BRIEF: Sinolink posts 2024 profit on one-time gains

1168.HK

Property developer and financial investor Sinolink Worldwide Holdings Ltd. (1168.HK) said on Tuesday it recorded a profit last year, defying China’s property downturn, thanks to one-off gains. The company said it expects to report a profit of HK$3.5 billion ($450 million) or more for 2024, compared with a loss of HK$278 million in 2023.

Sinolink attributed its turn to the black to one-off gains arising from its change of Rockefeller Group Asia Pacific Inc to an indirectly wholly owned subsidiary of the company during the year. Shares of Sinolink opened up 9% at HK$0.233 on Wednesday. The stock currently trades near highs not seen for more than two years.

By Lau Chi Hang

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