Crown International Corporation Limited (HK:0727) has released an update.
Crown International Corporation Limited reported significant impairment losses on properties under development and construction in their hotel operations segment, as detailed in a supplemental announcement to their annual report for the year ended 31 March 2023. The company used the residual method for valuation, considering development costs and profit provisions, with the gross development value of approximately RMB 1.64 billion being adjusted based on market comparisons. This valuation took into account recent sales data for comparable properties in the same district, with adjustments for factors such as nature and location.
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