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Full Year 2023 Servcorp Ltd Earnings Call Transcript
(technical difficulty) month of the new financial year is a lot better than our budget and it's a bit better than last year.
And I've had a couple of questions about the $15 million hit we took, impairment, in Hong Kong. Well, one, we've never parted with cash. Two, whenever we sign a lease, we sign it in an independent, separate company, and we lodged a substantial deposit, which we tell all landlords that's all they will ever get if it ever goes pear shaped. Three, we were locked down in Hong Kong, couldn't travel there and in China.
And the Hong Kong rents were the highest on a per square meter basis in the world. And in fact, our Hong Kong operation had rent out of about $725,000. We dropped $6 million. So it finally lost the support of its banker who happened to be Servcorp. And we told the landlord, we gave the clients notice. We put the company into liquidation. And so the $15 million when the liquidation is complete, fortunately, or we should never have taken the hit, but carrying rules say we
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