New City Development Group Limited provided unaudited consolidated group earnings guidance for the year ended 31 December 2020. The Group expects to record a net loss of approximately HKD 33,788,000 as compared to a net loss for the corresponding period in 2019 of approximately HKD 3,739,000. Based on the information currently available, the Board considers that the change increase in the net loss was mainly attributable to increase in impairment losses for deposits and other receivables; the decrease in gain on bargain purchases on acquisition of subsidiaries; and decrease in gain on fair value measurement of an associate of the Group.