The board of directors of the New City Development Group Limited announced that based on the board's preliminary assessment of the unaudited management accounts of the company and its subsidiaries, the group expects to record a decrease in profit for the year ended December 31, 2015 as compared to that of the year ended December 31, 2014. The decrease was mainly due to, including but not limited to, the decrease in rental income and related management service income, and gross profit due to the softening of the macro-economic environment in the PRC, the written-off prepaid service charge for the bank loan, the decrease in fair value gains on investment properties, and the increase in the foreign exchange loss related to devaluation in Renminbi.