The company's real estate rental business has developed steadily, and the driving force for the growth in the second half of the year will mainly come from the financial securities assets held with the reduction and the settlement of the Biyun Xintiandi project. The company is expected to achieve net profit of 420 million yuan and 470 million yuan in 2010 and 2011, with YOY growth of about 16.7% and 11.8%. The EPS is 0.453 yuan and 0.506 yuan respectively, and the current B-share PE is 12.5 times and 11 times respectively. We believe that the company, as a state-owned enterprise leading the industrial development in Jinqiao area of Pudong, has more land resources. With the increasing scarcity of land in Shanghai, especially in Pudong, the intrinsic value of the company is also in the process of growth. Give investment advice to buy and give a valuation of 14 times in 2011. Target price of $1.04, buy investment advice.