Emerging Towns & Cities Singapore Ltd. provided earnings guidance for the half year ended 30 June 2021. The loss is mainly attributable to the following: the Company is in the process of finalizing the valuations on the Group's investment properties as at 30 June 2021. Based on indicative values, the Company expects to recognize fair value losses on the Group's investment properties at the Golden City project, which are non-cash in nature; write-down of the Group's development properties at the Golden City project in first half of 2021, which are non-cash in nature; and lower revenue recognized for the sales of Golden City property units in first half of 2021.