Cheung Kong first-half profit falls 13 percent
Cheung Kong Holdings Ltd, the Hong Kong developer controlled by billionaire Li Ka-shing, said first-half profit fell 13 percent after booking fewer apartment sales in the city. Net income declined to HK$13.4 billion ($1.73 billion) from HK$15.4 billion a year earlier, the company said in a statement to Hong Kong’s stock exchange on Thursday. Stripping out gains from revaluations, profit fell to HK$11.6 billion from HK$12.6 billion. That compares with the HK$11.9 billion median estimate of five analysts. Cheung Kong, the city’s second-biggest developer, and rivals are selling the fewest homes in almost five years as the Hong Kong government imposed extra transaction taxes and tightened mortgage lending to quell concerns of a real estate bubble.