Sun Hung Kai Earnings Rose 10 Percent on Higher Home Salesby
Sun Hung Kai Properties Ltd., Hong Kong’s largest developer by market value, said earnings rose 10 percent in the six months ended Dec. 31 as the company booked higher home sales and rental income.
Profit excluding property revaluation rose to HK$9.3 billion ($1.197 billion) in the period, from HK$8.46 billion a year earlier, the company said in an exchange filing on Friday. Property sales of HK$9.5 billion matched the median estimate from three analysts surveyed by Bloomberg News.
Favorable demographics and healthy income growth were among factors that “continued to support private housing demand” in the six-month period, the company said in a statement. "Sentiments in the residential market have softened since the fourth quarter of 2015."
Still, the company plans to launch several projects in the next nine months including the Twin Regency in Yuen Long and developments in Tseung Kwan O and Shaukeiwan on Hong Kong island, according to the statement.