Aug
25

CK Property Drops as Lower-Margin Sales, Rents Weigh on Profit

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Cheung Kong Property Holdings Ltd. fell to the lowest since it was spun off from billionaire Li Ka-shing’s conglomerate in June, as shrinking margins on property sales and slowing rental growth weighed on first-half earnings.

The shares dropped 3.6 percent to HK$50.30, the lowest since June 4, at 11:09 a.m. in Hong Kong. The benchmark Hang Seng Index slid 0.5 percent.

Li combined the real estate assets of Cheung Kong Group and Hutchison Whampoa Ltd. in a restructuring earlier this year. Excluding the contribution from Hutchison’s property portfolio, profit fell 3 percent, according to analysts at Goldman Sachs Group Inc. and BNP Paribas SA…

CK Property Drops as Lower-Margin Sales, Rents Weigh on Profit

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