Golden Wheel Tiandi Holdings Company Limited announced that, based on the preliminary review of the unaudited consolidated management accounts of the Group for the year ended December 31, 2015 and currently available information, the Group is expected to record a substantial decrease of approximately 70% in total revenue as well as approximately 90% in profit for the Year 2015 as compared to the year ended December 31, 2014. The decrease was primarily due to significant decrease of approximately 70% in revenue arising from sale of properties for the Year 2015 as compared to the Year 2014 due to the fact that the Group did not have any new projects completed and delivered during the Year 2015. Although there was a significant decrease in revenue, the Group recorded a significant increase in contracted sales in the Year 2015 which was in line with the internal target.

Contracted sales of the Group for the Year 2015 was amounted to approximately RMB 923 million, including approximately RMB 268 million contributed by the joint venture entities. Furthermore, for the first two months ended February 29, 2016, the Group recorded contracted sales of approximately RMB 356 million. Those unrecognised contracted sales will be recognized as revenue once the properties are completed and delivered which are expected to be in the years of 2016 and 2017.

Significant exchange losses (both realized and unrealized) arising from the depreciation of Renminbi in the second half of the Year 2015 due to the reporting currency of the Group is in Renminbi while a substantial part of its borrowings is in United States dollars or Hong Kong dollars. The Group estimates a net exchange loss of approximately RMB 46 million for the Year 2015. Significant fair value loss of approximately RMB 75 million arising from the cross currency rate SWAP contracts which was also due to the unexpected significant depreciation of Renminbi in the second half of the Year 2015.

Decrease in fair value gain of investment properties of approximately RMB 42 million for the Year 2015 as compared to the Year 2014. The Company is still in the process of finalizing the consolidated annual results of the Group for the Year 2015.