HONG KONG -- Asia Standard Hotel Group, a hotel chain operator in Hong Kong, has revealed substantial losses from its investment portfolio including bonds issued by embattled mainland property developer China Evergrande Group, which is currently under bankruptcy proceedings.
In its annual report published Tuesday evening, management said the company has recognized larger expected credit loss (ECL) provisions, "mostly attributable to the winding-up orders by the [Hong Kong] court on a couple of our investment portfolio's note issuers this year."
