Chinese Estates to post US$190 million loss from sale of Evergrande shares

• It is Chinese Estates’ biggest loss since 2010 when it lost HK$8.85 billion (US$1.1 billion)
• Company says loss of about HK$7.87 billion from the disposal of shares in China Evergrande would be recorded as ‘other comprehensive expense’ for the year

Chinese Estates Holdings is expected to post its biggest loss in more than a decade, mainly due to losses arising from the sale of shares in the struggling China Evergrande Group.
The company, which is 79 per cent owned by the family of Hong Kong tycoon Joseph Lau Luen-hung, said it will post an annual loss of HK$1.5 billion (US$192 million) for 2021, its biggest since it lost HK$8.85 billion in 2010.

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