New World Development is struggling to sell two office properties amid market doldrums and a deteriorating investment environment.
The properties are converted office floors in the former Victoria Apartments - the east tower of the Shun Tak Centre - and remaining spaces in the newly built Grand Millennium Plaza.
New World said the sharp market correction meant it anticipated defaults on the sale of 15 converted floors in Victoria Apartments.
The group told investors the company had a 28.8 per cent stake, representing 96,188 square feet, in the building which was sold for about $11,400 per sq ft last year.
The 15 converted office floors include about 333,980 sq ft of space.
Casino magnate Stanley Ho Hung-sun is a shareholder in the property.
Buyers of the 15 floors reportedly failed to complete purchases by the deadline last month.
