Cheung Kong H1 net profit up 5 percent

HONG KONG Aug 13 (Reuters) - Cheung Kong Holdings (0001.HK), billionaire Li Ka-shing's property flagship, reported a 5 percent increase in first-half net profit on Thursday as the property developer posted increased contributions from its property sales, rental and management business. Hong Kong's second-largest property developer by market value, Cheung Kong posted a January-June net profit of HK$11.52 billion ($1.5 billion) compared with a restated HK$10.97 billion reported a year earlier.

The stock rose 22 percent in the first half, buoyed by expectations that an improving global economy and Hong Kong's low interest rate environment would contribute to a rebound in demand for residential property. That gain slightly lagged the 28 percent rally on the main index .HSI over the same period. (Reporting by Parvathy Ullatil; Editing by Don Durfee and Chris Lewis)