Summary of the report:

Event: the company recently released the 2013 China report. During the reporting period, the company realized operating income of 793 million yuan, an increase of 71.36% over the same period last year; the net profit of shareholders belonging to listed companies was 31 million yuan, turning losses into profits over the same period last year; and basic earnings per share was 0.04 yuan. The company is the first batch of development enterprises in Zhejiang Province, specializing in the development of large-scale, long-cycle large-scale real estate projects. We estimate that the operating income of the company from 2013 to 2015 is 1.906 billion yuan, 2.118 billion yuan and 2.525 billion yuan respectively; the net profit belonging to the shareholders of the listed company is 182 million yuan, 217 million yuan and 287 million yuan respectively; and the basic earnings per share are 0.21,0.25,0.33 yuan respectively, corresponding to 15.75,13.23,9.98 times of PE.