1. 2010 was a turning point for the company. In 2009, the company introduced Mr. Qu Mingguang, a financial street executive, as the company's general manager. Mr. Qu Mingguang was the vice chairman of Financial Street Holdings Co., Ltd. from 2000 to 2008. We believe that as a real estate management enterprise with commercial real estate as its main business, the employment of financial street executives shows the determination of the majority shareholders to expand and strengthen the company's main business. 2. 400 acres of land in Zhuanqiao provide medium- to long-term support for the company's development. “Shanghai Southern Integrated Logistics Park Management Co., Ltd.”, which is 85% owned by the company, owns a total of 400 acres of land. The current business project is a parking lot business. The land location is in Zhuanqiao Town, Minhang District, Shanghai. With economic development, the local government has already decided that the plot is unsuitable for further parking business. In line with the needs of development, the land owned by the company will also lay a good foundation for the company's future development. 3. Rose Square's sales capital of 1,455 million dollars is available to provide financial support for the company's further development. By December 31, 2010, the company will receive capital equivalent to 95% of the total price of the Rose Square project. In 2009, the company's owners' equity was only 629 million yuan. The availability of funds for the Rose Square project will provide financial support for the future development of the company. 4. Future profit is guaranteed. The Zhuanqiao plot can be developed by the company for more than 5 years in the future. Assuming that the future sales price is 21,000 yuan/square meter, and it will remain unchanged. If calculated according to the discounted floor area ratio of 1.8, the next 5 years will provide the company with a total profit of 8.13 yuan/share. At the same time, the Hebei project in the next 5 years will also bring the company a profit of 0.71 yuan/share, so future profits are guaranteed. 5. The value of assets is seriously underestimated. We revalued its main assets and found that the company's revalued net assets per share were 16.63 yuan, and the closing price on June 18 was 7.72 yuan, which is only equivalent to 46.42% of the revalued net assets. Comparing the RNAV discount situation of listed companies, the company has the characteristics of small share capital and high discounts. We believe that the value of the asset is undervalued, giving it a “highly recommended” investment rating. 6. Stock price catalyst. Star River near the company's plot will open in August. 7. Main risks. The systemic risk of real estate regulation and the risk caused by development plans being slower than expected.