Li Ka-shing companies sell Shanghai development for $2.95 bln
HONG KONG, Oct 26 (Reuters) - Two companies owned by tycoon Li Ka-shing have agreed to sell a Shanghai commercial development to a special vehicle mainly owned by "an established insurer", without disclosing the name, for 20 billion yuan ($2.95 billion). The deal by the two companies - Cheung Kong Property Holdings and Li Ka Shing (Overseas) Foundation - both owned by Li Ka-shing, marks another asset sale in China by the tycoon, who has also been increasing the pace of overseas acquisitions - particularly in infrastructure, telecoms and retail businesses in Europe. (http://www.reuters.com/article/cheung-kong-hutchisonwhampoa-results-upd-idUSL4N0VY1SL20150226) Cheung Kong said on Wednesday it expected to record an unaudited gain of around HK$6.22 billion ($802.07 million) from the sale of the Shanghai commercial development Century Link. The companies will provide financing of around 7 billion yuan to the buyer, Cheung Kong said. It said the buyer - called Mapleleaf Century Limited, is majority owned by the insurer, with the rest indirectly held by two funds managed by ARA Asset Management, which is backed by Li Ka-shing. The vehicle will also be managed by ARA, Hong Kong's second-largest property developer by market value. "The board considers that the disposal enables the company to realise its investment in the target Group," Cheung Kong said in a statement. The deal is expected to complete in or about 2017/2018. ($1 = 6.7682 Chinese yuan renminbi) ($1 = 7.7549 Hong Kong dollars) (Reporting by Clare Jim; Editing by Jane Merriman)