Gelonghui, March 22丨Xiwang Real Estate (02088.HK) announced that the Group expects to record a net comprehensive loss before tax of approximately RMB 152 million to RMB 161.5 million for the year ending December 31, 2023, while the net consolidated loss before tax is approximately RMB 8.2 million for the year ended December 31, 2022. This is mainly due to impairment losses confirmed in respect of the goodwill of the Qinghe Project and the cancellation of advance payments. The project is a real estate development project for the construction of residential units in Zouping City, Shandong Province. The impairment loss for fiscal year 2023 is estimated to be approximately RMB 150.4 million, while the impairment loss relating to goodwill in FY2022 is approximately RMB 2 million.
Excluding the impairment losses confirmed above on goodwill and cancellation of advance payments for the Qinghe Project, the Group's net comprehensive loss before tax for fiscal year 2023 was between approximately RMB 1.6 million and RMB 11.1 million, a decrease of approximately 74.2% to an increase of approximately 79.0% from the net comprehensive loss before tax of approximately RMB 6.2 million (not taking into account impairment losses confirmed in respect of goodwill of approximately RMB 2 million).