The board of directors of the New City Development Group Limited announced that based on the management's preliminary assessment of the unaudited management accounts of the company and its subsidiaries the group expects to incur a loss for the six months ended 30 June 2016 as compared to that of the last corresponding period in 2015. The reason was mainly due to the marco economic downturn of the property market in the PRC, the rental income from Guangzhou Changliu of the company recorded a decrease in the six months ended 30 June 2016.