Kingboard Holdings Limited ("KBH") announced that, based on the preliminary review of the unaudited management accounts of the KBH Group for the six months ended 30 June 2020 (the "Reporting Period") and the information currently available to the KBH Board, the KBH Group is expecting to record a decrease in net profit of approximately 25% to 30% in the Reporting Period as compared with the corresponding period last year. The expected decrease in the net profits of the KBH Group in the Reporting Period is primarily attributable to the unrealised loss on fair value changes of equity instruments at fair value through profit or loss, and is, to a lesser extent, attributable to the challenging business environment posed by the COVID-19 pandemic during the first half of 2020. That being said, the KBH Group has recorded a substantial increase in the net profits in the Reporting Period attributable to the sale of residential properties as compared with the corresponding period last year.