Art Group Holdings Ltd. (HK:0565) has released an update.
Art Group Holdings Ltd. has announced a reversal of HK$37 million in expected credit loss allowance related to a loan to Fujian Qiancheng Lujingguan Engineering Co., Ltd., citing the borrower’s ability to repay part of the loan thanks to project completions. Despite initial repayments, the borrower faces challenges due to non-payment by a developer, impacting their ability to meet further obligations.
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