Property trader and developer Pearl Oriental Holdings has turned down an offer of $900 million for Genesis - its luxury residential property on The Peak - claiming it is worth $1.1 billion. Chairman and chief executive Wong Kwan told minority shareholders at the annual general meeting that $900 million - equivalent to $33,000 per square foot - did not reflect the market value of the property. 'We're looking for at least 100 per cent return on investment, making the price $1.1 billion,' he said. Pearl Oriental paid $540 million for the 28,000 sq ft Severn Road mansion in November. Mr Wong said the company planned to renovate it into eight independent villas, each with a gross floor area of 4,500 sq ft. The company attracted attention when it re-sold the $375 million Skyhigh, previously the luxury Peak home of Yaohan International chairman Kazuo Wada, for $918 million after refurbishment. Mr Wong said the company would soon sell the 35th floor of the west wing of Shun Tak Centre for not less than $330 million. The hotel management arm of Pearl Oriental has signed a management contract to operate the five-star Pearl Oriental Hotel in Shenzhen for 20 years. Mr Wong said the company would diversify its hotel management projects from three-star hotels to five-star hotels, focusing on China. It is about to conclude two more five-star hotel management projects this year. Mr Wong said the company's gearing ratio dropped to 25 per cent after a number of minority shareholders converted outstanding warrants due in 1998 into shares. He said if all the outstanding warrants were converted, the company could reap $1.68 billion.