Hong Kong’s richest man has sold a 24-story commercial building in Shanghai for $540 million, further reducing his assets on the Chinese mainland. Hysan Development announced last Friday it would acquire the commercial project in Shanghai from CK Asset Holdings Ltd., a Hong Kong-based investment holding company founded by business magnate Li Ka-shing. The newly completed yet unoccupied tower sits in a central business district in Shanghai named Jingan, with over 700,000 square feet gross floor area. The acquisition is expected to close by early 2022, according to the announcement. The land was bought by Li in 2005. As Hong Kong’s biggest investor, Li entered the mainland real estate market in 1989 but has been selling off his property there since 2013. The billionaire denied repeatedly his divestment was driven by a lack of confidence in China’s economy and political climate, saying buying and selling were what a businessman does. …