CK Asset Holdings Ltd., one of Hong Kong’s biggest developers, is considering selling its stake in a large project in Shanghai, according to people familiar with the matter.

The landmark project — Upper West Shanghai in the city’s north-westernPutuo district — was billed as one of the largest mixed-used developments in the financial hub when construction started in 2011. A sale could value the entire project at about 20 billion yuan ($2.9 billion), the people said, asking not to be identified. CK Asset has a 60% interest.