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Suncity Group expects to reverse FY'16 loss to profit in FY'17

For the financial year ended Dec. 31, 2017, Suncity Group Holdings Ltd. expects to log profit attributable to owners of the company, compared to a recorded loss attributable to owners in 2016.

The real estate developer said it expects to record a gain due to the reversal of a provision for litigations amounting to roughly 289 million yuan and after reversing an impairment loss that was incurred on 438 million yuan of noncurrent assets.

The company said it will release its financial results for the reporting period on March 29.

As of March 22, US$1 was equivalent to 6.33 yuan.