The company announced on October 29 that the overall transfer of the “Tianchen Rose Plaza Phase II” project has progressed. Recently, Hetai Company obtained a title certificate from Tianchen Rose Square, and completed the housing delivery and transfer procedures with the company on October 26, 2010. The overall sale of Rose Plaza Phase II ensures the company's performance this year and next two years: The Rose Plaza Phase II project is located in Hongkou District, Shanghai, and is a 31-story commercial building with a construction area of 66,800 square meters. In February of this year, the company announced the total transfer of the second phase of the project to Hetai Corporation at a price of 1,455 million yuan, which is expected to bring about 305 million yuan in after-tax profits. After Hetai obtained the title certificate, in theory, it should be possible to settle all sales revenue this year, but since it has now received only 683 million yuan in sales, we think it is likely that sales revenue will still be reflected within this year and next two; the opening of the Xinghe Bay project will enhance the intrinsic value of the Southern Logistics Park project: the company's Southern Logistics Park project is located on Yindu Road in Minhang District, and the planned nature is commercial land. On October 10, the nearby Xinghe Bay project opened, and the price was 50,000 yuan/square meter. We believe that the maturity of high-end residential areas such as Star River will inevitably increase the value of surrounding properties to a large extent. The company's Southern Logistics Park project has benefited significantly; performance forecast and investment ratings: We maintain our original profit forecasts. The company's EPS for 2010, 2011, and 2012 was 0.45 yuan, 0.45 yuan, and 0.59 yuan respectively. In view of the increase in the value of the Southern Logistics Park project, the company increased its RNAV in 2010 to 9.9 yuan. We maintain the target value of the company's stock price of 9.00 yuan and maintain the “Prudent Recommendation - A” investment rating for the company's stock; Risk warning: The company has few land reserves.