HONG KONG: Hong Kong's richest man Li Ka-shing had plenty to smile about on Tuesday, as his flagship property giant Cheung Kong Holdings booked full year earnings of US$2.6 billion.
This is a 53-per-cent jump year-on-year, and better than market expectations.
The growth was fuelled by strong property sales, thanks to the booming property market in 2009.
The firm is optimistic that demand will remain strong.
"In the last couple of months until today, demand is very strong," said Victor Li, deputy group chairman of Cheung Kong Holdings. "And even on some of the recent launches, I think, we have achieved some of the new records achieved ever in the history of Hong Kong for large volume of flats, or luxury flats being sold. So the demand is still very strong."
Property prices in Hong Kong have continued to soar by about 30 per cent so far this year, sparking warnings of a bubble.
In a bid to cool the market, the government has raised the transaction tax on luxury apartments.
However, some critics are asking for more to be done, saying that some developers are using unscrupulous sales tactics to inflate prices.
When asked if more regulation is needed, Li Ka-shing said: "The Hong Kong government already tried its best. I think... the Hong Kong government (has tried to stabilise) the property price. I think the government has done a nice job."
Meanwhile, Cheung Kong's earnings were also boosted by a higher contribution from affiliate Hutchinson Whampoa.
Hutch booked a 12-per-cent jump in full year net profit to US$907 million.
However, its loss-making 3G mobile phone services continued to weigh on the bottomline.
The telecommunications-to-ports conglomerate said that it is expecting its 3G business to break even this year on earnings before interest and tax.
Cheung Kong said that although there are still elements of uncertainty ahead for the global economy, the group is well placed for growth and is confident about the company's prospects for 2010.
- CNA/yb
This is a 53-per-cent jump year-on-year, and better than market expectations.
The growth was fuelled by strong property sales, thanks to the booming property market in 2009.
The firm is optimistic that demand will remain strong.
"In the last couple of months until today, demand is very strong," said Victor Li, deputy group chairman of Cheung Kong Holdings. "And even on some of the recent launches, I think, we have achieved some of the new records achieved ever in the history of Hong Kong for large volume of flats, or luxury flats being sold. So the demand is still very strong."
Property prices in Hong Kong have continued to soar by about 30 per cent so far this year, sparking warnings of a bubble.
In a bid to cool the market, the government has raised the transaction tax on luxury apartments.
However, some critics are asking for more to be done, saying that some developers are using unscrupulous sales tactics to inflate prices.
When asked if more regulation is needed, Li Ka-shing said: "The Hong Kong government already tried its best. I think... the Hong Kong government (has tried to stabilise) the property price. I think the government has done a nice job."
Meanwhile, Cheung Kong's earnings were also boosted by a higher contribution from affiliate Hutchinson Whampoa.
Hutch booked a 12-per-cent jump in full year net profit to US$907 million.
However, its loss-making 3G mobile phone services continued to weigh on the bottomline.
The telecommunications-to-ports conglomerate said that it is expecting its 3G business to break even this year on earnings before interest and tax.
Cheung Kong said that although there are still elements of uncertainty ahead for the global economy, the group is well placed for growth and is confident about the company's prospects for 2010.
- CNA/yb
Do me a favor, get ISD to arrest him so that after that you will be disappointed to know i am not him and will still continue to ass you here. 
