Hong Kong Tycoon Sells Shanghai Property for $540 Million

Hong Kong's richest man Li Ka-shing attends a press conference in Hong Kong on March 16, 2018. Anthony Wallace/AFP via Getty Images

Hong Kong’s richest man has sold a 24-story commercial building in Shanghai for $540 million, further reducing his assets in mainland China.

Hysan Development announced last Friday it would acquire the commercial project in Shanghai from CK Asset Holdings Ltd., a Hong Kong-based investment holding company founded by business magnate Li Ka-shing.