The loss attributable to shareholders includes a revaluation gain on investment properties of HK$670 million net of an impairment provision of HK$679 million relating to The Peninsula Yangon project which was suspended in June 2021 due to the unfortunate situation in Myanmar.

The company entered into a shareholders’ agreement with Yoma Strategic Investments Ltd and First Myanmar Investment Public Company Limited in January 2014 to acquire a 70% majority interest for a proposed hotel development on the site of the former headquarters of the Myanmar Railway Company in central Yangon, Myanmar.

Unfortunately, we have agreed with our partners to stop work on The Peninsula Yangon project as of June 2021 and we will continue to evaluate the situation in Myanmar to establish a suitable time to recommence works.

Read the full annual results for the year ending December 2021 here

Bill Barnett, founder of Phuket, Thailand-based hotel consultancy C9 Hotelworks, said he does not have high hopes for Myanmar given its recent political strife, adding international investors and travelers are likely to stay away.

“The political issues in Myanmar essentially were a death blow to foreign investment in the country pre-pandemic, and over the period of COVID-19 the country has continued to be secluded and off the radar of international tourism,” he said.