PURPOSE: To obtain a new compound useful as an optical recording material, liquid crystal material, medicine such as anti-inflammatory analgesic, pyrethroid insecticide, etc.

CONSTITUTION: A compound of formula I (R1 and R2 are alkyl; A is bifunctional hydrocarbon) such as 3-hydroxypropyl(S)-2-[4-tertiary butyloxymethyl) phenyl]propionate. The compound of formula I is obtained by subjecting an optical active aromatic substituted sulfonic acid ester derivative of formula II (R3 is alkyl or aryl; group containing A is cyclic acetal comprising 5 to 7-membered ring) to thermal rearrangement reaction in the presence of water and a base (e.g. sodium acetate) in an organic solvent (e.g. dioxane) at ≥70°C. The compound of formula I contains an alkyloxymethyl group in the aromatic ring and another functional group such as aldehyde group can be introduced to the compound by taking advantage of the alkyloxymethyl group.