On August 16, GLH announced that based on the preliminary review of the unaudited comprehensive management accounts of the Group for the six months ended June 30, 2024 (the "Reporting Period") and the information currently available to the board of directors, the Group expects to record a net loss of approximately RMB 0.6 billion to RMB 0.8 billion during the Reporting Period, while a net loss of RMB 93.6 million was recorded for the six months ended June 30, 2023.

According to the information currently available, the expected increase in net loss is mainly due to (i) the decrease in gross margin of the Group's delivery projects during the Reporting Period; (ii) the further decrease in fair value of the Group's investment properties caused by the decrease in rent and the increase in vacancy rate, influenced by the macroeconomic environment; and (iii) the investment and bad debt losses resulting from the bankruptcy proceedings of two subsidiary companies of the Group.