Zhitong Financial APP News, Shanghai Real City Development (00563) issued an announcement that the company's revenue for the six months ended June 30, 2023 is expected to be lower than that of the same period in 2022, ranging from 70% to 75%; and the company will make a loss attributable to the owners of the company in the first half of 2023, ranging from about HK $270 million to HK $330 million, compared with the same period in 2022, the profit attributable to the owners of the company is about HK $126 million.
The decrease in expected revenue and the loss attributable to the owners of the company are mainly due to the following reasons: the weakening of the renminbi against the Hong Kong dollar, resulting in exchange losses on foreign currency-denominated banks and other loans; and due to the life cycle of real estate construction, the Group completed and delivered a smaller number of properties to customers in the middle of the year, resulting in a decline in revenue and profit.