Million Cities Holdings Limited provided consolidated earnings guidance for the year ended December 31, 2022. Based on the preliminary assessment of the latest consolidated management accounts of the Group for the year ended 31 December 2022 and the information currently available, as compared to a profit after tax of approximately RMB 187.3 million recorded for the Group for the year ended 31 December 2021, the group expects that the profit after tax for Fiscal year 2022 will decrease by approximately 35%-50%. Moreover, the profit attributable to equity shareholders for fiscal year 2022 is expected to decrease by approximately 55%-70%, compared with a profit attributable to equity shareholders of approximately RMB 166.4 million for fiscal year 2021.

The decrease in profit for fiscal year 2022 was mainly due to the decrease in revenue from sale of properties by approximately 55-65% for fiscal year 2022, as compared to that of approximately RMB 1,348.5 million for fiscal year 2021. During fiscal year 2022, revenue from sale of properties was mainly contributed by Million Cities Legend Phase 3 in Huizhou, but was lower than that of the revenue of fiscal year 2021, which was mainly contributed by Million Cities Tycoon Places Phases 3 and 4 in Tianjin, and the sale of Crown Grand Court villas in Huizhou.