Xinyuan Property Management Service (Cayman) Ltd. (HK:1895) has released an update.
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Xinyuan Property Management Service (Cayman) Ltd. released supplemental information to its 2022 and 2023 annual reports, highlighting an impairment of receivables from related parties. The reports detail expected credit losses, with a significant amount recognized as other receivables due to unauthorised pledges enforced by banks. The company used a formula involving exposure, probability, and loss given default to calculate these credit losses, backed by data from Moody’s Investors Services.
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