BUZZ-Hang Lung Properties sinks to 24-year-low as H1 profit drops

Reuters07-30

** Shares of property group Hang Lung Properties drop 15.2% to HK$5.42, their lowest since June 2000

** Stock last down 11.6%, on track for the biggest one-day pct drop since October 1997

** Top pct loser on Hang Seng Index and on Hang Seng sub-index tracking property firms , which down 2.9% and 1.4% respectively

** The property developer said its H1 underlying net profit fell 22% Y/Y to HK$1.74 bln ($222.77 mln) and net profit down 55.7% to HK$1.06 bln

** More than 62 million shares traded, compared to 30-day avg of 13.3 million shares

** Controlling shareholder Hang Lung Group falls 5.4% to HK$8.48, lowest since July 10

** Hang Lung Properties down 48% YTD

($1 = 7.8106 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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