Guangzhou R&F Properties Co., Ltd. provided preliminary unaudited group earnings guidance for the year ended 31 December 2023. For the year, the group expects to record a net loss of approximately RMB 19.5 billion as compared to a net loss of RMB 15.779 billion for the year ended 31 December 2022. The expected net loss is mainly attributable to the following factors: the continuous downturn in the real estate market of China which resulted in a decrease in revenue and gross profit generated from property development; an increase in the impairment provision of properties under development and completed properties held for sale; an increase in fair value loss on investment properties; and the write-off deferred tax assets recognised in prior years related to unutilized tax losses.