The Board of Redco Properties Group Limited announced that based on the preliminary assessment of the latest unaudited consolidated management accounts of the Group for the year ended 31 December 2022 (the "Year") and other information currently available to the Company, subject to the results of compay's Independent Inquiry and the 2022 Audit, it is expected that the Group will record a net loss ranging from approximately RMB 5.5 billion to RMB 6.5 billion for the Year, as compared to the net profit of approximately RMB 2.5 billion for the year ended 31 December 2021.