The board of directors of Xinming China Holdings Limited announced that, based on the information currently available to the Board, the Group is expected to record a decrease of approximately over 60% in the profits attributable to the owners of the company for the six months ended 30 June 2016 as compared with the corresponding period last year. The expected decrease is mainly attributable to: (i) the decrease in the gross floor area of properties completed and delivered by the Group as a result of the decrease in the number of residential and commercial projects; (ii) the substantial increase in land appreciation tax derived from the projects delivered in the first half of year 2016; and (iii) the increase in finance costs.