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Cheryl Arcibal

Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by market capitalisation, reported a 36.2 per cent year-on-year jump in first-half net profit to HK$10.25 billion (US$1.3 billion).
Revenue rose 32 per cent to HK$52.7 billion for the six months ended December from a year earlier, while operating income increased 10.7 per cent to HK$13.4 billion, the developer said in a filing to the Hong Kong stock exchange on Thursday. Underlying profit, which discounts property revaluations, gained 17 per cent to HK$12.2 billion.
The revenue, however, missed analysts’ estimates of HK$53.4 billion, while operating income beat forecasts of HK$12.82 billion, according to Bloomberg data.
Hong Kong accounted for HK$46.4 billion of the company’s revenue, followed by the mainland with HK$6.25 billion and other locations with HK$1 million.
SHKP’s results are typically viewed as a bellwether of the city’s property market, given its extensive project pipeline and the scale of developments slated for completion in the coming years.
Chairman and managing director Raymond Kwok Ping-luen highlighted rising uncertainties brought about by geopolitical risks as well as the rapid development of artificial intelligence and robotics, noting that they were likely to lead the “global economy into uncharted waters”.

“Despite increasing volatility in the market, anticipated further interest-rate cuts in the US, easing Sino-US tensions and accelerated investment in technology should support moderate global economic growth in 2026,” he said in the statement.
Kwok said the group planned to launch several new residential projects in Hong Kong over the next 10 months, including the second phase of Cullinan Harbour in Kai Tak, a project near the Tsuen Wan West MTR station, a project at Sha Po South in Yuen Long, the first phase of a large-scale development next to the Kwu Tung MTR station, a project near the City One MTR station in Sha Tin and the first phase of the Tung Shing Lei project in Yuen Long.
So far this year, the developer has sold out six rounds of sales totalling about 1,400 flats at its Sierra Sea project, the city’s largest residential development since 1999. Sierra Sea, located in Shap Sze Heung, between Sai Kung and Ma On Shan, consists of 9,700 units.
SHKP’s major projects to be completed in Hong Kong from 2025 up to the end of its 2027-28 financial year would span 1.65 million sq ft to 4.37 million sq ft a year, it said in an earlier filing. Additionally, 10.3 million sq ft would be completed by the end of the 2028-29 financial year and beyond.
Investors have turned increasingly optimistic on Hong Kong’s property sector, singling out SHKP as a key beneficiary due to its 19.7 million sq ft of developable land, much of it tied to the government’s Northern Metropolis project, according to a note by Citi on Thursday.
Meanwhile, annual earnings at Hysan Development, the largest commercial landlord in Causeway Bay, rose 28.3 per cent to HK$2.5 billion in 2025, driven mainly by the fair value gain from the disposal of flats in its upscale Bamboo Grove project in Mid-Levels, according to its filing on Thursday.
Its recurring underlying profit, however, dropped 1.9 per cent to HK$1.91 billion, with chairman Irene Lee Yun-lien saying that “2025 was a pivotal year of progress and transformation for Hysan”.
Hysan’s turnover rose 1.6 per cent to HK$3.46 billion, with revenue from residential sales jumping 5 per cent, retail rising 2.6 per cent and office reporting flat growth.
Last year, the company handed over 54 units in Bamboo Grove to buyers, with sales amounting to about HK$1.82 billion. With the units’ carrying value at HK$1.22 billion, Hysan said the disposal resulted in a fair value gain of HK$592 million.
Looking ahead, Lee said 2026 would “present its own set of challenges”, but added that the group would be “battle-proven and ready”.
Hysan’s Lee Garden Eight project, a 1 million sq ft commercial development, will be ready in the third quarter of the year and will expand the company’s Lee Gardens leasable portfolio by about 30 per cent.


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The company plans to launch many new residential projects over the next 10 months, including the second phase of Cullinan Harbour in Kai Tak


The company plans to launch many new residential projects over the next 10 months, including the second phase of Cullinan Harbour in Kai Tak.


SHKP, Hong Kong’s bellwether developer, posts 36% jump in first-half net profit

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The company plans to launch many new residential projects over the next 10 months, including the second phase of Cullinan Harbour in Kai Tak

The company plans to launch many new residential projects over the next 10 months, including the second phase of Cullinan Harbour in Kai Tak