Cheung Kong Property's 2015 core profit up 29 pct

Hui Xian Real Estate Investment Trust

17/03/2016 08:45

HONG KONG, March 17 (Reuters) - Cheung Kong Property 
Holdings Ltd  1113.HK , Hong Kong's second-biggest developer 
that is controlled by Asia's richest man Li Ka-shing, said its 
core profit rose 29 percent last year. 
    The company's core profit, which excludes revaluation gains, 
was HK$15.6 billion ($2.01 billion) for the twelve months ended 
Dec. 31. Net profit during the period was flat at HK$17.1 
billion, as gains from investment property revaluation declined. 
    "Going forward, the level of property prices in Hong Kong 
and the mainland will continue to be affected by the increases 
in construction costs as well as development and marketing 
expenses," the company said in a statement. 
    "Government housing policies will continue to be a major 
factor in determining the long-term direction of market 
development." 
    This is Cheung Kong Property's first full-year report since 
it was carved out of the Cheung Kong Group as a 
separately-listed unit last year. 
    The company had a 2015 target of HK$30 billion in property 
sales in Hong Kong and China, below the HK$40 billion it sold 
the previous year. It recorded a turnover of HK$58.8 billion. 
 urn:newsml:reuters.com:*:nL3N10T2FZ  
    Shares closed on Thursday at HK$47.95, up 1.6 percent, in 
line with a 1.6 percent rise in the Hang Seng Property sub-index 
 .HSNP . 
($1 = 7.7575 Hong Kong dollars) 
 
 (Reporting by Clare Baldwin and Clare Jim; Editing by 
Muralikumar Anantharaman) 
 ((Clare.Baldwin@thomsonreuters.com; + 852 2843 6571; Reuters 
Messaging: clare.baldwin.thomsonreuters@reuters.net)) 
 
Keywords: CK PROPERTY RESULTS/