Keck Seng Investments (Hong Kong) Limited board of directors announced that based on a preliminary assessment of the unaudited consolidated management accounts of the Group and the information currently available to the Board, the Group is expected to record a decrease of approximately 97% in the profit attributable to equity shareholders of the Company for the year ended 31 December 2019 as compared to the year ended 31 December 2018. The expected decrease in profit of the Company for the year ended 31 December 2019 was mainly attributable to an impairment loss of approximately HKD 274 million on a hotel property of the Group, namely the Sofitel New York. The impairment loss was based on an appraisal report by an independent professional valuer and reflected the impact of intensified competition in the New York City hotel market in the face of an increased supply of hotel rooms.