July 31, 2014 / 8:42 AM / 3 years ago

Developer Cheung Kong's H1 profit jumps 59 pct; beats f'casts

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HONG KONG, July 31 (Reuters) - Cheung Kong (Holdings) Ltd , Hong Kong's second-largest developer, posted a 59 percent rise in first-half net profit as steep discounts boosted sales and attracted end-users once scared off by tightening measures.

Cheung Kong, controlled by Asia's richest man Li Ka-shing, has recorded property sales of about HK$19.8 billion ($2.55 billion) so far this year, the highest of all Hong Kong developers, according to BNP Paribas. The company set an annual target of HK$30 billion for Hong Kong property sales this year.

It reported a first-half net profit of HK$21.35 billion ($2.75 billion) on Thursday. That beat an average forecast for a profit of HK$20.13 billion, according to three analysts polled by Reuters.

In Hong Kong, where property prices have jumped more than 120 percent since 2008, home prices for May hit a record. Small and medium-sized units posted the biggest increases, thanks to strong pent-up demand from end-users, who are exempt from a series of cooling measures to rein in sky-high prices. (1 US dollar = 7.7496 Hong Kong dollar) (Reporting By Yimou Lee; Editing by Anne Marie Roantree and Ryan Woo)

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