China VAST Industrial Urban Development Company Limited provided preliminary unaudited consolidated group earnings guidance for the six months ended June 30, 2022. For the period, the Group expects to record a net loss of approximately RMB 430 million for the six months ended 30 June 2022, as compared to a net profit of RMB 96.3 million for the six months ended 30 June 2021. The expected net loss for the six months ended 30 June 2022 was mainly because there was
no land sale in Longhe Park during the period. Due to COVID-19 and policies restricting the purchase of properties, the property markets in the pan-Beijing area experienced continuing downturn; as a result, land sale in Longhe Park fell short of expectations. In light of market conditions at the present, governments at all levels successively adopted relevant policies to facilitate the stable and healthy development of the real estate industry. The Company is optimistic about the real estate market in Langfang and expects that land sale in Longhe Park will also be positive in the second half of 2022.