Sun Hung Kai Properties H1 underlying profit surges 37 percent

HONG KONG, Feb 27 (Reuters) - Hong Kong's most valuable developer Sun Hung Kai Properties Ltd reported a 37 percent rise in first-half underlying profit on Tuesday as most of its development projects for the year were completed in the first six months.

The company, which owns a portfolio of office space and residential flats in Hong Kong and mainland China, said underlying profit came to HK$19.97 billion ($2.55 billion) in the six months ended Dec. 31, compared with HK$14.6 billion a year earlier.

Underlying profit excludes the effect of fair value changes on investment properties. ($1 = 7.8263 Hong Kong dollars) (Reporting by Venus Wu Editing by Edwina Gibbs and Amrutha Gayathri)