Key investment points: For the first time, the target price is 8.20 yuan, 40% of the current price. The company's EPS for 2016/17/18 is expected to be 0.03 yuan, 0.05 yuan, and 0.06 yuan, respectively, the same level over the previous year, with a year-on-year increase of 107% and an increase of 8%. We are optimistic about the performance released by the company's commercial asset-light operations and the exit of mature assets. As the rental rate and rent increase, the company's main business will gradually return to normal. Under the pressure of excessive financial costs, companies also have the incentive and opportunity to issue shares to buy higher quality assets, thereby increasing the company's valuation. We believe that the failure of the restructuring has instead given the company more choices. On the one hand, the company has high-quality commercial properties in core Tier 1 and 2 cities, and can obtain good performance whether through asset-light operations or sales to obtain investment income. On the other hand, the company's restructuring is still expected, and there are still opportunities and incentives to find better resources, thus enhancing the value of the company. Whichever path is chosen, its performance will exceed market expectations. We anticipate that there are two paths for the future development of the company, which will increase the value of the company in both directions: improving the performance of the main business or purchasing assets. 1) Unleash performance through transformation to asset-light business and investment, transformation, operation and exit from existing commercial properties. 2) Increase the value of the company by finding better resources and purchasing assets through private stock offerings. The company has a high margin of safety. It is estimated that the company's RNAV per share is about 6.91 yuan, and the current price is 15% discounted from RNAV. The property held by the company has a high monetization value, which provides the company with a high margin of safety. As the company's business gradually becomes regular, it is expected that the RNAV discount will decrease, and the expectation of buying assets may even bring some premium to the company's RNAV. Risk warning: the risk of fluctuations in the real estate market, and the progress of project inventory removal falls short of expectations