HONG KONG — The operator of the luxurious Peninsula Hotels chain is writing off the entire book value of its stalled $130 million project in Yangon, as the outlook remains bleak four years after Myanmar’s military seized power from the democratically elected government.
Hongkong and Shanghai Hotels said after trading hours on Friday that it will record an impairment provision of 160 million Hong Kong dollars ($20.51 million) on the Peninsula Yangon project, matching the remaining book value as of the end of last June.
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