The board of directors of Glorious Property Holdings Limited announced that, based on the information currently available to the Board, the group is expected to record a substantial increase in the loss attributable to the owners of the company for the six months ended June 30, 2015 as compared to the same period in 2014. The substantial increase in the loss was primarily attributable to the following: (i) the group did not have projects that were newly completed and delivered during the six months ended June 30, 2015 such that the revenue recognized during this period was only attributable to the sales of remaining units of those projects that were completed in prior years, thus resulting in a significant decrease of approximately 85.4% in the recognized revenue as compared to the same period in 2014; (ii) there was a drop in the group's gross profit margin as a result of the change of the product mix and increasing project costs for the properties delivered in the six months ended June 30, 2015; (iii) the amount of provision for impairment for the group's properties in the six months ended June 30, 2015 increased as compared to the same period in 2014; (iv) the group is expected to record a fair value loss of investment properties for the six months ended June 30, 2015, as compared to a fair value gain of RMB 12,340,000 for the same period in 2014; and (v) interest costs of approximately RMB 159,000,000 was not capitalized as part of the property development costs and was being recorded directly as current year expenses in the six months ended June 30, 2015, while for the same period in 2014 substantially all interest costs were capitalized.