Shui On Land Limited provided earnings guidance for the year ended December 31, 2015. The company expected that profit attributable to shareholders of the company for the year is likely to decline significantly as compared with that for the corresponding period in 2014. The decrease in the profit attributable to shareholders of the company is primarily due to significant exchange losses (both realized and unrealized) as a result of the depreciation of Renminbi (‘RMB') in 2015.

The company estimates a net exchange loss of about RMB 1,330 million for the year ended December 31, 2015. As the company's income is derived almost entirely in RMB while it has approximately 45% borrowings in United States dollars and Hong Kong dollars, the deprecation of RMB has resulted in translation losses.