SHKP readies slew of Hong Kong housing projects to cash in on lower interest rates
Hong Kong’s largest developer by market cap posted a 20 per cent drop in net profit to HK$19.04 billion (US$2.44 billion) for the year ended June
Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by market capitalisation, will launch a number of residential projects over the next 10 months as it positions itself to take advantage of “the interest-rate-cut cycle”.
The projects include the first phase of Cullinan Sky in Kai Tak, a new block at The Yoho Hub II in Yuen Long, a joint venture on Prince Edward Road West in Ho Man Tin, the second phase of Yoho West in Tin Shui Wai and the first phase of Sai Sha near Ma On Shan, the company said on Thursday.
On the mainland, the group plans to launch new batches of joint-venture developments, such as Lake Geneve in Suzhou, Hangzhou IFC, and Oriental Bund in Foshan.
The plan was unveiled as the developer reported a 20 per cent decline in net profit to HK$19.04 billion (US$2.44 billion) for the year ended June 30, from HK$23.90 billion last year.
Profit from property sales totalled HK$7.85 billion, a slump of 30.5 per cent from HK$11.29 billion a year earlier. Contracted sales reached about HK$37.5 billion in the last financial year, according to the company’s filing to the Hong Kong stock exchange on Thursday.
“The residential market in Hong Kong became active following the withdrawal of property cooling measures in February 2024, but has softened in recent months due to the prevailing high interest rate environment,” Raymond Kwok Ping-luen, chairman and director, said in the earnings statement.
