Business prospects continued to improve, and the purchase rating was reiterated — we reiterated the purchase rating of Yongtai Real Estate and raised the target price from $3.34 to $4.07 based on the estimated net asset value of $9.05 per share for fiscal year 11. Yongtai's current market book ratio is 0.90 times lower than the average of the same industry, which is 59.0%. The target price represents 28.4% appreciation potential.

Property sales revenue is expected to increase by 64.5% in 2011 — Wing Tai's property sales revenue in 2010 surged 10.8 times to $895 million, benefiting from the strong property market and the Yiyi (Kowloon Tong, Hong Kong) section. More than 60% of the units in Elysee were sold in 2010, and we expect the remaining units to be sold in 2011. In addition, 85% of the units at Mount Everest (Hong Kong), which will be completed in 2011, have also been pre-sold. We expect the two items to drive Yongtai's property sales up 64.5% in 2011 to 1.47 billion yuan.

Benefiting from the rise in office rents — due to the booming property market, we believe that Yongtai Investment Property's rental income will increase 14.2% to $454 million in 2011, and another 14.0% to $517 million in 2012.