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Cheung Kong sees 72% surge in 2011 net profit

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 commercial project.

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.

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