Cheung Kong (Holdings) Ltd's vice chairman Victor Li said he remains bullish about the outlook for Hong Kong property market.

He said he expects property prices to rise moderately this year.

Li said the Cheung Kong Group, including Hutchison Whampoa Ltd, currently has a land bank of 45.8 mln square feet of gross floor area (GFA) in Hong Kong, while its land bank outside Hong Kong measures more than 151 mln square feet in GFA, enough for the next six years.

He said he does not see a housing supply shortage in Hong Kong in the near term.

Li said he supports the government's current land application list policy and that there is no need to change the policy.

'The policy is quite effective and market-driven. I do not see any point in changing the policy,' he said. Cheung Kong's property sales in 2006 amounted to 13.796 bln hkd, up from 12.904 bln in 2005.

Profit contribution from the business was also strong at 5.58 bln hkd, up from 3.31 bln a year earlier, he said.

The company sold 4,000 units in 2006, Li said. He did not reveal the target for property sales this year.

Commenting on China operations, Li said the contribution from China will be much more this year than that seen in 2006.

Chairman Li Ka-shing added that the company's projects in China are all profitable and that he sees big room for further investments in China.

Victor Li added that recent economic-tightening measures in China have not affected the company's land acquisition on the mainland.

He noted that the company recently acquired land worth 10 mln square feet in GFA in Shanghai.

Li Ka-shing said the Hong Kong economy is expected to grow strongly, with GDP seen expanding 5-6 pct seen this year.