HONG KONG, Aug 1 (Reuters) - Cheung Kong (Holdings) Ltd , Hong Kong’s second-largest property developer, posted a 13 percent fall in first-half net profit to HK$13.4 billion ($1.73 billion), weighed down by sluggish home sales as a series of cooling measures took a toll.
The developer sold 267 units in the city for HK$2.8 billion in the first half of 2013, less than a tenth of its 2013 sales target, according to BNP Paribas property analyst Wee Liat Lee.
Hong Kong, where property prices are among the most expensive in the world, has imposed a series of tightening steps since October 2009, such as higher taxes on foreigners, increased stamp duties, mortgage restrictions and duties on quick resales.
($1 = 7.7553 Hong Kong dollars)
Reporting by Yimou Lee; Editing by Lee Chyen Yee and Matt Driskill