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Tesson Mulls Exit from Real Estate Business as Losses Balloon Due to China's Faltering Property Market

MT Newswires ·  {{timeTz}}

07:02 AM EDT, 05/30/2022 (MT Newswires) -- Tesson Holdings (HKG:1201) expects to record a loss of HK$615.1 million ($78.4 million) for the year ended December 2021, bigger than its earlier announcement of HK$434.9 million.

The lithium-ion battery manufacturer made the revision after taking into account a potential impairment on goodwill amounting to HK$174.7 million due to the continued deterioration of market conditions in China's real estate sector.

Due to the Chinese property market crisis, Tesson is now exploring exiting the business, according to a Monday disclosure.

"The group will not commence new property development project in the near future, and is considering the possibility of ceasing our property development business gradually," Tesson said in a Monday disclosure.

Price (HKD): $0.30, Change: $+0.01, Percent Change: +3.51%

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