Department store operator Yaohan International Holdings yesterday continued to sell assets when it agreed to off-load a commercial property in Lam Tin for $600 million. The deal, which came hot on the heels of Yaohan's 30.79 per cent stake sale in a frozen food subsidiary to snacks food trader Four Seas Mercantile Holdings for $55 million on Monday, was struck with an independent third party. The property at Sceneway Garden - a 106,062 square feet area leased by associate Yaohan Department Store (HK) - will show a gross profit of $144.66 million. Yaohan said the lease expiring on August 31, 2002, would not be affected by the sale. The purchase, fully paid in cash, will be completed on June 26. The buyer paid a $120 million deposit yesterday. Yaohan, controlled by Japanese businessman Kazuo Wada, said the sale was part of a business consolidation in the face of 'keen competition in the retail market and increased involvement in the retail and distribution business in . . . China.' Late on Monday night, it announced the decrease of its stake in Yaohan Food Processing and Trading from 58.66 per cent to 27.87 per cent. The move, it said, was to boost working capital. A general offer of Yaohan Food shares at 72 cents a share was launched as Four Seas' shares in the company reached 40.18 per cent. Yaohan Food shares shed 8.7 per cent yesterday to 84 cents and Yaohan shares fell 1.4 per cent to 70 cents. Yaohan has been hit by deteriorating cash reserves and hefty debts triggered by aggressive expansion in the late 1980s, analysts said. Yaohan, lost $91.9 million in the six months to last September.