With the overall sales of Rose Square Phase II, Tianchen Co., Ltd.'s performance this year and next two years will ensure that it is unharmed. The company's biggest focus in the future is the progress of the Southern Logistics Park project. The overall sale of Rose Plaza Phase II ensures the company's performance this year and next two years: The Rose Plaza project is located west of Sichuan North Road, north of Wujin Road, east of Zhongzhou Road, and south of Lujiang Branch Road in Hongkou District of Shanghai. The total construction area of the project is about 110,000 square meters. Phase II 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 a German real estate investment fund at a price of 1,455 million yuan, which will bring about 305 million yuan in after-tax profits. We expect the company to make an average settlement this year and next two years. If everything is settled this year, EPS will reach 0.8 yuan; the Southern Logistics Park project will be the company's future performance growth point: the original plans for the Southern Logistics Park project were the Southern Parking Lot and the Southern Logistics Park, then the nature of the plot was changed to commercial housing due to government planning and design changes. Currently, the detailed plans for the Block A project of this project have been introduced. As a commercial housing project, the company plans to carry over the project after 2012. Currently, the average selling price of surrounding commercial projects is about 15,000-17,000 yuan/square meter; the company's leadership introduces people with rich experience Professional manager: Mr. Qu Mingguang, the general manager of the company, previously served as the vice chairman of Financial Street and has been the general manager of Tianchen Co., Ltd. since April 2009. Mr. Qu's experience in Financial Street will bring the company a new strategic perspective and development concept; performance forecast and investment rating: We forecast the company's EPS for 2010, 2011 and 2012 to be 0.45 yuan, 0.45 yuan, and 0.59 yuan, respectively. The company's RNAV in 2010 was 7.63 yuan. For the first time, we gave the company a “Prudent Recommendation - A” rating for the first time according to the target value given to the company's stock price of 9.00 yuan by 20 times PE in 2010.