LAI Sun Development Co, a Hong Kong real estate developer, said one of its ventures agreed to sell Majestic Hotel and Majestic Center for HK$1.69 billion (US$216 million).

Taiwa, in which Lai Sun and Eternal Force Ltd each own 50 percent, agreed to sell the hotel and office buildings to Majestic Grand Investment Holding Ltd, according to a joint statement from Lai Sun and eSun Holdings Ltd, Lai Sun's major shareholder.

The company's stock has lost 15 percent in the past year, compared with the 31 percent gain in the benchmark Hang Seng Index, Bloomberg News reported.