LVGEM (China) Real Estate Investment Company Limited provided consolidated earnings guidance for the year ended December 31, 2021. The board of directors ("Board") of the Company wishes to inform the shareholders of the Company and potential investors that, based on the preliminary assessment of the draft unaudited consolidated statements of the Group for the year ended 31 December 2021 and the information currently available to the management, the unaudited consolidated profit attributable to the owners of the Company for the year ended 31 December 2021 is expected to experience a decrease of approximately 70% as compared to the corresponding period in 2020. Such decrease was mainly due to (i) the absence of revaluation gain from its 25% equity interests (acquired in 2019) in Baishizhou Urban Renewal Project in the current year as compared to a gain recognised in the year ended 31 December 2020; (ii) the decrease in revenue from sales of properties in current year as compared to the year ended 31 December 2020; and (iii) the increase in finance costs in current year as compared to the year ended 31 December 2020, which was partially offset by the fair value gain on investment properties.