CITIC believes that we believe that the market will recover along the path from sales to investment and then to credit, and the recovery of sales has just begun. This sequence of recovery determines that policy efforts and fundamental recovery may coexist for a long time. For the property development industry, the size of land taken over the past nine months is useful enough to judge corporate credit, market share and profitability. Private property management companies are easier to get out of the predicament than private real estate companies, although state-owned enterprises also have a competitive advantage in the property management industry. We believe that the enterprises that are most sensitive to sales are those engaged in brokerage services. Companies with attractive valuations and cyclical positions in the real estate development sector.