Che­ung Kong first-half profit falls 13 per­cent

China Daily (Hong Kong) - - BUSINESS -

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.

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