The board of directors of China New City Commercial Development Limited informed the shareholders of the Company and potential investors that based on a preliminary assessment of the Group's unaudited consolidated management accounts for the year ended 31 December 2019 and the Company's existing information, the Group expects to record a consolidated net profit for the Year, which is expected to be not less than RMB 40,000,000. As compared with that in 2018, the profitability of the Company's business has improved substantially. The aforesaid turnaround from loss to profit was mainly due to the revenue generated from the completed commercial real estate development projects of the Group's core business during the Year has increased and the most of such projects achieved high profit margin, resulting in the gross profit of the Group having increased substantially during the Year. Moreover, the revenue and profit of the hotel segment of the Group has increased during the Year.