Central China Real Estate Limited provided consolidated earnings guidance for the six months ended 30 June 2022. The company expected that the Group will record a loss attributable to equity shareholders of the Company for the six months ended 30 June 2022 of approximately RMB 5 billion to RMB 6 billion as compared to a profit attributable to equity shareholders of the Company of approximately RMB 729 million for the six months ended 30 June 2021. This was primarily attributable to: (1) the period-on-period decline in sales due to the continuing downturn of the real estate industry; (2) the decline in delivery and decrease in carry forward income during the year as the COVID-19 epidemic caused delays in construction progress; (3) the declining demand for commercial leasing and the decrease in fair value of investment properties due to the overall weak performance of China's macro market; (4) the decrease in gross profit margin as a result of the declining average selling price of properties; and (5) the increase in inventory impairment during the period.
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