South Shore Holdings, operator of luxury hotel The 13 says it expects to make an impairment of HK$4.7 billion for the year ended March 31, 2019, in accordance with the latest valuation report from an independent professional valuer.
The impairment is non-cash in nature and won’t affect the company’s cash flows, it said, however, it will result in a significant increase in loss for the group compared to the last corresponding year.
The Group’s results for the year ended 31 March 2019 are still in the process of being finalized.
Last week, South Shore Holdings announced a suspension of trading on the stock exchange and said this will remain until further notice.
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