Maoye International Holdings Limited provided consolidated earnings guidance for the year ended December 31, 2016. For the period, the company expects to record a significant decrease in the consolidated net profit for the year ended 31 December 2016 compared to the same period in 2015. Such result is mainly attributable to: for the same period in 2015, the Group recognized a one-off gain of approximately RMB 162 million from the disposal of 5% equity interests in Shenyang Commercial City Co. Ltd., no such gain is recorded in 2016, to better reflect the value of properties held by the group, the group has changed the measurement of investment properties from cost model to fair value model. This results in a relatively large fair value gain on investment properties in 2015 and 2014 in the amount of approximately RMB 180 million, while the fair value gain on investment properties is expected to be approximately RMB 80 million in 2016. And the increase in debt, and the significant increase in the group's financing cost in 2016 compared to the same period in 2015.