Kaisa Prosperity Holdings Ltd. (HK:2168) has released an update.
Kaisa Prosperity Holdings Ltd. has reported a significant impairment on trade receivables amounting to RMB621.4 million for the fiscal year ended December 31, 2023, primarily due to the slow recovery of China’s real estate sector and the ongoing debt restructuring of its related party, Kaisa Group. The impairment was calculated based on the lifetime expected credit loss provision in accordance with HKFRS 9 standards, factoring in both past due status and forward-looking information. Despite the challenging market conditions and the Kaisa Group’s debt situation, the impairment values were consistent with independent valuations and have been recognized in the company’s profit or loss.
For further insights into HK:2168 stock, check out TipRanks’ Stock Analysis page.
