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2008-2-20 01:30:00 p.m. HKT, XFNA
Hong Kong's Hang Lung Properties H1 core profit rise on strong property sales
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HONG KONG (Thomson Financial) - Hang Lung Properties, one of the city's
largest real estate developers, said its core net profit more than quadrupled
in the six months to December after it sold several housing units during the
period.
Hang Lung's core net profit, which excludes gains from changes in the
value of its property investments, rose 339 percent to 3.8 billion Hong Kong
dollars in the first half.
""This remarkable growth in profit was achieved by timely disposal of our
residential properties, as well as stellar growth in leasing activities both
in Hong Kong and Shanghai,"" said Hang Lung in a statement.
The company sold over 750 units of its Long Beach project -- a high-end
residential development in West Kowloon -- and another 109 units of its other
residential project The HarbourSide, also in Kowloon.
Including revaluation gains, net profit reached 7.3 billion dollars, up
from 2.3 billion dollars a year ago.
Turnover stood at 7.8 billion dollars, up from 1.9 billion a year earlier.
Hang Lung Group, which derives most of its revenue from the property
unit, announced core net profit jumped 36 percent to 1.9 billion dollars. Its
net profit, including gains from the revaluation of investment properties,
rose 76 percent to 4 billion dollars.
(1 US dollar = 7.8 Hong Kong dollars)
leonora.walet@thomson.com lw/jg
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