The board of directors of Top Spring International Holdings Limited announced that it is expected that the company may have a significant decrease in the consolidated profit attributable to the equity shareholders of the company for the six months ended June 30, 2012 as compared to the corresponding period of 2011. Such decrease was primarily attributable to a decrease in the group's turnover and gross profit of properties delivered to buyers during the six months ended June 30, 2012 as compared with the corresponding period of 2011. The reason for the decrease in the group's turnover and gross profit was due to a significant decrease in gross floor area sold and delivered of the company's high margin properties in Shenzhen, namely, Shenzhen Hidden Valley and The Spring Land, in the six months ended June 30, 2012 as compared with the corresponding period of 2011.

Nevertheless, barring unforeseen circumstances, 2012 full year's completion of properties is expected to be as planned.