On March 20, Ge Longhui | Jingye Mingbang Group (02231.HK) announced that for the year ended December 31, 2023, the Group expects to record losses attributable to company owners not more than RMB 1.9 billion this year, while for the year ended December 31, 2022, it recorded losses attributable to company owners of approximately RMB 722 million.
According to the announcement, this year is expected to record an increase in losses attributable to company owners, mainly due to the unfavorable environment in the mainland China market, challenging operating environment and increased competition in the real estate industry this year, leading to (i) a downward trend in sales prices and gross profit for property projects delivered this year; and (ii) a sharp increase in impairment provisions calculated for certain property projects.