HSBC Holdings Plc’s planned sale of its London, New York and Paris offices may bring Europe’s biggest bank about 40% less than the properties would have fetched at the 2007 market peak.

The sales may raise about $2.24bn, 38% less than in 2007, according to real estate analysts in the three cities. HSBC’s London headquarters might be worth about $1.2bn (£800m), said William Newsom, head of U.K. valuation for Savills. The Paris office could sell for about $665.7m, according to Etienne Prongue of property consultant Atisreal. And HSBC 'would be lucky' to get $400m in Manhattan, said Dan Fasulo of Real Capital Analytics.