Hong Kong’s biggest developer Sun Hung Kai Properties saw its profit rise 0.5% as Hong Kong’s real estate markets showed signs of bottoming out.
Underlying earnings, which exclude property revaluations, increased to HK$21.9 billion ($3.6 billion) in the year ended June 30, Sun Hung Kai said in a filing on Thursday.
However, the figure missed the average estimate of HK$22.4 billion from 10 analysts surveyed by Bloomberg.
Sun Hung Kai is set to benefit from the recovering property market. Home prices have been rising since April, data from the government show.
Residential prices in the city may bottom out due to an influx of mainland Chinese buyers and improved capital markets, according to Morgan Stanley.
