Cheung Kong (Holdings) Ltd, the developer controlled by Hong Kong's richest man, Li Ka-shing, may turn to its Hutchison Whampoa Ltd unit for growth this year as government curbs slow gains in property sales.

The world's second-biggest developer by market value is expected to say 2010 underlying profit rose 25 percent to HK$19.2 billion ($2.46 billion) on higher sales before the curbs, according to the average estimate of 12 analysts surveyed by Bloomberg. Hutchison's earnings are expected to rise 15 percent to HK$15 billion, based on the average of 11 analysts.

Li, nicknamed "superman" by the local media for his investing prowess, is expected to tap Hutchison's industries ranging from utilities and mobile phone networks to oil in 52 countries and regions after Hong Kong stepped up property measures in November to ease speculation in a city where housing prices have risen more than 65 percent since the start of 2009. Cheung Kong sold about HK$30 billion worth of apartments last year, according to Bank of America Corp's Merrill Lynch & Co unit.

The measures "will make it difficult for Cheung Kong to repeat the same home sales volume this year", said Adrian Ngan, a Hong Kong-based analyst at MF Global Holdings Ltd. "Investors will be looking for surprises and new development on Hutchison, and that will likely be the key driver for growth this year."

Li may benefit from higher earnings at Hutchison's retail and energy businesses as his biggest company's European mobile phone operations end losses, according to JPMorgan Chase & Co.

The improvements will give Hutchison "more financial flexibility to engage in more mergers and acquisitions and pay higher dividends," Benjamin Lo, an analyst at JPMorgan, wrote in a report on March 22.

Hutchison, the third-best-performing stock in the Hang Seng Index this year, has surged 71 percent since Aug 5, when Li said he will increase dividend payments when his company that runs so-called third-generation wireless operations in seven markets in Europe and Australia ends losses. The business has been unprofitable since beginning services in 2003.

Hong Kong's government announced in November that it will impose additional stamp duties on home transactions and increase land supply, its toughest price curbs to date. The number of home transactions declined year-on-year in January and February in Hong Kong.

The measures probably affected sales of the developer's Festival City Phase II, a project in Hong Kong's Tai Wai district, which began a day after the government's announcement, Merrill Lynch analysts led by Karl Choi wrote in a Feb 8 report.

The developer aims to sell about HK$20 billion worth of homes in Hong Kong this year from 11 projects including Lohas Park in the Tseung Kwan O district and Uptown in Yuen Long district, the Standard newspaper reported in January, citing Cheung Kong's Executive Director Justin Chiu.

Li, 82, ranked the city's richest man by Forbes this month after his net worth increased $5 billion to $26 billion, bought 5.9 million Hutchison shares at an average price of HK$59.35 in August, his biggest investment in the company in at least seven years.

The investment came days after Cheung Kong and Hutchison both reported first-half earnings that beat estimates and after Li said he's optimistic about the world economy. Hutchison has risen about 50 percent since then.