China Merchants Land Limited provided earnings guidance for the year ending December 31, 2021. For the period, the company expects the net profit attributable to the owners to decrease by approximately 20%, as compared to the
corresponding period in 2020 (approximately RMB 701 million), primarily due to the reasons
as stated below: compared with the same period in 2020, the projects with low gross profit margin
accounted for a higher proportion in the Group's projects carried forward for the year
ended 31 December 2021 and therefore the overall gross profit margin decreased; and for the year ended 31 December 2021, the proportion of the Group's projects through
non-wholly owned subsidiaries to the Group's projects carried forward increased and
therefore the net profit attributable to the shareholders of the Company decreased.