New Century Real Estate Investment Trust provided earnings guidance for the year ended December 31, 2020. The board of directors of the REIT Manager announced that unitholders and potential investors of New Century REIT 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 unitholders for the year ended 31 December 2020 in the range of approximately RMB 535 million to RMB 565 million (as compared to a consolidated net loss attributable to unitholders of approximately RMB 38 million for the year ended 31 December 2019). The board considered that the consolidated net loss attributable to unitholders for the year ended 31 December 2020 is mainly attributable to the worldwide outbreak of the COVID-19 pandemic in 2020, resulting in: the expected drop in valuation of New Century REIT Group's investment properties (net of the deferred tax recognized) by approximately RMB 475 million; and the expected drop in revenue by no more than RMB45 million mainly caused by the downward adjustment of the annual base rent for its hotel properties in the People's Republic of China as a result of the Epidemic and the disposal of Holiday Inn Eindhoven in the Netherlands in 2019.