Revenue, or “revenue”?

Well, well, what a surprise. Remember back in October last year, when Hong Kong property developer Henderson Land sold an apartment in the Mid-Levels for USD$56 million – or about $11,000 USD per square foot, a new world record for property prices?

Turns out they never really sold it at all.

The sale, which Henderson had already booked as revenue(!), was later cancelled – along with another twenty sales that fell through in the same building. They announced the cancellations late yesterday, and they’re being forced to take a HKD$734 million charge – that’s nearly a third of their FY09 EBITDA. Ow.

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