Sun Hung Kai Properties profit rises 4.6% to HK$22.85 billion amid property recovery

Sun Hung Kai Properties reported an underlying profit for the year ending June that rose 4.6% to HK$22.85 billion ($2.91 billion). The figure excludes investment property revaluations, though the company's reported profit increased to HK$21.43 billion due to a HK$1.38 billion net revaluation gain compared to a HK$742 million loss previously. Chairman and managing director Raymond Kwok Ping-luen stated that Hong Kong's residential property market continued its recovery, supported by better economic conditions, an active financial market, and a relatively accommodative interest rate environment. He noted that increased inflows of talent and students drove steady rent rises, which reinforced homebuyer confidence. Primary residential projects featuring premium amenities and convenient transport links attracted encouraging sales responses. Contracted sales reached HK$38.1 billion during the year, driven by major projects including the Sierra Sea of Sai Sha Residences and units at Cullinan Sky and Cullinan Harbour in Kai Tak. The group confirmed it planned to launch phase 2C of the Sierra Sea project and phase 1A of the Tung Shing Lei project in Yuen Long before the end of the year. New launches, including a new project in Tai Wai, are expected to begin in the first half of 2027.