China Merchants Land Limited provided earnings guidance for the year ended 31 December 2020. For the year, it is expected that the net profit attributable to the shareholders of the Company will decrease by approximately 60%, as compared to the corresponding period in 2019. Such decrease in profit is primarily due to the reasons as stated below: compared with the corresponding period in 2019, the projects with low gross profit margin accounted for a higher proportion in the Group's projects carried forward for the year ended 31 December 2020 and therefore a year-on-year decrease in the overall gross profit margin; compared with the corresponding period in 2019, the decrease in profit from the associates and joint ventures of the Group carried forward for the year ended 31 December 2020, and therefore a year-on-year decrease of the share of profits of associates and joint ventures under the equity method; projects through non-wholly owned subsidiaries accounted for a higher proportion in the Group's projects carried forward for the year ended 31 December 2020 and therefore a significant decrease in the net profit attributable to the shareholders of the Company.