According to the Zhitong Finance App, Fengzhan Holdings (01826) announced its annual results for the year ended December 31, 2023. The group achieved continuous operating income of HK$194 million during the period, a year-on-year decrease of 45.75%; losses attributable to shareholders were HK$59.284 million, an increase of 6018.06% over the previous year; and a basic loss of HK4.5 cents per share.

According to the announcement, due to rising interest rates and the economic recession caused by Chinese real estate developers running out of cash, the Group's revenue for the year ended December 31, 2022 has declined sharply, and the number of projects under construction has also decreased. Furthermore, impairment losses due to anticipated credit losses in contract assets further exacerbate the extent of losses.