Li Ka-shing, Hong Kong's tycoon,announced on August 25 that the two major groups under his name, earned more than 22 billion Hong Kong dollars in the first half of this year.

Li Ka-shing said the profit of Hutchison Whampoa Limited, a giant in port and related business, reached more than 11.8 billion HK dollars during the first six months, 10 percent more than the same period in 2004. Earnings per share was 4.48 HK dollars.

While Cheung Kong (Holdings) Limited, whose core business is in property, performed far better than expected, with its profit for the first six months over 10.3 billion HK dollars, a 52 percent up comparing with the same period last year. Earnings per share amounted to 2.77 HK dollars.

Li Ka-shing said at the press conference, "The Group has made significant strides in business and market expansion during the first half of 2005 by seizing the growth opportunities presented by the rising economy. Through a number of key acquisitions and investments in Hong Kong, the mainland and overseas, the Group is growing on an even stronger platform for future expansion."

The port business of Hutchison Whampoa Limited increased magnificently with the development of the market. Besides, the 3 Group, a leading telecommunication leader under the Hutchison, have improved steadily and continue to build a quality customer base, which increased to 9.4 million. Li Ka-shing believed Hong Kong's economy has continued the upward momentum of last year during the first half of 2005.

Domestic demand remained strong as consumer and business confidence was encouraged by an improving labor market, and an inflationary climate with steady, healthy rises in consumer prices.

He said, "Sound economic fundamentals coupled with a number of positive factors have partially offset the psychological impact of rising interest rates in Hong Kong." He expected property market may sustain a healthy growth accompanied by steady rises in property and land prices.

Source:Xinhua