Fortune Land Development expects its first-half loss to increase to approximately 4.08 billion yuan.

Guangzhou R&F Properties announced on the Hong Kong Stock Exchange that it is expected to have a net loss of approximately 4.08 billion RMB for the six months ending on June 30, compared to a net loss of 2.33 billion RMB in the same period last year. The expected loss is mainly due to the continued downturn in the Chinese real estate industry, leading to a decrease in property development revenue and gross profit.