Sun Hung Kai Properties sees no property provisions for yr to June 2001

HONG KONG (AFX-ASIA) - Sun Hung Kai Properties vice chairman Thomas Kwok said he expects the company will not have to assign provisions for its property development projects for the year to June 2001. Cited by the Hong Kong Economic Journal, Kwok said the company had made adequate provisions in the year to June 2000. Meanwhile, Kwok said Sun Hung Kai Properties will not pass the increased costs to home buyers after the Court of Final Appeal ruled the government is allowed to demand rents on undeveloped sites based on a rateable value. Kwok said as the property market has just tarted to recover, Sun Hung Kai Properties will not raise home buyers' financial burden due to the court ruling. Kwok said he has found the secondary property market is improving but has not yet returned to a normal level of 7,000-8,000 deals a month.

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