Hong Kong's booming property market helped the listed flagship of tycoon Li Ka-shing, Cheung Kong (Holdings), shrug aside ongoing losses in the group's 3G mobile phone business, to post a 52 per cent gain in half-year net profit to $10.37 billion. 'It is a good set of results for Cheung Kong,' said CLSA head of regional property research John Saunders. 'Profitability is higher than the market expected, and things are definitely moving in the right direction.' But the result may have been even better if it were not for another big loss contributed by the 3G business operated by Hutchison Whampoa, which is 49.97 per cent owned by Cheung Kong. Riding an improving profit margin from property sales, Cheung Kong recorded a profit - excluding Hutchison's contribution - of $4.46 billion in the first half, up from $1.46 billion a year ago. Including Hutchison's earnings, its profit grew 52 per cent to $10.37 billion. Under new accounting standards, Cheung Kong's earnings included a non-cash investment properties revaluation gain of $962 million.