(Yicai Global) Oct. 17 -- Hong Kong tycoon Li Ka-Shing's CK Asset Holdings Ltd. [HKG:1113] is set to sell a 75-percent stake in The Center skyscraper located in Hong Kong's bustling Central district for CNY40.2 billion (USD5.14 billion) to a consortium led by a Chinese oil firm, Securities Daily reported yesterday. 

The deal will represent the highest ever transaction price for a Hong Kong commercial building, if completed, with a selling price 12.6 percent higher than the rumored transaction price quoted in 2016.

"The Center was rumored to be sold last year but because a price was not agreed, a deal could not be reached. This time, a sale is more likely," said Yan Yuejin, research director at think tank E-House China R&D Institute. Hong Kong's office market is relatively mature with a stable rate of return, which is attractive to mainland enterprises, he added.

"From a company perspective, there are positive prospects for the asset quality of core cities and a possible sale may be due to asset allocation needs," said Zhang Hongwei, research director at Tospur, a comprehensive real estate service platform.

CK Asset previously agreed to sell a 75-percent stake in The Center for HKD35.7 billion (USD4.57 million) to a Chinese firm in October 2016, but top executives of the former disagreed with the price due to the quality and prime location of the property. Executives made a counter offer and after a year of negotiations, the new price could be about HKD40.2 billion.