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Hong Kong developer outperforming rivals amid market slump

Hong Kong's Central district appears in the foreground, with Kowloon on the other side of Victoria Harbor. The Hong Kong property market is experiencing a downturn but Sun Hung Kai Properties' results beat expectations on Feb. 26.

HONG KONG -- Sun Hung Kai Properties is navigating its way through the property downturn better than most of its peers, with the Hong Kong developer on Friday raising its interim dividend for the first time in five years after a nearly 10% jump in core earnings.

     Net profit fell 6.2% on the year to 14.72 billion Hong Kong dollars ($1.89 billion) for the six months ended December. However, its underlying profits -- a performance indicator typically used by analysts to exclude the impact of property revaluation -- rose 9.9% to HK$9.3 billion on increased property sales and rental growth of about 7%.

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