Pacific Century Premium Developments (0432.HKG), which is controlled by billionaire Richard Li, agreed to sell a Beijing property to Hong Kong-based fund manager Gaw Capital Partners for US$928 million, Bloomberg reported, citing a filing to Hong Kong’s stock exchange Tuesday. The sale of Pacific Century Place, a commercial and residential complex, will generate US$341 million of consolidated pretax profit, which the company will use to pay debt and fund projects in Japan, Thailand and Indonesia. Pacific Century is the real estate unit of Pacific Century CyberWorks (PCCW; 0008.HK).