Lai Sun Development says it hopes to cut its gearing to about 40 per cent from the sale of flats at soon-to-be-launched residential projects. Vice-president Eric Fung said properties for near release included the company's big profit contributor Tycoon Place in Tai Po. The development is a joint venture with Hong Kong Parkview Group and China Travel Service Holdings' property arm, Hing Kong Holdings. He said the development, providing about 205,186 square feet, would be launched within two months. Mr Fung spoke as the company's 52 per cent owned subsidiary Lai Sun Hotels International announced it would sell 24 serviced apartments at The First Mansion in Causeway Bay next Friday. Internal sales have already started. The price of First Mansion units, each 475 sq ft, averaged $6,200 per square foot. Mr Fung said First Mansion could generate sales revenue of about $150 million, barely covering the acquisition cost of the property. However, Mr Fung said the planned sale of Lai Sun Development's low-density development, Wiltshire Place at Wiltshire Road, Kowloon Tong, was expected to reap more than $212 million in sales, or $8,000 per square foot.