HONG KONG Feb 28 Sun Hung Kai Properties Ltd
, Asia's most valuable developer, posted a 7.5 percent
drop in underlying profit for its fiscal first half as it
offered steep price cuts to attract buyers after government
tightening measures took a toll.
Underlying profit for the fiscal first half ending December
2013 totaled HK$10.64 billion ($137.11 billion), down from
HK$11.5 billion a year earlier, the developer said in a filing
to the Hong Kong stock exchange on Friday.
A Reuters poll of five analysts had forecast an underlying
profit of HK$10.27 billion for the six months ended December.
The half-year profit was at its lowest since the first half
Sun Hung Kai, whose billionaire co-chairmen are facing
charges in an alleged bribery case, recorded HK$11.8 billion in
contract sales for the first half of 2014, 62 percent of its
annual sales target of HK$19 billion, according to BNP Paribas.
Hong Kong's property sales fell by more than a third last
year to a 17-year low as sales tax increases turned off buyers
in one of the world's most expensive cities.
($1 = 7.7601 Hong Kong dollars)
(Reporting By Yimou Lee; Editing by Matt Driskill)