Hong Kong internet and telecoms tycoon Rechared Li, chairman of Pacific Century Group Holdings Ltd (PCG), attracted people's eyes again by selling the group's landmark building in Tokyo for 200 billion yen ($1.7billion), according to the Wall Street Asia.

The group said Thursday the Pacific Century Place Marunouchi near the Tokyo station has been acquired by a Japan funds operated by property management company - K.K daVinci Advisors. Rechard Li bought the land for 86.8 billion yen in 1997.

The deal recorded the highest price for simple property in Japan and indicated the end of consecutive assets deflation which dragged Japan's economy into recession since early 1990s. In those period, some property's price cut half, including some most expensive lands in the world.

However, the situation has changed greatly in recent years. Japan government said early this week the price of properties for commerce and housing in Tokyo, Osaka, Nagoya etc rose for the first time since 1990, althouth that in other cities still continue the declined trend for 15 years.

Tokyo Pacific Century Place Marunouchi lies in center of the city, proximate with two main commercial districts. The building owns 24 layers office for working, 3 room for retailing and a grand hotel - Four Seasons Hotel Tokyo which PCG will continue own and operates it.

Japan