AN exceptional item of $236.72 million helped property developer Hong Kong Fortune post attributable profit of $289.28 million for the year to December on a turnover of only $10.45 million. The result came in a year when turnover fell 33 per cent from 1993's $15.62 million, and it contrasted with attributable losses in 1993 of $1.03 million. Directors said earnings per share were 35.74 cents, against negative earnings of 0.14 cent a share in 1993, and proposed a final dividend of one cent a share, against none in 1993. This followed a special scrip dividend of 28.08 cents paid in October. The $236.72 million exceptional came from the disposal of a 3.33 per cent interest in Thai company Univest Land Public, leaving Hong Kong Fortune with a 16.67 per cent stake. The company also recorded an exceptional gain of $5.56 million from the sale of Bond's Securities and Bond's Securities Nominees, directors said. Following the disposal of Bond's Securities and Bond's Securities Nominees, the group would focus on its core activities of property development and investment, they said. Earnings were also helped by a contribution after minorities of $67 million from the group's Shanghai Fortune World project, covering a gross site area of 40 hectares. The directors said response to the first phase of pre-sales of the Shanghai Fortune Garden development had been good, and 150 of the 700 units in the four luxury high-rise apartment blocks had been pre-sold. They predicted that construction work would begin soon on the Tian He Grandview Plaza office and commercial complex in Guangzhou. Resettlement and site clearance work began in November on the Tianjin Plaza project. Directors said 1994 marked the first time the group had derived 'a significant income' from its property development activities in China. 'The fact that this has been achieved despite the effects of the macroeconomic control measures implemented by the mainland government is proof that the group's policy of concentrating on prime areas in major cities in China is correct,' they said. While they expected the tougher measures to remain in place for the time being, directors predicted continuing demand for quality commercial and residential space in larger mainland cities.