HPH Trust takes HK$19 billion “goodwill” write-down on Hong Kong terminal assets | South China Morning Post

Hutchison Port Holdings Trust (HPH Trust) yesterday took a HK$19 billion “goodwill” impairment write-down of its Hong Kong terminal assets, amid mounting concerns that multi-billionaire Li Ka-shing, who ultimately controls the outfit, is gradually retreating from his home base of Hong Kong.

 

HPH Trust, the Hutchison Whampoa subsidiary that owns Pearl River Delta container ports, said the one-off, non-cash HK$19 billion impairment was recognised against the goodwill of a “cash-generating unit in Hong Kong as it is adversely impacted by the uncertainties in the global economy and demand, the continuing challenging trading environment faced by the Hong Kong operations and challenging labour cost pressure.”

 

Singapore-listed HPH Trust confirmed to the South China Morning Post that the write-down was made to Hong Kong International Terminals, and “to a lesser extent, the rest of the HK assets.” HPH Trust was spun off from Hutchison Port Holdings, the world’s biggest port operator by throughput.

 

 

Curated from HPH Trust takes HK$19 billion “goodwill” write-down on Hong Kong terminal assets | South China Morning Post