Despite claims by Asia's richest man that he has not offloaded his mainland investments, Hong Kong multibillionaire Li Ka-shing has got rid of over 20 billion yuan (US$3.23 billion) in Chinese property holdings since August last year.

The latest is the HK$7.2 billion (US$930 million) sale of Beijing's Pacific Century Place shopping center by Pacific Century Premium Developers, a company headed by son Richard Li. When the sale is completed in August, the company will have no more major investments in the mainland.

Pacific Century Premium has said it will use the funds from the sale to seek out more investment opportunities in Japan, Thailand and Indonesia. The money could also be put to paying out the HK$2.41 billion (US$310 million) in transferrable bonds owned by parent company Pacific Century Group that mature on May 9.

Prior to the sale, Pacific Century Place had been posting gloomy figures, with only 61% of retail space occupied last year, according to a financial report. Financial news site money.163.com noted that the six-floor department store has stood empty for some time and as rental income continues to drop, so does the chance of a renewal, creating a seemingly inescapable vicious cycle.

The HK$7.2 billion sale is a fraction of Richard Li's asking price of 80 billion yuan (US$12.9 billion), but it still represents a small gain of 8% over the company's original investment.

Buyer Kenneth Gaw, co-founder of multinational investment firm GAW Capital Partners, has said he considers the price a practical steal given its size and location in Beijing. "This investment will bring diversified cash flows from retail and rent for offices and apartments," said Gaw. "It's a natural defense against risks."