By Li Hongmei

Hutchison Whampoa, an investment holding company owned by Hong Kong tycoon Li Ka-shing, has announced that it has found potential buyers for its Shanghai office building - the Oriental Financial Center - and plans to sell it for HK$8.9 billion (US$1.1 billion).

Hutchison Whampoa and Cheung Kong Holdings, both owned by Li, hold a 50% stake in the office building situated in Shanghai's Pudong district. The 31-story building is currently under construction and is expected to be completed next year.

Yang Song, an executive from property consultancy Knight Frank China, said that Li's decision to sell the center may reflect his view of the domestic market.

"During the next few years, the Shanghai business district will encounter a scenario of excess supply, which might result in a cooling effect on property prices and this may be one of the considerations Li had (when he decided to sell)," Yang said.