Shui On Land Limited provided earnings guidance for the six months ended June 30, 2016. The board of directors of the company informed potential investors and shareholders of the company that, based on the information currently available to the company, it is expected that profit attributable to shareholders of the company for the six months ended June 30, 2016 is likely to decline significantly as compared with that for the corresponding period in 2015. The decrease in the profit attributable to shareholders of the company is primarily due to the following reasons: a decrease in fair value gain of investment properties by approximately 80% as compared with the corresponding period in 2015. For the six months ended 30 June 2015; and an exchange loss (both realized and unrealized) of around RMB 350 million as a result of the depreciation of the Renminbi during the six months ended June 30, 2016, as compared to an appreciation of the Renminbi for the six months ended June 30, 2015 which generated a gain of RMB 10 million. Notwithstanding the above factors, based on currently available information, the company estimates that the gross profit and operating profit for the six months ended June 30, 2016 will likely see a year-on-year increase.