Li Ka-shing to sell Seasons Villas in Shanghai

Sep. 7, 2009 (China Knowledge) - Hong Kong business tycoon Li Ka-shing, chairman of Cheung Kong (Holdings) Ltd<0001> and Hutchison Whampoa Ltd<0013>, recently planned to sell the Seasons Villas in Shanghai after refurbishing, sources reported.

The move is expected to bring in RMB 4 billion in sales revenue by 2010. Previously, each of the villas steadily contributed between RMB 40,000 and RMB 50,000 in cash per month.

Seasons Villas covers an area of 270,000 square meters and has a green coverage of 55%. Townhouse covers an area of 171 square meters. Its villas' floor areas are between 247 square meters 541 square meters each.

The property developer will officially start selling the villas on Sep. 25 at prices ranging from RMB 80,000 to RMB 100,000 per square meter, sources said.

Known for its tranquility, the project is located on Huamu Road and Liuzhou Road, Pudong District. Other well-know villa projects in the area include Regency Park, 9 Church Villa and Tomson Riviera Garden.

Seasons Villas has contributed around RMB 1.1 billion in rental income to Hutchison Whampoa in the past eight years.