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Sun Hung Kai H1 profit drops

SUN Hung Kai Properties Ltd, the world's largest builder by market value, yesterday said its first-half profit excluding property revaluations fell a more-than-estimated 27 percent as Hong Kong's economic slump reduced home sales.

Sun Hung Kai's property sales fell 8 percent as the global financial crisis pushed Hong Kong's economy to its steepest contraction since 1998 last quarter. Home prices in the city, a trade hub for Chinese mainland, dropped as much as 25 percent from last year's peak as exports slumped and unemployment rose.


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