Sun Hung Kai Properties, the Hong Kong developer controlled by the family of the billionaire Kwok brothers, has posted a double-digit decline in full-year profits, as government measures to damp prices hit residential demand in the Chinese territory.
Sun Hung Kai said underlying profits for the year ending June 30 fell 14 per cent to HK$18.6bn ($2.4bn). It is the first decline since the world’s second-largest developer by market value started reporting the figure eight years ago.
Property companies in Hong Kong, which has the world’s highest apartment prices, have come under pressure as the city tries to make the market more affordable for residents.
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