Sale gain helps HK China to 23pc rise

Hongkong China, the property arm of Indonesian conglomerate Lippo Group, says net profit increased 23 per cent to $545 million in the year to December.

Gains from the sale of investment properties climbed 14 per cent to $253 million, the company said.

Directors recommended a final dividend of five cents a share, compared with 4.5 cents a year earlier. This raised the annual payout to 7.4 cents a share, from 6.9 cents previously.

Earnings per share rose to 42 cents from 36 cents.

Directors said that while they were happy with the result, they would diversify investment holdings.

'While core business will remain in Hong Kong, directors will continue to look for suitable investment opportunities in China and other emerging markets in order to maintain a balanced portfolio,' they said.