Redsun Properties Group Limited provided earnings guidance for the year ended 31 December 2022. The Group is expected to record net loss during the Period in the range of approximately RMB 3,000 million to RMB 4,000 million (the corresponding period in 2021: net profit of RMB 1,866 million). The net loss of the Period was mainly attributable to the facts that (1) as the COVID-19 pandemic continued in 2022, the overall market size of the real estate industry declined, and the revenue and gross profit generated by the Group's real estate projects decreased year-on-year; (2) under the influence of the market, the selling prices of the development projects of the Group and some associates and joint ventures of the Group fell short of expectation, and the provision for the impairment loss of assets based on the principle of prudence increased; (3) the economy slowed down as a result of the COVID-19 pandemic, and both the occupancy rate and rental income of investment properties decreased and as a result the fair value assessment of non-recurring profit or loss is estimated to be impaired; and (4) net exchange loss in respect of the USD-denominated debts of the Group increased due to foreign exchange fluctuation.