China Oceanwide Holdings Limited provided consolidated earnings guidance for the year ended 31 December 2020. For the year, the company is expected that the Group will record a net loss of approximately HKD 0.850 billion to HKD 1.000 billion for the Year as compared to a net loss of approximately HKD 58.0 million for the year ended 31 December 2019. The significant drop in financial results during the Year was mainly due to: (i) the provision for impairment of certain real estate development projects of the Group in the U.S. as a result of the COVID-19 pandemic; (ii) the uncapitalized interests and costs upon the termination of general contracts on the real estate development projects in Los Angeles; (iii) the exchange loss on indebtedness arising from the appreciation of Renminbi against Hong Kong dollar; and (iv) the decrease in interest income and the increase in provision for expected credit losses on amounts due from minority shareholders.