The board of directors of the New Century Real Estate Investment Trust provided earnings guidance for the six months ended 30 June 2020. The company announced that based on the preliminary assessment of the unaudited management accounts of New Century REIT Group, it is expected that New Century REIT Group will incur a consolidated net loss attributable to unit holders for the six months ended 30 June 2020 in the range of approximately RMB 470 million to RMB 490 million. The Board considered that the consolidated net loss attributable to unitholders for the six months ended 30 June 2020 is mainly attributable to: the worldwide outbreak of the COVID-19 pandemic in the first half of 2020, resulting in: the expected drop in valuation of New Century REIT Group's investment properties (net of the deferred tax recognised) by approximately RMB 384 million; and the downward adjustment of the annual base rent for the Initial Hotel Properties and the Kaifeng Hotel Base Rent of approximately RMB 24 million in aggregate due to the substantive suspension of operations at New Century REIT Group's hotel properties as a result of the Epidemic (as further described in the Announcements); the expected increase in fair value loss of derivative financial instruments by approximately RMB 30 million; and the expected increase in net finance costs by approximately RMB 41 million.