Beijing University Resources (00618) announced that the group is expected to have a loss between approximately RMB 700 million to 850 million by the end of the fiscal year ending on March 31, 2024, while gaining a profit of about RMB 1.0189 billion by the end of the fiscal year ending on March 31, 2023.

The expected losses during the group period are mainly due to: (i) the decrease of delivered area of property development projects, resulting in reduced gross profit; (ii) as disclosed in the announcement of the company dated September 25, 2023, the government department unilaterally withdrew the group's land without compensation and incurred losses; (iii) the expected guarantee liabilities and lawsuit provisions arising from the group's subsidiary, Hong Kong Huzi Limited, which the group sold on March 25, 2022, presenting guarantees (and such guarantees continue to be effective) and related litigation; (iv) the devaluation of developing unsold properties due to the downturn in the property market; (v) the provision of impairment losses for financial assets (including other receivables and other assets) based on the group's expected recovery of financial assets; (vi) the profits generated by the completion of the sale of subsidiaries in May 2023, which offset the impact of items (i) to (v).