Fineland Real Estate Services Group (HK:9978) has released an update.
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Fineland Living Services Group Limited reports a substantial increase of approximately 987.1% in net impairment losses on financial assets for the year ended December 31, 2023, compared to the previous year. The losses, totaling roughly RMB101.1 million, were driven by factors such as a slowdown in trade receivables collection, increased credit risks from property developers, and financial challenges faced by Guangzhou Fineland. An independent valuation by Cushman & Wakefield Limited was conducted to assist with the assessment of these losses.
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