Australian-based property developer Lend Lease, local companies and global investors have shown interest in acquiring the Hotung family's commercial investment property Tung Ying Building in Tsim Sha Tsui. Sources estimated the valuation for the building ranged from HK$1.3 billion to HK$1.8 billion. Rob Blain, president and chief executive for Asia at CB Richard Ellis, said the company had been appointed by HSBC Trustee as exclusive sole agent of the property sale. 'The asset held by the [Hotung] family is being disposed for public tender sale by early November,' he said. He said the property had attracted interest from global investors and developers in recent months. Lend Lease had accumulated up to US$300 million equity to invest in Hong Kong and had expressed interest in the property, he said. He estimated long-term investors could generate 6.5 per cent to 7 per cent rental yield from the property, which was more than 90 per cent occupied. Hong Kong developers Sino Land, Henderson Land Development, Wharf (Holdings) and New World Development had looked at the project's potential for redevelopment and for long-term leasing, he said. Tung Ying Building occupies a 33,449 square foot site at 100 Nathan Road with a maximum developable area of 401,388 sq ft. It is a 17-storey commercial building completed in 1966 with a gross floor area of about 377,357 sq ft. Mr Blain said the owner had not indicated a sale price.