The result included a £90m revaluation surplus on investment properties net of deferred tax. Excluding property revaluation, the group's net profit was £6.5m, down from £19.1m.

Net asset value per share was 71.7p, up from 67.6p in 2008.

Earnings per share rose to 10.88p from a loss of 0.89p.

The company said rental income for investment properties in both Hong Kong and mainland China had increased.

The Crowne Plaza Hong Kong Causeway Bay began hotel operations in November.

Units in residential developments continued to be marketed with steady sales results during the year. The group also took advantage of a strong market to sell a shop at Excelsior Plaza and office floor at 9 Queen's Road Central.

The group said it was at an advanced stage of negotiations to acquire a number of development projects in mainland China.

No dividend was proposed.

Story provided by Business Financial Newswire