China Jinmao Holdings Group Limited provided earnings guidance for the year ended December 31, 2022. The company expected that the group will record a decrease between approximately 50% and 60% in the profit attributable to owners of the parent for the year ended 31 December 2022 as compared to that for the year ended 31 December 2021. It is also expected that the Group will record a decrease between approximately 70% and 85% in the profit attributable to owners of the parent (excluding fair value gains on investment properties) for the year ended 31 December 2022 as compared to that for the year ended 31 December 2021.

The decrease is mainly attributable to the lower than expected selling prices of the projects of the Group and some of its associates and joint ventures. As a result, the Company is required to make impairment provision for its properties under development and properties held for sale for the year ended 31 December 2022.