Falling property sales saw first-half profit at Hongkong Macau International (Holdings) plunge 34.36 per cent to $45.78 million. Turnover fell 60.36 per cent to $42.45 million for the six months to June 30. Operating profit dived 37.61 per cent to $49.81 million, resulting from a continuing operations loss of $543,000 against a profit of $7.02 million last year. No dividend was recommended compared with six cents last year. Of the $50.35 million in exceptional items, $45.46 million came from the sale of the group's interests in Yuen Long Town lot 419. Group chairman Hu Jinguang said the property sales of the group continued to be affected by weakness in the property market in China. 'Construction activities on the group's development projects in China were rationalised and downsized in order to conserve liquidity and to maintain the flexibility of revising development plans in accordance with market conditions,' he said. The first phase of the Hong Kong Macau Centre in Guangzhou was completed in July this year. The retail-commercial podium with a building area of about 300,000 square feet and 269 car parking spaces is now available for leasing.