The board of directors of the China Merchants Land Limited informed the shareholders of the Company and potential investors that based on the Board's preliminary assessment of the Group's unaudited consolidated management accounts for the year ended 31 December 2022, which have not been reviewed by the Company's auditors, the net profit attributable to the owners of the Company is expected to decrease by approximately 40%, as compared to the corresponding period in 2021 (approximately RMB 560 million).