China Merchants Land Limited provided unaudited consolidated earnings guidance for the six months ended 30 June 2016. Group is expected to record a decline in profit attributable to the owners of the company. The change in profit attributable to the owners of the company and profit for the period were primarily due to: Significant increase in revenue and profit for the six months ended 30 June 2016 as compared to the corresponding period in 2015 due to the significant increase in the total gross floor area of properties completed and delivered during the period. Such properties were mainly held by project companies in which the Group holds a relatively lower equity interest which led to the significant decline in profit attributable to the owners of the company for the six months ended 30 June 2016 as compared with the corresponding period in 2015 and it is expected that projects with relatively higher equity interest attributable to the owners of the Company will be completed and delivered in the second half of 2016. Significant decrease in profit attributable to the owners of the company for the six months ended 30 June 2016 was due to the non-cash items below: an exchange loss was recorded for the six months ended 30 June 2016 while an exchange gain was recorded for the six months ended 30 June 2015. The exchange loss recorded for the six months ended 30 June 2016 was mainly due to the significant depreciation of Renminbi against United States Dollars during that period; a fair value loss on derivative financial instruments of approximately RMB 32,000,000 was recognized to the profit or loss for the six months ended 30 June 2016 as a result of the issuance of five-year term credit enhanced convertible bonds on 23 June 2015 by a wholly-owned subsidiary of the Company in an aggregate principal amount of USD 290,000,000 bearing coupon rate of 0.5% per annum.