Brief: Eternity Investment Sees Write Off Of About HK$208.4 Mln Due To Demolishment Of 7 Hotel Villas

Eternity Investment

02/08/2018 11:53

Aug 2 (Reuters) - Eternity Investment Ltd  0764.HK :
    * ESTIMATED THAT CONSTRUCTION COSTS FOR CULTURAL SQUARE WILL
BE
ABOUT RMB38.00 MILLION
    * CONSTRUCTION WORKS FOR CULTURAL SQUARE WILL BE COMMENCED
IN Q3
OF 2018 2018 AND COMPLETED IN Q4 OF 2018
    * CURRENTLY ESTIMATED THAT TOTAL BUDGETED COSTS FOR SECOND &
THIRD
PHASES DEVELOPMENT OF SUBJECT LAND ARE ABOUT RMB880 MILLION
    * DEMOLISHMENT OF 7 HOTEL VILLAS TO RESULT WRITTEN-OFF OF
CONSTRUCTION IN PROGRESS UNDER PROPERTY, PLANT & EQUIPMENT OF
HK$208.84 MLN
    * DEMOLISHMENT OF 7 HOTEL VILLAS WILL RESULT IN DECREASE OF
ABOUT
HK$208.84 MILLION IN EQUITY ATTRIBUTABLE AS AT 31 DEC 2018
    * DESPITE FINANCIAL IMPACTS OF DEMOLISHMENT ON GROUP,
DIRECTORS
ARE OF VIEW THAT FINANCIAL POSITION OF GROUP REMAINS SOUND

Source text for Eikon:  ID:nHKS5J82ys 
Further company coverage:  0764.HK 

 ((Reuters.Briefs@thomsonreuters.com;))