China Merchants Land Limited announced that the group is expected to record a significant decline in profit for the six months ended 30 June 2014 as compared to the corresponding period in 2013, which was restated with the effect of asset injection into the company. Such expected decline in profit was primarily due to: significant decline in gross profit for the six months ended 30 June 2014 due to the revenue derived from high profit-margin projects, which were completed and delivered during such period, representing a much smaller proportion of the group's revenue as compared with the corresponding period in 2013; an increase in finance costs for the six months ended 30 June 2014 as compared to the six months ended 30 June 2013 as a result of the company's issuance of five-year term credit enhanced bonds in December 2013 in an aggregate principal amount of USD 500,000,000 bearing coupon rate of 4.021% per annum; and a decrease in exchange gain for the six months ended 30 June 2014 caused by the combined effect of the following two factors a drop in the balance of loan from equity holders denominated in United States dollars and a general depreciation of Renminbi against USD in the six months ended 30 June 2014 as compared to a general appreciation of Renminbi against USD in the six months ended 30 June 2013.