A commercial complex under construction in Shanghai's Pudong district has been sold for 20 billion yuan (US$2.95 billion).
The sale of Shanghai Century Link Tower, a large office and retail complex comprising two 34-story office towers and a shopping mall by Cheung Kong Property Holdings to a company majority owned by China Life Insurance Co, is expected to draw in a profit of 6.2 billion Hong Kong dollars (US$799 million).
The commercial complex has a total floor area of about 220,000 sq. meters.
Cheung Kong Property Group is unloading its assets in mainland China and Hong Kong to transition into the infrastructure business in Europe and elsewhere.
Chinese state media has critiqued Li, the chairman of Cheung Kong Holdings for withdrawing capital in its latest deal.
Cheung Kong Property has deemed the sale an ordinary transaction.