Shui Hing chairman Daniel Koo Shing-cheong says he plans to sell his entire 71 per cent stake in the loss-making retailer to one of five potential buyers.
Mr Koo refused to disclose the identities of the buyers, but said they included one mainland-backed party and two Hong Kong-listed companies.
Shui Hing, whose business spans department stores to property investment, has yet to decide whether it would retain its core department store operations, he said.
'The offer price would be the prerequisite of the sale,' Mr Koo said after the company's annual meeting yesterday.
Mr Koo said his decision to put the 70-year-old family business up for sale reflected that he was 73 and that Shui Hing had made losses for the past four years.
News of the sale negotiations sent Shui Hing shares 2.72 per cent higher yesterday to $15.10, taking the gain over the entire week to 41 per cent.