Glorious Property Holdings Limited provided earnings guidance for the six months ended June 30, 2014. The board of directors of the company announced that based on the information currently available to the board, the group is expected to record a loss attributable to the owners of the company for the six months ended June 30, 2014 as compared to the unaudited net profit attributable to the owners of the Company for the same period in 2013. The loss was primarily attributable to provision for impairment losses of certain of the group's property projects during the first six months of 2014; the fair value gain of investment properties for the six months ended June 30, 2014 is expected to decrease significantly or a fair value loss may be recorded as compared to the fair value gain of RMB 123,400,000 for the first six months of 2013; the expected exchange loss of approximately RMB 41,200,000 for the first six months of 2014, as compared to an exchange gain of RMB 55,581,000 for the first six months of 2013, for which the exchange gain/loss is mainly associated with the company's USD senior notes due 2015 and 2018 respectively; and the significant increase in income tax expenses expected for the six months ended June 30, 2014 as compared to the same period in 2013 because there was a reversal of overprovided income tax of RMB 151,864,000 during the first six months of 2013 but no such reversal exists for the first six months of 2014.

The exact amount of impairment loss of the Group's property projects for the first six months of 2014 is still in the process of calculation. In addition, the fair value changes of investment properties for the six months ended June 30, 2014 is still subject to the Company's calculation and review by an independent valuer.