Shimao Group Holdings Limited provided preliminary unaudited consolidated group earnings guidance for the year ended December 31, 2021. For the year, the group expects to record an approximately 62% decrease in the profit attributable to the Shareholders and an approximately 57% decrease in the profit from core business attributable to the Shareholders as compared to the corresponding period of the previous year. The decrease was primarily attributable to the combined effect of the decrease in sales revenue and decline in gross profit margin recorded by the group for the year, the increase in the amount of provision for the impairment on inventories and the allowance for the expected credit losses on receivables made by the group as a result of the challenging conditions in the real estate industry during the second half of last year, the increased sales and marketing expenses as a result of the intense market competition, and the recognition of a loss on the disposal of the shareholdings in a project.