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HK developer Sun Hung Kai's profit falls 20% amid lower sales

Group on track to meet HK$32b full-year sales target despite fewer projects completed in first half: Goldman

Published Sun, Mar 1, 2015 · 09:50 PM
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Hong Kong

SUN Hung Kai Properties Ltd, Hong Kong's second-biggest developer by market value, said first-half underlying earnings sank 20 per cent as the company booked lower home sales.

Profit excluding property revaluation fell to HK$8.46 billion (S$1.49 billion) for the six months ended Dec 31 from HK$10.6 billion a year earlier, the company said in an exchange filing on Friday. That compares with the HK$9.6 billion median estimate of four analysts compiled by Bloomberg News.

Raymond Kwok is presiding over his first set of earnings as Sun Hung Kai's sole chairman after his brother Thomas was found guilty of corrupting a former official and resigned from the …

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