Wing Lee Property Investments Limited provided earnings guidance for the year ended 31 December 2023. For the year, the Group expects to record a net loss for the year ended 31 December 2023 ranging from HKD 46 million to HKD 48 million as compared with a net profit recorded for 2022 of approximately HKD 17.6 million. This is mainly attributable to the fact that there is expected to be a net decrease in fair values of the Group's investment properties for the year ended 31 December 2023 as compared with a net increase for 2022, which reflects the general market conditions of the commercial retail and residential investment property market in Hong Kong for the period under review.

The net decrease in fair values of the Group's investment properties for the year ended 31 December 2023 is expected to range from HKD 55 million to HKD 57 million (the net increase in fair values of the Group's investment properties for the year ended 31 December 2022 was approximately HKD 5.1 million). Nevertheless, as the net decrease in fair values of the Group's investment properties is a non-cash item and the business of the Group is long-term investment and leasing of properties, the Board does not expect any material adverse effect on the operations of the Group. Without taking into account the impact of the aforesaid net decrease in fair values of the Group's investment properties, the Group is expected to make a net profit for the year ended 31 December 2023, which is in line with that for 2022.

However, such profit is not sufficient to make up for the difference between the net change in fair values of the Group's investment properties for the year ended 31 December 2023 and that for 31 December 2022.