Sales of investment properties have raised Amoy Properties' profit by 57.58 per cent for the year to June 30, helping its parent Hang Lung Development register 10.75 per cent earnings growth.
Announcing the results yesterday, Alfred Li Hung-kwan, executive director of both companies, said about $1.1 billion had been spent on acquiring two properties this year.
Hang Lung had bought an industrial building in Tsuen Wan which had been given approval for a change of land use and would be redeveloped for residential purposes, he said.
The industrial building, adjacent to Hopewell Holdings' Kowloon Panda Hotel, would provide a floor area of 500,000 square feet.
Hang Lung also teamed up with Amoy to assemble a 73,000 sq ft site on Blue Pool Road, Happy Valley, to develop an upmarket residential project.
The Blue Pool Road site, 35 per cent owned by Hang Lung and the balance held by Amoy, would apply for an increase in plot ratio for redevelopment.