Brief: Yuexiu Real Estate Investment Trust Expects Financial Results For H2 Of 2022 Will Be Adversely Impacted

Yuexiu Real Estate Investment Trust

20/12/2022 15:25

Dec 20 (Reuters) - Yuexiu Real Estate Investment Trust
 0405.HK :
    * FURTHER TEMPORARY RENTAL CONCESSIONS IN SUPPORT OF TENANTS
IMPACTED BY COVID-19 AND OTHER BUSINESS UPDATES
    * SINCE JUNE RENTAL CONCESSION, CO'S PROPERTIES CONTINUED TO
BE
AFFECTED BY IMPLEMENTATION OF COVID-19 MEASURES TO CURB SPREAD
OF COVID-19
    * EXPECTS THAT FINANCIAL RESULTS OF YUEXIU REIT FOR SECOND
HALF OF
2022 WILL BE ADVERSELY IMPACTED
    * WILL OFFER FURTHER TEMPORARY RENTAL CONCESSIONS TO CERTAIN
SMALL
& MEDIUM ENTERPRISES & INDIVIDUAL TENANTS IN AFFECTED INDUSTRIES
    * ESTIMATED THAT TOTAL AMOUNT OF FURTHER TEMPORARY RENTAL
CONCESSIONS WILL BE APPROXIMATELY RMB66 MILLION
    * EXPECTS THAT A NUMBER OF TENANTS OF WHITE HORSE BUILDING
WILL
TERMINATE THEIR LEASES BY END OF 2022
    * TERMINATION OF WHITE HORSE BUILDING LEASES WILL RESULT IN
REVERSAL OF DEFERRED ASSETS
    * EXPECTS THAT REVERSALS COULD AMOUNT TO UP TO RMB40 MILLION
    * EXPECTS OCCUPANCY RATE FOR WHITE HORSE BUILDING TO REMAIN
ABOVE
80%
    * FOUR SEASONS HOTEL GUANGZHOU RECORDED MODERATE DROP IN ITS
AVERAGE OCCUPANCY RATE DURING SECOND HALF OF 2022
    * DROP IN OCCUPANCY RATE OF FOUR SEASONS HOTEL GUANGZHOU
EXPECTED
TO HAVE NEGATIVE IMPACT ON GROSS REVENUE GENERATED FROM HOTEL
FOR 2H22
    * BOARD REMAINS OPTIMISTIC OCCUPANCY RATES & RENTAL INCOME
OF
PROPERTIES HELD BY YUEXIU REIT WILL IMPROVE AND STABILIZE FOR H1
OF 2023

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