Cheung Kong Property posts 16% rise in 2016 core profit

[HONG KONG] Cheung Kong Property Holdings Ltd, the real estate division of Hong Kong's richest man, Li Ka-shing, on Wednesday reported a 16 per cent rise in 2016 full-year core profit due to solid performance across the group's property businesses.

The city's second-largest developer by market value reported core profit, which excludes revaluation gains, of HK$18.03 billion (S$3.26 billion) for the 12 months through December.

Profit attributable to shareholders rose 13 percent to HK$19.42 billion.

Hong Kong's private home prices have climbed for 10 consecutive months, hitting a record high in January despite government measures to cool the market.

REUTERS