1H13 please reply.

The mid-term income of the six months to the end of June 2013 was 1.319 billion yuan, an annual increase of 0.7%. During the period, the income of the property industry totaled 870 million yuan, with an annual growth rate of 5.1%. Among them, the hotel property income was the worst, with the annual decline of 47.8% to 84 million yuan, while the annual growth rate of 19.2% to 328 million yuan was the best. Retail revenue rose 175% to 426 million yuan, while serviced apartment income rose 9.1% to 32 million yuan. During the period, the amount of funds available for distribution increased by 41 per cent to 616 million yuan per year, while the distribution per fund unit increased by 2.1 per cent to 0.1203 yuan per year.

Measures to improve assets

In terms of property improvement, the Junyi Hotel in Beijing launched a three-year resources improvement plan at the beginning of this year. A total of 156 rooms were completed in the first half of this year, while the hotel changed its management company at the beginning of this year. The hotel is now undergoing a year-long renovation project.

Capital management

As of the end of June, the operating conditions continued to be healthy, with 2.679 billion yuan in banking results and held funds, 2.447 billion yuan in operating expenses, and 6.1 percent of the total value of assets.

Fund management framework

The fund manager is the Real Estate Management Co., Ltd., and 40%, 30% and 30% of the rights and interests are held by CITIC Securities International, Changjiang Enterprise (1.HK) and ARA Asset Management, and the manager uses it as 1% of the annual property income. The recipient is Deutsche Trust (Hong Kong) Limited.

Distribution policy

It is the manager's policy to allocate 100% of the available distribution income during the period from the listing date to 31 December 2011 and for the political year ended 31 December 2012, and subsequently to distribute at least 90% of the available income to fund unitholders in each administrative year. In any case, the proportion of distribution must not be less than 90%. The Fund pays two dividends each year at the end of November and the end of June each year.

Valuation

Since the dividend payout rate is 100% after deducting operating expenses, the valuation standard will be the distribution per fund unit (DPU) instead of earnings per share (EPS). The FY13E DPU is RMB 0.2659, and the target RMB is 4.3, which is rated. Investment: China's real estate market policy is strict, interest rates are low, and the supply of commercial property in Beijing exceeds demand.