China VAST Industrial Urban Development Company Limited provided consolidated earnings guidance for the year ended December 31, 2021. For the year, the company is expected to record a decrease of approximately 90% in the profit attributable to owners of the Company for the year ended 31 December 2021 as compared to the year ended 31 December 2020. The decrease in profit for the year ended 31 December 2021 was mainly due to the decrease in the area of commercial and residential land sold in Longhe Park.

Due to COVID-19 and policies restricting the purchase of properties, the property markets in the pan-Beijing area experienced downturn as a whole since the beginning of 2021; as a result, land sale in Longhe Park fell short of expectations. In light of market conditions at the present, governments at all levels successively adopted relevant policies to facilitate the stable and healthy development of the real estate industry. The Company is optimistic about the real estate market in Langfang and expects that land sale in Longhe Park will also be positive in 2022.