Guangdong Land Holdings Limited provided group earnings guidance for the year ended 31 December 2023. The Board informed the Shareholders and potential investors that, based on a preliminary review of the unaudited consolidated management accounts of the Group, it is expected that the Group will record an unaudited loss attributable to owners of the Company of not more than HKD 2,500 million for the year ended 31 December 2023, while the audited profit attributable to owners of the Company in 2022 was approximately HKD 393 million. The major factors that affected the said anticipated results of the Group for the year ended 31 December 2023 include the following: affected by the continued downturn in the real estate market, transaction volume had shrunk, and customers had a serious wait-and-see attitude. The market had obvious characteristics of exchanging price for volume. The Group made provision for inventory impairment of approximately HKD 2,408 million during the year under review due to signs
of impairment in some of the Group's property projects; the properties delivered of the Group during the year under review were mainly the
Jiangmen One Mansion Project, the Jiangmen GDH City Project, the Zhongshan GDH City Project, the Zhuhai Laurel House Project and the Foshan Laurel House Project, while the properties in the Shenzhen GDH City (Northwestern Land) Project delivered in 2022 had higher gross profit margins, therefore the profit derived from the sale of properties decreased as compared to 2022; and the fair value gains on investment properties recorded by the Group during the year under review decreased when comparing with 2022.