LVGEM (China) Real Estate Investment Company Limited provided earnings guidance for the year ended 31 December 2023. The Group expects to record loss for the year ended 31 December 2023 of approximately RMB 2.1 billion, compared with loss for the year ended 31 December 2022
of approximately RMB 297 million. The increase of loss for year was mainly due to the absence of revaluation gain recognised during the year ended 31 December 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; and (2) the significant increase on fair value loss of the Group's investment properties recorded for the year ended 31 December 2023 under current unfavorable real estate market condition.