LVGEM (China) Real Estate Investment Company Limited provided consolidated earnings guidance for the six months ended 30 June 2023. The group expects to record loss for the 2023 Interim Period of approximately RMB 580 million, compared with profit for the six months ended 30 June 2022 of approximately RMB 1,026 million. The turnaround of financial performance of Group from profit to loss was mainly due to the absence of revaluation gain recognised during the six months ended 30 June 2022 as a result of the change of intention for Phase IV of the Baishizhou Urban Renewal Project from property development for sales to commercial support for rental and long term investment purpose.