The company's main business continues to lose money and has substantially gone bankrupt. Net profit for the first three quarters lost 46.74 million yuan. From January to September 2009, the company achieved operating income, operating profit, and net profit attributable to the parent company of RMB 339.68 million, -90.1 million yuan, and -46.74 million yuan respectively, and the profitability of the company's main business continued to decline. It has substantially gone bankrupt. The company currently has total assets of 876 million yuan, total liabilities of 1,686 million yuan, balance ratio as high as 192.47%, and is in a state of substantial bankruptcy. Key points of asset restructuring plans. The company issued a plan at the end of 2008 to achieve asset restructuring through the sale of major assets and the absorption and merger of new shares of Gaoyuan Real Estate. The restructuring plan has been approved by the Securities Regulatory Commission, but a “debt transfer agreement” has yet to be signed. The company sold its assets and liabilities to Neijiang Xinxiang for 1 yuan. The company issued no more than 665 million shares at a price of 309 yuan/share, absorbing and merging Shanghai Gaoyuan Real Estate. After the restructuring was completed, Zou Yunyu became the actual controller of the company. Gaoyuan Real Estate has excellent fundamentals. Gaoyuan Real Estate has a registered capital of 585 million yuan. Regional expansion strategy: Shanghai and other cities in the Yangtze River Delta are the core, and the company's projects are mainly distributed in Shanghai, Suzhou, Zhoushan, Shenyang and other places. Gaoyuan Real Estate is rich in reserves. The company has 4 main projects in Shanghai (Little Shanghai Tourism and Culture City, Beidao Jiayuan, Xuefuyuan, Jinshan Kangcheng), 4 projects in Suzhou (Suzhou's Yalu City Plaza, Taicang's Xincheng Garden, Kunshan's Fengdan Palace and Kunshan Star Project), 1 project in Zhoushan (Hexin Garden), and 1 project in Shenyang (Shenyang First City). The company has abundant reserves of marketable properties and proposed projects, and its future development is highly sustainable. Gaoyuan Real Estate's performance commitment. If the company can complete asset restructuring by the end of 2009, Gaoyuan Real Estate expects net profit attributable to the parent company in 2009-2011 to be 193 million yuan, 246 million yuan, and 307 million yuan, respectively, with a three-year compound growth rate of 26.1%. Gaoyuan Real Estate promises that the difference between actual profits and performance forecasts will be made up in cash. Valuation analysis. After this absorption and merger is completed, the company's total share capital will expand to 970.28 million shares. Based on this calculation, the company's diluted earnings per share in 2009-2011 were 0.20 yuan, 0.25 yuan, and 0.32 yuan respectively. Based on the stock price of 3.82 yuan on the day of termination, the corresponding dynamic price-earnings ratios were 19 times, 15 times, and 12 times, respectively.