The board of directors of the China Overseas Grand Oceans Group Limited informed shareholders, bondholders and potential investors of the Company that having reviewed the currently available information, the Company and its subsidiaries to record a decline of about 60% in the consolidated net profits attributable to owners of the Company for the year ended 31 December 2014 as compared to last year of HKD 3,136.0 million based on preliminary assessment. The decline is mainly attributable to the alignment of business segments of the Group with the coincident of volatility in the China property market. The Group reacted with adapted market strategies to stimulate sales and streamline property stock to safeguard its healthy financial position.

Accordingly, this led to reductions in the Group's revenue and gross profit.