On November 14, Gelonghui announced that hua yin intl h (00989.HK) expects that for the six-month period ending September 30, 2024, the group will record a net loss attributable to equity holders of not less than approximately RMB 590,000,000, compared to the net loss attributable to equity holders of approximately RMB 79,900,000 for the corresponding interim period.

Despite the group's property project in Baishan City, Guanzelan Pavilion Phase II being completed and delivered during this interim period, resulting in property sales and gross profit increasing from approximately RMB 44,000,000 and RMB 15,800,000 in the corresponding interim period to approximately RMB 131,700,000 and RMB 20,700,000 in this interim period, the group expects a net loss in this interim period mainly due to further impairment of properties under development, with the amount after deducting deferred tax being approximately RMB 564,700,000. This impairment involves the group's cultural tourism project named Guanzefa Song Town International Resort in Fusong County. During this interim period, due to (including) (1) a bleak outlook for the Fusong property project affected by the macroeconomic environment; (2) debts related to the development of the Fusong property project; and (3) future capital needs of the Fusong property project, the board of directors considers it more appropriate for the group to divest from the Fusong property project. Therefore, the group management has reassessed the latest realizable net value of the properties under development in the Fusong property project based on the valuation as of September 30, 2024, and applied a discount factor for the proposed short-term sale of the Fusong property project. This assessment resulted in an estimated impairment of approximately RMB 637,900,000.