Guangdong Land Holdings Limited provided group earnings guidance for the year ended December 31, 2022. For the year, the company announced that, based on a preliminary review of the unaudited consolidated management accounts of the Group, it is expected that the Group will record an unaudited profit attributable to owners of the Company of not more than HKD 450 million for the year ended 31 December 2022, while the audited profit attributable to owners of the Company in 2021 was approximately HKD 1,402 million. The major factors that affected the said anticipated results of the Group for the year ended 31 December 2022 include the following: (a) the gross floor area (‘GFA') of the sold units in the buildings on the Northwestern Land of the Group's Shenzhen GDH City Project delivered during the year under review decreased as compared to 2021, the revenue and the profit derived from the sale of such properties decreased as compared to 2021; (b) during the year under review, the Group recorded fair value gains on investment properties (net of the relevant deferred tax expense) of Shenzhen GDH City Project increased when comparing with 2021; (c) according to the relocation compensation agreement (the ‘Relocation Compensation Agreement') entered into by a subsidiary of the Company with a third party on 1 September 2022, the subsidiary has handed over the existing property under the Relocation Compensation Agreement, resulting in a disposal gain of approximately HKD 103 million; (d) as the GFA delivered by the Group during the year under review decreased as compared to 2021, the selling and marketing expenses decreased when comparing with 2021; and (e) due to business expansion of the Group, net finance costs increased when comparing with 2021.

The Company is still in the process of finalizing the annual results of the Group for the year ended 31 December 2022. The information contained in this announcement is only based on a preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 December 2022 and such information has not been audited or reviewed by the auditor of the Company. As at the date of this announcement, the Group's consolidated results for the year ended 31 December 2022 have not yet been finalized, and are subject to adjustments (if any).