JUDGING by the movement of property counters in recent weeks prices appear to be coming out of the doldrums and Hongkong Realty and Trust, a subsidiary of World International, is an aggressive play based on an upward revaluation of property prices in the territory. World International plans to use HK Realty and another subsidiary, Realty Development Corp (RDC), as developers. It has indicated it would continue to use both companies to buy, develop and sell developments, with land-bank purchases being handled by whichever company has sufficient cash or borrowing capacity. The average cost of the HK Realty land bank is $1,900 per square foot, which is higher than that of other developers, providing a leverage effect that makes the group's profits more sensitive to fluctuations in property prices. This volatility will work for the investor if property prices continue to rise. In other words, for a given percentage increase in property prices, HK Realty should have the highest corresponding percentage increase in profits and earnings per share. The company is heavily involved in the development of the ''mini-deluxe'' segment of the market. These mini-deluxe apartments have high-quality recreational facilities, including swimming pools, gyms, sauna, squash and tennis courts and children's playgrounds. They also have the interior accoutrements that come with luxury apartments, but fall short of the 1,500 sq ft that would be considered a luxury apartment. HK Realty's developments are aimed directly at the newly affluent segment of the Hongkong population. The majority of its flats are under 1,000 sq ft, with good interior amenities, landscaped exterior and extra recreational facilities. Flats range from $3.5 million to $4 million. The company has a 33.3 per cent interest in a Diamond Hill land development which will consist of five to six high rise residential blocks built over a multi-storey shopping centre. It is expected to be completed by 1996. Wharf and World International own the remaining 66.7 per cent. The residential portion of this site alone will bring over $500 million in profits to Hongkong Realty. If rentals are estimated at $40 psf, and assuming it is fully leased and valued at a seven per cent discount rate, Hongkong Realty's portion of the commercial segment will be worth $560 million. Standard Chartered Securities estimates the company's investment properties will produce about $101.6 million in profits this year, with about seven per cent of the tenants up for rental revision in 1993. The company is currently trading at a 17.2 per cent discount to its estimated net asset value of $15.71 per share. The brokerage predicts the company will register 52 per cent profit growth - to $890.4 million - in 1993, $967.8 million in 1994 and $1,280.6 in 1995. HK Realty is now trading at six times price-earnings, which is attractive compared to other stocks in the counter.