28-02-2017, 06:50 PM
Hong Kong's Biggest Developer Sees Profit Rise 57% as Sales Soar
Sun Hung Kai Properties Ltd., Hong Kong’s largest developer by market value, said half-year underlying earnings rose 57 percent, as sales benefited from a surging home market.
Profit excluding property revaluations climbed to HK$14.6 billion ($1.9 billion) in the six months ended Dec. 31, compared with HK$9.3 billion a year earlier, the firm said in a statement to the Hong Kong stock exchange on Tuesday.
Sun Hung Kai’s earnings were buoyed by resurgent demand in Hong Kong’s housing market, where existing home prices this month reached an all-time high and builders bid up prices for land plots, including a record purchase last week. Sun Hung Kai was one of the most aggressive of local major developers in wooing new buyers during a brief correction last year, offering discounts and mortgages valued at more than a home’s value.
More details in https://www.bloomberg.com/news/articles/...s-increase
Sun Hung Kai Properties Ltd., Hong Kong’s largest developer by market value, said half-year underlying earnings rose 57 percent, as sales benefited from a surging home market.
Profit excluding property revaluations climbed to HK$14.6 billion ($1.9 billion) in the six months ended Dec. 31, compared with HK$9.3 billion a year earlier, the firm said in a statement to the Hong Kong stock exchange on Tuesday.
Sun Hung Kai’s earnings were buoyed by resurgent demand in Hong Kong’s housing market, where existing home prices this month reached an all-time high and builders bid up prices for land plots, including a record purchase last week. Sun Hung Kai was one of the most aggressive of local major developers in wooing new buyers during a brief correction last year, offering discounts and mortgages valued at more than a home’s value.
More details in https://www.bloomberg.com/news/articles/...s-increase
Specuvestor: Asset - Business - Structure.