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Source: Fengcaixun

Produced by | Phoenix Network Fengcaixun

Author | Wang Tingting

From selling houses at 30% off last year to 50% off this year, how effective is Li Ka-shing’s discount sales?

On August 15, Cheung Kong Group released performance data showing that including the discounted sales of the Haiyi Court project in Dongguan, the LYOS project in Hung Shui Kiu in Hong Kong, and the Feiyang project in Tuen Mun in Hong Kong, the company achieved property sales revenue of HK$4.635 billion in the first half of 2024, a year-on-year decrease of approximately 48%.

At the same time, Cheung Kong Group's operating income in the first half of 2024 was HK$22.008 billion, a year-on-year decrease of 10.55%; the unaudited profit attributable to shareholders was HK$8.603 billion, a year-on-year decrease of 15.3%.

Although both revenue and profit have declined, the scale of net profit is still considerable. Compared with many old Hong Kong-funded companies that have suffered losses for the first time, Cheung Kong can be said to have held up well.

In this regard, Li Ka-shing's eldest son and current head of Cheung Kong Group, Li Zeju, said at the performance meeting that he was not too dissatisfied with the decline in property sales revenue. This is a very good performance under the challenges of the volatile global business environment, geopolitical conditions and high interest rates.

(Extended reading: "The companies that dominated the performance list of real estate companies are actually chicken farmers and air conditioner sellers")