Sun Hung Kai Properties (SHKP) has exhibited robust financial performance amid challenging conditions in the global residential market.
The firm reported a profit of HK$8.474 billion ($1.09 billion) from property sales in Hong Kong despite headwinds in the local market. Contracted sales for its residential portfolio in the territory reached approximately HK$33.4 billion, roughly 11% higher than the figure registered in the previous year.
SHKP’s sales in Hong Kong captured over 25% of the market share in 2023, a significant rise from around 16% in 2022. This increase was a function of strong performance of key projects such as Novo Land, University Hill and Yoho West. These developments have consistently ranked among Hong Kong’s top-selling first-hand residential projects by total transacted value.
While facing similar challenges in mainland China, the firm registered an even higher year-on-year growth in sales of approximately 21%.