HONG KONG -- The operator of the luxurious Peninsula Hotels chain is writing off the entire book value of its stalled $130 million project in Yangon, as the outlook remains bleak four years after Myanmar's military seized power from the democratically elected government.
Property
Peninsula Hotels fully writes off Myanmar project amid Hong Kong headwinds
City's weak consumer sentiment cuts into bottom lines of developers, merchants
The construction site of the Peninsula Hotel in Yangon in 2023. The stalled project was part of a drive to redevelop the former colonial-era Myanmar Railway headquarters in the heart of the country's old capital. (Photo by Yuichi Nitta)
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