Gelonghui March 20 丨China Sandi (00910.HK) announced that the Group expects to record a profit of approximately RMB 26 million for the year ending December 31, 2022, a decrease of about 87% from the profit of approximately RMB 205 million recorded for the year ending December 31, 2021.

The decline in expectations was mainly due to (i) delays in the completion and delivery of the Group's property projects due to adverse factors such as the implementation of COVID-19 epidemic control measures in various cities in China during the year, which affected the Group's property sales revenue for the year ending December 31, 2022; and (ii) the year ending December 31, 2022 recorded a fair value loss of about RMB 46 million for investment properties, due to macro-control measures in the industry and the continued decline in the market environment of China's real estate industry.

Although the Group expects to record a decrease in profit for the year ending December 31, 2022 compared to the same period last year, the Board of Directors believes that the Group's overall financial situation is good, and the Board remains optimistic about the Group's prospects.