(Yicai Global) Nov. 2 -- CK Asset Holdings Ltd., a company run by Hong Kong's richest man Li Ka-shing, has confirmed it will sell off its shares in The Center, the city's fifth-tallest skyscraper, verifying earlier released reports.

The holding company will sell its entire 75-percent stake in The Center International Ltd. for HKD40.2 billion (USD5.15 billion), it said in a statement yesterday. The subsidiary owns several businesses, offices and other properties, as well as parking lots in The Center.

Hong Kong media reported on Oct. 16 that CK Asset Holding would sell its holdings The Center for HKD40.2 billion to a mainland financial consortium led by oil firms. The deal is poised to be the most expensive commercial building transaction in Hong Kong.

CHMT Peaceful Development Asia Property Ltd. will buy The Center, though CK's statement did not disclose much information about the company. South China Morning Post reports that the purchaser is controlled by Beijing-based China Energy Reserve & Chemicals Group, a privately owned oil and gas firm that has a 55-percent stake in the investment vehicle.

Completed in 1998, The Center is 346-meters tall with 73 stories. It is located on Queen's Road Central in the special administrative region's Central and Western District, one of Hong Kong's busiest areas.