Jan. 10 (Bloomberg) -- Cheung Kong (Holdings) Ltd. shareholders are seeking HK$4.71 billion ($604 million) from selling stock in Hong Kong's second-biggest developer after the shares jumped 31 percent in the past six months.

Some 33.5 million shares are being offered at HK$140.50 apiece, according to an e-mail from UBS AG, the sale's arranger. The sellers of the 1.4 percent stake in the company controlled by billionaire Li Ka-shing weren't disclosed. The price is 3.8 percent lower than yesterday's close.

Li, the richest man living in Asia with a $23 billion fortune according to Forbes magazine, said Jan. 4 the world economy faces ``greater turbulence'' this year because of losses from subprime mortgages in the U.S. and measures to tighten China's economy. Cheung Kong has lagged behind some rivals, including Sun Hung Kai Properties Ltd.'s 72 percent surge in the past six months.

``The stock has gone up a lot, so it is probably just profit taking,'' said Sylvia Wong, an analyst at UOB-Kay Hian Ltd. in Hong Kong, who rates Cheung Kong shares a ``hold.'' ``Hong Kong property stocks are not cheap, and their valuations reflect quite a bullish scenario.''

Cheung Kong fell 2.8 percent to HK$141.9 at the mid-day trading break in Hong Kong, compared with a 0.9 percent decline in the benchmark Hang Seng Index.

Li owns about 40 percent of Cheung Kong, according to filings with the Hong Kong Stock Exchange.

Property prices may rise 45 percent in Hong Kong before the end of 2009, UOB-Kay Hian estimates.

``Mr. Li expressed his views last week, and the company hasn't changed from those,'' Cheung Kong spokeswoman Wendy Tong Barnes said by phone today. Hong Kong's property market will be ``very good'' because of the city's inflationary environment, Li told reporters on Jan. 4, according to Barnes.

Chris Cockerill, a Hong Kong-based UBS spokesman, declined to comment on the identity of the seller or sellers.

Cheung Kong in August reported a 52 percent increase in first-half profit that topped some analysts' estimates.

To contact the reporter on this story: Darren Boey in Hong Kong at dboey@bloomberg.net

Last Updated: January 9, 2008 23:58 EST