Mar. 30, 2012 (China Knowledge) - Cheung Kong (Holdings) Ltd<0001
>, a real estate developer controlled by Hong Kong
business tycoon Li Ka-shing, announced yesterday that its net profit grew 72% year on year to HK$46.06 billion last year, mainly driven by a one-time gain form its transfer of a Beijing
Hutchison Whampoa Ltd<0013
>, a telecommunications-to-ports conglomerate 49.97% held by Cheung Kong, contributed HK$11.57 billion of earnings last year, 15% more than in 2010.
Cheung Kong booked a gain of HK$16.42 billion after injecting its stake in Beijing
's Oriental Plaza into sister company Hui Xian Real Estate Investment Trust.
Excluding the one-off gain and Hutchison's contribution, the company's core profit grew 8% year on year to HK$18.07 billion in 2011.
Cheung Kong saw its revenue increase 29% year on year to HK$42.36 billion in the period.
The company's property sales reached HK$38.14 billion in 2011, reflecting a growth of 30% year on year.