Financial Street Property Reports Shortfall on Performance Targets for Hong Kong Acquisition
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Financial Street Property Co. Limited has reported a shortfall in performance targets related to its acquisition of a 70% stake in a Hong Kong property services company for HKD154 million. The vendor guaranteed cumulative revenue of HKD625 million and net profit of HKD72 million for 2022-2025. However, due to COVID-19 disruptions, the performance targets were not fully met, potentially triggering compensation mechanisms. The company aims to expand its service portfolio and geographic reach through this acquisition.
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