Sun Hung Kai Properties, Hong Kong’s largest property developer, has announced a decline in profits. The decrease is primarily attributed to a reduction in property sales during the reporting period.

The company’s underlying profit, which excludes the impact of fair value changes on investment properties, also saw a decrease. This reflects the challenging market conditions and the impact of government cooling measures on the property sector.

Despite the profit decline, Sun Hung Kai Properties expressed confidence in the long-term fundamentals of the Hong Kong property market. The company believes that demand for housing will remain strong, supported by a growing population and limited land supply.

The developer is also actively pursuing new investment opportunities in mainland China, where it sees significant growth potential. Sun Hung Kai Properties is committed to maintaining its leading position in the Hong Kong property market while expanding its presence in other key markets.