Chinese Estates Holdings Limited provided that it is expected that the Group may record a substantial decline in the revenue (the "Revenue") ranging from 58% to 68% and a consolidated net loss attributable to owners of the Company (the "Loss") below HKD 40 million for the six months ended 30 June 2021 (the "Period"), as compared with the revenue of HKD 1,965 million (as reclassified) and the consolidated net profit attributable to owners of the Company of HKD 786 million for the six months ended 30 June 2020. Following are a number of reasons which led to the substantial decline in the Revenue and resulted in the Loss:- Decrease in the Revenue and the profit derived from dividend income from listed and unlisted equity investments. During the Period, the Group recorded dividend income of approximately HKD 157 million (2020: HKD 1,357 million) from the shares of China Evergrande Group, listed on the Stock Exchange (stock code: 3333) ("China Evergrande") (the "Evergrande Shares"), held by the Group that was recorded in the Revenue. Dividend income for the Period represented 2020 final dividend (2020: 2018 final dividend) from the Evergrande Shares, the decrease was mainly due to the decrease in both China Evergrande's profit attributable to the shareholders and its dividend payout ratio (year 2020 versus year 2018). Decrease in other income. During the Period, the amount of dilapidations settlement received from tenants in respect of investment properties in the United Kingdom is minimal (2020: surrender premium and dilapidations settlement in aggregate of HKD 250 million, mainly represented the amount received in respect of an anchor tenant of an investment property in the United Kingdom surrendered the lease in the first half of year 2020 which was an one-off item). Decrease in loss on fair value changes on investment properties. The Group's investment properties were revalued as at 30 June 2021 and loss on fair value changes of approximately HKD 123 million (2020: HKD 426 million) would be recorded for the Period as compared with the fair value as at 31 December 2020. The fair value change is a non-cash item and will not affect the cash flow of the Group.