The company holds 380,000 square meters of properties in the core city and manages more than 1.3 million square meters, giving it a valuation of 41.5-5.58 billion yuan. The company introduced GIC in 2007 and began entering the commercial real estate field. Up to now, the total management area exceeds 1.3 million square meters, of which 1) the equity area corresponding to the properties held by the company reached 380,000 square meters, distributed in Beijing, Shanghai, Tianjin and Chengdu; 2) The total area of owned properties owned by the company was 538,000 square meters, distributed in Beijing, Tianjin, Qingdao, Xi'an and other cities; 3) The company's asset management project is small, mainly for 2 office buildings, but it can provide the company with annual rental income of more than 20 million yuan and gross profit of more than 10 million yuan. We give a valuation of 4.15 billion yuan based on the rental income discount. If the valuation is based on sales revaluation, we give a valuation of 5.58 billion yuan. The unsold value of the housing development business was 3.55 billion yuan, and it was increased and eliminated into a cash company, giving the company a valuation of 1.72 billion yuan. The residential development business area was 300,000 square meters, mainly in Beijing, Tianjin, and Chengdu. Among them, the Tianjin project caused a major drag on the company, and the loss in performance in 2014 was due to the impairment of the Tianjin project. We calculate that the company's housing development business has a limited contribution to the company's valuation. The profit discount that can be generated is estimated to be 140 million yuan, but since the value of the goods is large enough, it can bring back a large amount of cash to the company, making it a cash company. The company's largest shareholder became management, and operating and stock price interests were highly consistent 1) GIC, the original majority shareholder, held 29.12% of the company's shares and transferred all of its shares to Lingda Investment in 2015. Lingda Investment was jointly initiated by management and ICBC and transferred at a price of 4.5 yuan/shareholders' debt. At the same time, the company's management acted as the GP of Leading Investors; 2) In order to cope with the decline in stock prices, the company's management and the second-largest shareholder increased their holdings by 990,000 yuan and 3 million yuan respectively, and the cost price was 4.95 yuan. 5.52 yuan. The company's valuation is 58.7-7.30 billion yuan, with a current market value of 4.6 billion yuan, and there are differences in transformation expectations. We estimate that the company's valuation is 58.7-7.30 billion yuan, and the current market value is only 4.6 billion yuan. Considering that the company's previous plans to inject sports energy under Chinese culture, although it failed, it has already released expectations of transformation, and there is a huge gap in expectations. Give it a buy rating. We give a target price range of 7.83-8.76 yuan in accordance with the earnings method and revaluation of 10% off. Risk warning: The commercial real estate environment is declining, and housing development plans include large-scale depreciation.