Joy City Property Limited provided consolidated earnings guidance for the year ended December 31, 2015. For the year, the company expects to record an approximately 50% to 60% decrease in the profit for the year ended 31 December 2015, as compared to that recorded for the year ended 31 December 2014. The Group expects that the core net profit (the profit excluding the increase in the fair value revaluation of the investment properties and the related tax effect and foreign exchange loss/gain) for the year ended 31 December 2015 increased by approximately 15% to 20% as compared with that for the corresponding period in 2014.

Notwithstanding the above factors which are expected to have a negative impact on the Group's profit for the year ended 31 December 2015, the increase in the fair value revaluation of the investment properties is a non- cash item and therefore the Board expects that the decrease of this item will not have any material adverse effect on the Group operation, the operating results of the Group's principal business of the development, operation, leasing and management of mixed-use complexes and commercial properties had attained a reasonable growth.