Quek’s great ‘escape’ from Beijing project

Auspicious moment: Quek (third from left) cutting the ribbon during the opening ceremony of Guoson Mall in Beijing in this file picture taken in 2011. The others are (from left) GuocoLand Ltd chairman Sat Pal Khattar, China’s Overseas Chinese Affairs Office director Li Haifeng, Dongcheng district party secretary Yang Liuyin and Guoco Group Ltd president and CEO Kwek Leng Hai

Last week, Guocoland Ltd, the property listed company of tycoon Tan Sri Quek Leng Chang disposed of its interest in an integrated property development project in Beijing for 10.5 billion yuan or RM6.8bil without realising the potential value of the asset.

The acquirer of the project is a company that invests and manages distressed assets.