Wong Kwan, the majority shareholder and chairman of property and technology company Pearl Oriental Cyberforce, is in talks to sell down his interest. Pearl Oriental yesterday confirmed Mr Wong was negotiating with a number of third parties for a possible disposal of his holding in the company but said no concrete terms - or a price - had been reached. The counter dropped 4.41 per cent to 6.5 HK cents per share, taking the accumulated fall in the price this year to 80 per cent. Mr Wong reportedly intends to sell a 34.9 per cent stake in the company while retaining 15 per cent. Pearl Oriental was one of the first property companies to restructure into a technology investor in the wake of the prolonged downturn in the sector. However, analysts said technology projects were failing to deliver quick returns, while the company's plans to dispose of its property assets were not proceeding satisfactorily. They said its financial position was also clouded by short-term debt repayment burden. As of December last year, it had liabilities of HK$1.5 billion and assets of HK$716 million. Mr Wong, a former chef who set up Pearl Oriental in the late-1980s, is well known for his aggressive attitude towards the property market. Pearl Oriental paid about HK$1 billion for two luxury houses on the Peak in 1997. Skyhigh on Pollock's Path fetched about HK$19,000 per square foot and Genesis, a 28,000 sq ft property in Severn Road, secured a price tag of HK$19,285 per sq ft.