Sun Hung Kai Properties (SHKP), the largest property developer in Hong Kong by market capitalization, released its annual financial results on Thursday. The company reported an underlying profit of HK$22.85 billion (approximately US$2.91 billion) for the year ending June 30, representing a 4.6% increase compared to the previous year. This figure excludes the impact of investment property revaluations.

When accounting for property revaluations, the company reported a profit of HK$21.43 billion. This was supported by a net revaluation gain of HK$1.38 billion, a notable turnaround from the HK$742 million loss recorded in the same category during the previous fiscal year. The company’s filing with the Hong Kong Stock Exchange indicates that these results were achieved amid a broader, albeit gradual, recovery in the Hong Kong property market.

While the headline figures show growth, the report highlights the developer's reliance on both operational performance and the fluctuating value of its existing property portfolio. The shift from a revaluation loss to a gain played a significant role in the company's bottom-line stability compared to the prior year. SHKP remains a bellwether for the Hong Kong real estate sector, and these figures provide a snapshot of how the city's largest developers are navigating current economic conditions.