Sun Hung Kai Properties, Hong Kong's largest developer, reported the worst interim results in 20 years as a severe property downturn sent net profit plunging 94.92%.

The developer announced net earnings of HK$692 million for the six months to December, compared with HK$13.63bn a year earlier.

The sharp fall was mainly due to a revaluation deficit of HK$4.34bn on investment properties, compared with a revaluation gain of HK$5.84bn a year ago.

South China Morning Post