March 22, 2017 / 8:52 AM / 6 months ago

HK's Cheung Kong Property posts 16 pct rise in 2016 core profit

HONG KONG, March 22 (Reuters) - Cheung Kong Property Holdings Ltd, the real estate division of Hong Kong’s richest man, Li Ka-shing, on Wednesday reported a 16 percent rise in 2016 full-year core profit due to solid performance across the group’s property businesses.

The city’s second-largest developer by market value reported core profit, which excludes revaluation gains, of HK$18.03 billion ($2.32 billion) for the 12 months through December.

Profit attributable to shareholders rose 13 percent to HK$19.42 billion.

Hong Kong’s private home prices have climbed for 10 consecutive months, hitting a record high in January despite government measures to cool the market.

$1 = 7.7669 Hong Kong dollars Reporting by Venus Wu

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