Core view: The sale of properties returns 590 million yuan in cash, asset-light operations, and Hualian shares announced that it is proposed to sell Beijing Longtianlu Investment (owned by Beijing Tongcheng Street shopping center property, 250 million yuan, value-added rate of 325%) and Beijing Xinglian Shunda (holding Beijing Yizhuang Libao shopping center property, 340 million yuan, value-added rate of 219%) at a total price of 590 million yuan. After the sale, the company will continue to be responsible for the daily operation of the shopping center as a trustee. This transaction is the company's second asset-light operation during the year (in March of this year, the company transferred 51% of Beijing Hairong Xingda's shares for 420 million yuan, with a value-added rate of 165%). The property sale+fiduciary management transaction, on the one hand, monetizes assets to obtain investment income (the two properties now receive about 430 million yuan in pre-tax income), achieves asset-light operations and avoids losses from shopping center operations (the two shopping centers have a total net loss of 19.18 million yuan in 15 years; subsequent trusteeship management properties are charged management fees based on 2% of the total revenue of the shopping center +2.5% of net property income); on the other hand, it quickly returns cash to help the company transform its investment needs. The dual business logic of shopping center+equity investment is clear, and the company's general logic is very clear, that is, from traditional shopping center operators to a two-wheel drive of shopping center operation+equity investment. After the introduction of CITIC Industrial Fund with fixed increase (holding about 18% of shares, the second largest shareholder), it is expected to become an investment and incubation platform for high-quality consumer projects under the Industrial Fund in the future (the company previously announced the establishment of an investment subsidiary of 500 million yuan in Zhuhai). As of the end of the 1Q2016 period, the company had cash on hand of about 3 billion yuan. Coupled with the return of property sales, cash and ammunition reserves are extremely abundant. It is expected that the successive implementation of equity investment projects during the year will bring great flexibility to the company's stock price. Considering that the company's fixed increase has not yet been approved (currently in the feedback stage from the Securities Regulatory Commission), the company's profit forecast for 16-18 EPS = 0.17 yuan/0.24 yuan/0.32 yuan is maintained, and the “buy” rating is maintained, investors are advised to pay active attention! Risk warning: fixed increase not approved; transformation falls short of expectations; loss in traditional shopping center operations