CIFI Holdings (Group) Co. Ltd. provided earnings guidance for the six months ended 30 June 2023. For the period, the Group expected to record loss attributable to equity owners ranging from approximately RMB 8,500 million to RMB 9,500 million (profit attributable to equity owners for the six months ended 30 June 2022: approximately RMB 731 million).

The expected loss was primarily attributable to (1)(i) decrease in gross profit margin of the property development business; (ii) increase in provision of impairment for property projects, both affected by the overall unfavourable business environment of the real estate industry in PRC in the first half of 2023; (2) a foreign exchange loss arising from the depreciation of Renminbi against U.S. Dollar; and (3) deterioration in share of results of joint ventures and associates.