Investment proposal: As of the publication date of this report, the company's ongoing and proposed projects covered an area of about 251,000 square meters, with a planned construction area of about 1.161,000 square meters. Looking at the project reserve area, all of the company's projects are concentrated in Jiangsu, distributed in Nanjing, Suzhou, Nantong and Yancheng. Compared with traditional real estate development projects, Phoenix Real Estate is mainly committed to cultural real estate development, that is, focusing on cultural management and cultural consumption, while also promoting the development of surrounding commercial and residential projects. Currently, the company's cultural real estate has the following three advantages: 1) it relies on the development of brother organizations, and the concept of media culture is prominent; 2) government orientation brings industry barriers; 3) enhances property value through cultural brands. The company's 2013 and 2014 EPS is expected to be 0.45 and 0.55 yuan, respectively, and RNAV is 6.96 yuan. Based on the company's stock price of 5.26 yuan on May 28, the corresponding PE for 2013 and 2014 was 11.22 times and 9.18 times. Using 10% off the company's RNAV as the target price, corresponding to the stock price of 6.26 yuan, the company was given an “increase in wealth” rating for the first time.