CIFI Holdings (Group) Co. Ltd. provided earnings guidance for the year ended December 31, 2022. Based on the preliminary assessment of the unaudited management accounts of the Group for the year ended 31 December 2022 and other information currently available to the Board, it is expected that the Group will record a loss ranging from approximately RMB 13,000 million to RMB 14,000 million (profit for the year ended 31 December 2021: approximately RMB 12,327 million) and core net loss attributable to equity owners ranging from approximately RMB 5,100 million to RMB 5,600 million (core net profit attributable to equity owners for the year ended 31 December 2021: approximately RMB 7,284 million) for the year ended 31 December 2022.

The expected loss was primarily attributable to (1) (i) decline in properties delivery leading to decrease in revenue and profit recognised from sales of properties; (ii) increase in provision of impairment for property projects, both affected by the overall unfavourable business environment of the real estate industry and the pandemic in PRC in 2022; (2) a foreign exchange loss arising from the depreciation of Renminbi against U.S. Dollar; and (3) fair value loss recorded from investment properties.