Hanison Construction Holdings (HK:0896) has released an update.
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Hanison Construction Holdings reported significant impairment losses amounting to HK$88.21 million for the fiscal year ending March 2024, primarily due to declining asset values amid rising interest rates and a downturn in the Hong Kong property market. These impairments were linked to loans provided to three 50%-owned joint ventures involved in property development. The company attributes these challenges to market conditions, emphasizing that such loans are common practice in Hong Kong’s property sector.
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