Yen Weakens to Lowest Level Versus Dollar Since October 2008
Chinese Estates to Post Loss for 2010 on Property Valuation
The shortfall, attributed to “unrealized valuation loss on certain investment properties” in Hong Kong and mainland China, “will not have any material adverse impact on the business operation of the group,” Chinese Estates said in a statement to the Hong Kong’s stock exchange today after the market closed.
Chinese Estates last year reported net income of HK$8.65 billion ($1.11 billion) for 2009.
The shares fell 1.1 percent to HK$12.84 at the 4 p.m. local time close. They are unchanged this year, while the benchmark Hang Seng Index (HSI) is up 1.4 percent.
Lau is sixth on Forbes Magazine’s list of Hong Kong’s richest people with an estimated wealth of $6.3 billion.
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