Wang On Properties (01243.HK) issued a profit warning, expecting the financial year ending in March to have a loss of no more than 850 million yuan, compared to a surplus of 211 million yuan in the previous year. This is mainly due to the continued downturn of the Hong Kong real estate market, which led to a significant write-down of its developing properties to their net realizable value; a sharp decrease in revenue due to a decline in sales and delivery of completed residential projects in this year; and a significant increase in financing costs.