Hong Kong-listed property developer Landing International Development Ltd is apparently preparing its investors for the worst.

On Tuesday, Landing International disclosed before the Hong Kong Stock Exchange that the company is expecting its 2016 net loss to widen. They estimated that the firm’s annual net loss ballooned to HKD987.97 million (US$127.4 million).

They attributed the 2016 net loss to the change in fair value of financial assets at fair value through profit or loss. The firm also noted an increase in “administrative expenses, mainly staff-related cost and marketing expenses, incurred in the construction and pre-opening stages of the integrated resort development and property development.”

Landing International has also taken into account the increase in other operating and administrative expenses due to expansion of the group. The company was referring to the acquisition of the foreigner-only casino project on Jeju, referred to as “Jeju Shinhwa World.”