C Cheng Holdings Limited provided earnings guidance for the year ended 31 December 2022. For the year, the company expected to record a loss attributable to owners of the Company of approximately HKD 18 million as compared with a loss attributable to owners of the Company of approximately HKD 1 million for the year ended 31 December 2021. The Board considers that such loss was mainly attributable to the following factors: The severe slowdown in the property market and the undermined confidence of major property developers in Mainland China impacted the dynamics of domestic real estate sector in 2022; and Despite of the relaxation of COVID-19 restrictions in Mainland China in late December, the persistent outbreaks of the pandemic caused lockdowns and stringent quarantine measures across different cities in Mainland China during the year which adversely affected the pace and progress of the projects of the Group.