Wharf Real Estate Investment Co (HK:1997) has released an update.
Wharf Real Estate Investment Co warns of an anticipated loss of no less than HK$900 million for the first half of 2024, a stark contrast to the HK$1,805 million profit from the same period the previous year. This downturn is attributed to a stall in retail sales recovery in Hong Kong and a subsequent revaluation deficit of the Group’s investment properties. Despite these challenges, the company maintains that its overall financial health is stable, emphasizing that revaluation deficits are non-cash and unrealized.
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