Richard Li investigating real estate in Taichung

Richard Li (李澤楷), chairman of Hong Kong's biggest phone operator PCCW Ltd (電訊盈科), met a group of local property developers in Taichung last night to discuss possible real-estate investment opportunities in the city.

Li, son of Hong Kong billionaire Li Ka-shing (李嘉誠), who owns real estate developer Cheung Kong (Holdings) Ltd (長江實業), and his entourage were expected to receive a warm welcome from Taichung Mayor Jason Hu (胡志強) at an evening party, the Chinese-language Economic Daily News reported.

Richard Li is expected to spend three days in Taiwan to investigate Taichung's property market, a report in the Commercial Times business daily said.

On average, prices of Taichung properties amount to only one-fifth to one-fourth of property prices in Taipei, although the launch of the high-speed railway has boosted prices of pre-sale housing units in Taichung by NT$400,000 (US$12,121) per ping (3.3m2), the report said.

Last year, Richard Li's decision to sell a controlling stake in PCCW attracted great interest from foreign companies while at the same time sparking political concerns from China, as Beijing objected to allowing the Hong Kong telecoms giant coming under foreign ownership. The share-sale plan was blocked by shareholders in December.

At last night's reception, Richard Li was to meet Ho Ming-shiann (何明憲), chairman and founder of China Metal Products Group (勤美集團), Lai Cheng-i (賴正鎰), chairman of Shining Group (鄉林集團), King Liu (劉金標), chairman of Giant Manufacturing Co (巨大機械), and Wang Chung-cheng (王忠正), chairman of the Taichung Real Estate Development Association, to pursue potential business strategies and market opportunities, the Commercial Times reported.