Hanison Construction Holdings (HK:0896) has released an update.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
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.
For further insights into HK:0896 stock, check out TipRanks’ Stock Analysis page.