The company reported better-than-expected quarterly results. In the first quarter of 2011, the company achieved an operating income of 1.962 billion yuan, an increase of 102.68% over the same period last year, and an operating profit of 194 million yuan, an increase of 996.21% over the same period last year. Realized net profit of 146 million, an increase of 782.9% over the same period last year. The realization of earnings per share of 0.59 yuan, the performance exceeded expectations. Among them, the Jinan Lubang Galaxy Mansion project of Lupang Real Estate recognized income in the first quarter, contributing 660 million of income and about 130 million of net profit.

Lupang real estate Jinan Lubang Galaxy Building earnings exceeded expectations. Lupang Real Estate Jinan Lubang Galaxy Building is located opposite to the Olympic Sports Center on Shidong Road, Lixia District, Jinan City. It is a 25-story single-family office building with a construction area of 90,000 square meters. The project has now been sold at a price of 660 million, with revenue and earnings recognized in the first quarter. The net profit margin of the project is about 20%, exceeding the pre-estimated net interest rate of 10%. As a result, the company's earnings per share reached 0.59 yuan in the first quarter, of which the contribution performance of the Lupang Galaxy Building project was about 0.5 yuan.

Lubon style Street is expected to contribute in 2012. Lupang style Street, with a construction area of 89000 square meters, is located on Zhengyang Road, Chengyang District, Qingdao City, Shandong Province, with a total investment of 510 million yuan and a construction area of 89000 square meters. It is expected to go on sale in August 2011. The project will contribute to the company's performance in 2012.