HONG KONG, CHINA - Media OutReach - 11 July 2017 - This announcement is made by CIFI Holdings (Group) Co. Ltd. ("CIFI" or the "Group", HKSE: 884), pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).
The board of directors (the "Board") of the Company wishes to inform shareholders of the Company (the "Shareholders") and potential investors that based on a preliminary review of the latest available financial information, the Group's consolidated net profit attributable to equity owners is expected to record a substantial increase of not less than 100% for the six months period ended 30 June 2017 (the "2017 Interim Period") as compared to the corresponding period for the six months ended 30 June 2016.
Such substantial increase in net profit was mainly attributable to (i) improved profit margins from the Group's recognized revenue from property sales; and (ii) substantial fair value gains recorded from the Group's investment properties completed and under construction, during the 2017 Interim Period. Excluding fair value gains and other non-core profits and losses, the Group's core net profit attributable to equity owners is also expected to record a substantial increase of not less than 50% in the core net profit attributable to equity owners during the 2017 Interim Period as compared to the corresponding period in 2016.
This announcement is only based on a preliminary review of the unaudited consolidated financial statements of the Group for the 2017 Interim Period, which have not yet been finalized and are subject to the review of the Company and its auditor. The Group's interim results announcement for the 2017 Interim Period is currently expected to be published in August 2017.
Shareholders and potential investors should exercise caution when dealing in the shares of the Company.
About CIFI Holdings (Group) Co. Ltd.
Headquartered in Shanghai, CIFI is one of China's top 20 real estate developers. CIFI principally focuses on developing high-quality properties which target the end-users in first- and second-tier cities in China. CIFI develops various types of properties, including residential flats, office buildings and commercial complexes.
To learn more about the Company, please visit CIFI's website at: http://www.cifi.com.hk