Investment suggestions: The Nanchang Zijincheng project has a leasable area of 1.1 million square meters, which is the only source of the company's performance, and is currently progressing smoothly; the Jiangzhong Group, which is the majority shareholder of the company, is one of the largest state-owned enterprises in Jiangxi Province; when acquiring old city renovation projects in Nanchang and various parts of Jiangxi, the majority shareholder's state-owned enterprise background has great advantages. The forecast for the company's performance in 2010 and 2011 is 0.23 yuan and 0.30 yuan, respectively, and the NAV is about 5.5 yuan; considering that the majority shareholder background is conducive to the company's long-term development, we are optimistic about the company's future expansion prospects; however, due to valuation reasons, we will not give the company an investment rating for the time being.