LAI Sun Development says it could sell some of its investment properties that 'have realised their rent potential' in the next year in a bid to maintain growth during the property market slowdown. Director Julius Lau Shu-yan said one of these properties was a 150 car park space in New Mandarin Plaza in Tsim Sha Tsui East which Lai Sun would sell to a single buyer. Yesterday, annual general meetings were held for the company, its parent Lai Sun Garment (International) and sister companies, Crocodile Garments and Glynhill International. Mr Lau said the sale would follow the recent sale of 300 car park spaces in Cheung Sha Wan for $100 million. Although Mr Lau refused to disclose the asking price for the 150 spaces, he said the average price per space in general was $900,000. He said the company would be looking at 'non-core' properties, such as small-sized office buildings and shopping malls to sell. Lai Sun's move came soon after an announcement by another developer, Amoy Properties, that it would sell parts of its non-core properties in Hong Kong to strengthen net earnings. Amoy said the sales were aimed at compensating for the expected fall in rental growth caused by the slowdown in the office sector. Lai Sun reported a 24.8 per cent drop in attributable profit to $718.5 million for the year to July 31. The company said that the territory's property market suffered a substantial setback during the past year with a downward adjustment of almost 30 per cent compared to the peak period in 1994. Mr Lau said he expected rental income for the company to rise 10 per cent next year, and that sales for new property development projects would also be launched. Residential projects to be sold included more units of Blessings Garden at Mid-levels and Parc Versailles in Tai Po. Mr Lau said the company would develop a residential site in Nga Tsin Wai Road in the second half of next year. The 50,000-square-foot development wwould features flats of between 1,000 to 1,200 square feet. He said Lai Sun would invest about $200 million in the project which was expected to take 21/2 years to develop. Speaking of the company's Chinese properties, Mr Lau said two residential blocks in Eastern Place in Guangzhou would be offered for sale and Lai Sun would launch the sale of service apartments at Hong Kong Plaza in Shanghai. Mr Lau said their focus in China would remain mainly in Shanghai and Guangzhou. Infrastructure development projects was and would only be a small part of the company's business, he said. He confirmed that the company was part of a consortium bidding for the property development above the Mass Transit Railway's new airport railway station in Kowloon. He refused to disclose the names of his partners but it was rumoured that Lai Sun Development would team up with Hong Kong China and HKR International.