Gelonghui March 7th 丨China Tianbao Group (01427.HK) announced that for the year ending December 31, 2022, the Group is expected to record a net loss of approximately RMB 400 million for that year (same period last year: net profit of RMB 41.888 million).

The Board of Directors believes that the main reason for the loss recorded in this year was that the property area delivered by the Group during the year fell short of the same period last year; due to the impact of the epidemic, etc., the number of property project sales fell, and the sales price fell below expectations, which ultimately led to a decline in the delivery revenue of some of the Group's properties and pressure on gross profit. To ensure the repayment amount of the construction contract business, the Group reduced the number of general construction contracts involving housing business, resulting in a decline in construction profits; based on prudential considerations, the Group increased the allocation of impairment of financial and contract assets; and the Group's external leasing of Tianbao Plaza; and the Group's external leasing of Tianbao Plaza The investment property recorded fair value impairment during the first evaluation.