New City Development Group Limited provided consolidated earnings guidance for the year December 31, 2022. For the year, the group expects to record a net loss of not less than HKD 100,000,000 as compared to a net loss of approximately HKD 69,000,000 for the year ended 31 December 2021. Based on the information currently available, the Board considers that the increase in the net loss was mainly attributable to an increase in impairment losses of the properties held for sale of the Group for approximately 100% to HKD 70,000,000 as compared to Year 2021.