August 1, 2013 / 8:26 AM / in 5 years

Cheung Kong first-half profit down 13 pct at HK$13.4 billion

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

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