XINMING CHINA (02699) announced its mid-year performance for 2023, with a net loss attributable to shareholders of 251 million yuan, a decrease of 73.24% year-on-year.

XINMING CHINA (02699) released its interim results for the six months ending June 30, 2023. The group made a profit of 233 million yuan (same unit), an increase of 905.75% compared to the same period last year. The loss attributable to owners of the company was 251 million yuan, a decrease of 73.24% year-on-year. The loss per share was 0.134 yuan. The announcement stated that the sales revenue and building area delivered were approximately 231 million yuan and around 34,900 square meters, an increase of about 7.7 times and 37.5 times respectively compared to the same period last year. The average contract sales price was about 6,621 yuan per square meter, a significant increase of about 103.3% compared to about 3,257 yuan per square meter in the same period last year, mainly due to weak demand in the commercial property market during this period affected by the epidemic. In order to sell the remaining commercial property inventory of Wenshang era, Taizhou Ximming Peninsula, and Ximing Lijiangyuan projects, the group adopted a strategy of quickly selling and retrieving funds, resulting in a significant discount in prices.