Gaw Capital sells Beijing project for $1.53b

Gaw Capital Partners has sold the Pacific Century Place project in Beijing for approximately RMB 10.5 billion ($1.53 billion) according to Mingtiandi, citing people familiar with the deal.

The new owner is Beijing Yuanjing Mingde Management and Consulting Co., which operates as a real estate–focused wealth manager on behalf of ultra-high-net-worth individuals.

The 169,900-square-meter (1.83 million-square-foot) complex includes two office towers, a pair of serviced apartment blocks and a retail space.