Wang On Properties Expects Major Annual Loss

Wang On Properties Ltd. (HK:1243) has released an update.

Wang On Properties Limited anticipates a significant loss of not more than HK$850 million for the financial year ending March 2024, contrasting sharply with the previous year’s profit of HK$211 million. The projected loss is due to a downturn in Hong Kong’s real estate market, decreased sales of residential projects, and rising finance costs. Shareholders and potential investors are cautioned to be prudent when dealing with the company’s shares.

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