LIPPO and listed subsidiary Hong Kong China have turned in interim profits far in excess of their totals for the whole of 1993. Lippo recorded an increase in net profit of 334 per cent while Hong Kong China recorded a staggering 605 per cent increase. Profits also grew at listed subsidiary Hong Kong Chinese Bank where the figure was 42 per cent higher than last year's after transfers to and from inner reserves. Lippo's attributable profit was HK$772.7 million against HK$178.1 million a year earlier on the back of turnover of HK$3.5 billion compared with HK$452.3 million previously. Hong Kong China showed net profits of HK$1.24 billion in the first half compared with HK$399 million in the first six months of 1993. The huge growth comes on the back of heavy property trading by the group. 'Hong Kong China was very active in the property market re-aligning its portfolio of real estate, principally by the disposal of the Ambassador Hotel,' the company said. Lippo bought the Ambassador and some smaller properties from Kumagai Gumi for HK$1.2 billion and sold the hotel to Stelux in January at HK$2 billion realising a HK$710 million profit in four months. Lippo also bought and sold Tregunter Towers in Mid-Levels and made a substantial profit. Hong Kong China's turnover grew in line with its pace of movement on the real estate market. Turnover jumped 791 per cent from HK$398.55 million to HK$3.55 billion. Earnings per share at Hong Kong China advanced 494 per cent from 17 cents to HK$1.01 on a fully diluted basis. Investors are to be paid in the form of an interim dividend of six cents a share compared with five cents last year plus a special divided of two cents a share. At Lippo, dividends are to be 20 cents a share compared with 13.6 cents a year earlier while basic earnings per share grew from 52 cents to HK$2.11. Both figures were adjusted to include a one-for-10 bonus issue of shares announced at the end of June. At Hong Kong Chinese Bank, a 60.6 per cent subsidiary, profits were HK$63.74 million against HK$44.77 million a year previously. Banks in Hong Kong are exempted from revealing many details of their profit and balance sheet. Property market activity was behind the big jump at Hong Kong China. The sale of the Ambassador generated the major share of profit but the group was also active in development. 'Demolition of the Yue King mansion is presently in progress. It is intended to redevelop this property into a 27-storey high-class commercial building,' the company said. The group also issued a US$120 million two per cent convertible note which is due in 1999. Despite government measures to rein in property prices, the group believes the outlook for the market is good for the longer term.