The International Finance Centre Tower, tallest, and other skyscrapers and high-rise office buildings in Central along the Hong Kong Island coastline are seen from Kowloon in Hong Kong, China. [Photo/IC]

Unlike sluggish residential property, commercial real estate is undergoing a new round of shuffling, with big deals valued at nearly 70 billion yuan ($10.36 billion) during the week ending Nov 1, Beijing Business Today reported.

On Oct 26, Cheung Kong Property Holdings and Li Ka Shing (Overseas) Foundation - both owned by tycoon Li Ka-shing, agreed to sell the Shanghai commercial development Century Link in Pudong's Lujiazui district for 20 billion yuan.

Cheung Kong said later that The Center - the tallest building in its portfolio - in Central, Hong Kong obtained an offer of HK$35.7 billion, and is likely to sell to a Chinese mainland institution.

On Oct 28, Swire Properties agreed to sell its Kowloon Bay property to Lucky Melody Limited for HK$6.53 billion, and the former is expected to book a HK$1.17 billion gain from the disposal.

On the same day, China's biggest property developer, China Vanke, agreed to buy Central Plaza in Shanghai from private equity firm Carlyle Group for 2.38 billion yuan, media reported.

On Nov 1, Wangfujing Group Co Ltd said in a statement that it plans to buy Belmont Hong Kong for 5.37 billion yuan, including Belmont's 2.2 billion yuan debts.

Generally speaking, foreign and Hong Kong investors kept withdrawing money from the market during this round of shuffling, while the new buyers are Chinese mainland enterprises, including Vanke and Wangfujing and some financial enterprises, the newspaper said.

Over the past few years, some foreign and Hong Kong investors have held core business resources in first-tier cities, including department stores and office buildings, aided by strong capital and operating experience, Wang Ke, founder of Top Agency, a Beijing-based commercial property sales agency, told the newspaper.

As these capitals obtained expected profits, Chinese enterprises are becoming new buyers, Wang added.