China Pan-Holdings: Expects to record a net loss attributable to shareholders of about HK $4.6 billion to HK $5.6 billion in 2021

2022-07-04 0 By

In the evening of January 30, China Pan-Holdings announced on the Hong Kong Stock Exchange that the group expects to record a net loss attributable to shareholders of about HK $4.6 billion to HK $5.6 billion in 2021.The net loss for the year 2020 was about HK $927 million.The significant increase in net loss attributable to shareholders during the year was mainly due to: impairment provisions made by the Group for certain overseas projects;The group’s US real estate development projects are still under construction, resulting in the related interest and expense not being capitalised;An increase in the interest on defaulted loans and in the cost of extending loans;And an increase in the provision for litigation related expenses of the Group’s US real estate development projects.