Fund manager KaiLong Group has initiated the sale of a commercial tower and parking spaces in Wan Chai for HK$1.25 billion, incurring a loss of HK$200 million compared to the purchase price due to the weak property market.

KaiLong is selling the entire Konnect commercial tower at 303 Jaffe Road through a commercial real estate agency, along with 41 parking spaces at Overseas Trust Bank Building at No 160 Gloucester Road.

The current asking price for this batch of properties is around HK$1.25 billion, which is approximately 32.4 percent lower than the listed price in April last year. It's also about HK$200 million lower than the recorded purchase price for the project in 2017.

Over the past three years, commercial property prices have declined significantly, the agency said. But with the end of the interest rate hike cycle, it was anticipated that there would be a rebound in commercial property prices, making the current period an optimal time to enter the market.

Meanwhile, Mori, a new residential project developed by Road King Infrastructure (1098) in Tuen Mun will upload its sales brochure and start sales as early as next month, featuring a total of 693 units.

In Quarry Bay, a row of old buildings, jointly acquired by Henderson Land (0012) and Swire Properties (1972), was recently approved for compulsory auction by the Lands Tribunal with a starting price of HK$6.3 billion, which will be the largest compulsory sale in history in Hong Kong. Another agency will organize the auction scheduled for September 19.