Sun Hung Kai Properties reports 4.6% rise in underlying profit

Sun Hung Kai Properties (SHKP), Hong Kong’s biggest developer by market capitalisation, reported its underlying profit for the year ending June rose 4.6 per cent to HK$22.85 billion (US$2.91 billion), excluding investment property revaluations.

Meanwhile, its reported profit increased to HK$21.43 billion, backed by a HK$1.38 billion net revaluation gain versus a HK$742 million loss last year, according to its filing with the Hong Kong stock exchange on Thursday.

“The sustained inflow of talent and students contributed to a steady rise in residential rents, reinforcing homebuyers’ confidence,” Kwok said. “Primary residential projects with premium amenities and convenient transport links continued to receive encouraging sales responses.”

Contracted sales during the year amounted to HK$38.1 billion in Hong Kong, with major contributors including the Sierra Sea of Sai Sha Residences and Cullinan Sky and Cullinan Harbour in Kai Tak.

For the rest of the year, the group said it planned to launch Sierra Sea phase 2C and phase 1A of the Tung Shing Lei project in Yuen Long. In the first half of 2027, new launches are expected to include a new project in Tai Wai, phase 1 of the Kwu Tung North project, a project near MTR City One Station in Sha Tin, and phase 1B of the Tung Shing Lei project.

The group’s annual results reflected the improved prospects of Hong Kong’s residential property segment, which shook off a three-year slump in 2025 as lived-in home prices jumped 3.59 per cent, according to data from the Rating and Valuation Department.