Huaxi Holdings Co. Ltd. (HK:1689) has released an update.
Huaxi Holdings Co. Ltd. has released additional details on its 2023 financial activities, highlighting two notable unsecured loans granted by the Group. Loan A, aimed at generating high interest returns, was loaned to a reputable property developer in Shantou, while Loan B was issued to expand the Group’s footprint in the Chinese cigarette industry. However, an impairment loss of approximately HK$6.44 million was recognized on Loan A due to the borrower’s financial struggles amidst a downturn in China’s real estate market post-pandemic.
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