The world's biggest developer by market value, Sun Hung Kai Properties Ltd did record sale of apartments helping it to raise its profit by 32 per cent. Hong Kong based builder's net income rose to HK$7.88 by June 30 as compared to HK$5.99 billion in the corresponding period last year.

Victor Lui, Executive Director of Sun Hung Kai Real Estate Agency, said, 'The property market has been performing well so far this year, and I think as long as projects are priced reasonably and if the quality of the project itself is good, that can still attract buyers.'

The builder earned handsome income selling apartments at the Hong Kong's tallest residential building, Cullinan. JPMorgan Chase & Co., in its latest forecasts, hoped 30 percent rise in home prices for 2009 and 5 per cent in 2010. Mr. Victor said, "The momentum in Hong Kong's luxury home market will continue as investors can afford to pay."

Home prices, according to the Centa-City Leading Index, sore 26 percent this year in Hong Kong. The index climbed to 72.7 as of September, thanks to record sales of luxury homes and apartments.

Shares of the reality firm declined 0.9 percent to HK$112 in Hong Kong trading today.