SUN Hung Kai Properties is the biggest property counter listed in Hong Kong and has interests in development and investment, hotel ownership, construction, finance, insurance, parking management, manufacturing and telecommunications. Smith New Court Hong Kong said the company's final results were in line with expectations at both the operating level and the bottom line. Net profit rose 17.5 per cent compared to last year and group property sales amounted to $13.5 billion. The results show more than 80 per cent of the 4.4 million square feet of floor space completed in 1995 have been sold and more than 50 per cent of residential units scheduled for completion this year have been pre-sold. Despite the fall in office and retail rents over the last year, the portfolio still shows positive rental revisions on lease renewals. The company said that rental income would continue to grow satisfactorily in 1996 and barring unforeseen circumstances the group's results for the year would be satisfactory. The company made an unprecedented disclosure regarding farm conversions, saying the group owned a portfolio of 18 million sq ft of agricultural land in the New Territories with plenty more left undisclosed. Smith New Court says an expected 35 per cent increase in earnings for 1997 is yet to be reflected in the share price, despite the recent surge from $52 to $64.50. It recommends a buy.