Maintain income; raise the headline due to the expected small drop-we hold the purchase price and raise the headline price of HK $15% to HK $1.33. The impact of inland real estate control on the construction of the five-year Plan is expected to be small, while the sales of most of the projects are maintained. As a result of the collection of integrated products and good sales since the beginning of the year, we should increase the expected asset value per share by 15% to HK $3.80 per share in 2013.

The premium rate will rise-the interest rate on property development in our economy has rebounded from 31.6% in 2011 to 33.1% in 2012 and further to 38.4% in 2013, mainly due to low investment, average project consumption and improved product structure.

Profits will grow by 45% year-on-year in 2013-after growing by 16% in 2012, our core profit will increase by another 45% to HK $957 million in 2013, due to a 5.3% increase in property development profit and a 12% increase in investment.

Contract sales in 2013 will improve-we expect total sales to grow by only 3% year-on-year in 2012, but by 36% in 2013, mainly due to expected local government controls, inland interest and mortgage loan applications. In addition to the existing items for sale, the five-year construction project will also launch a new Fangshan project in Nanjing next year to increase sales.

The expenditure ratio will rise, but it is still at a controllable level-the expenditure ratio of our five-year construction will increase from 34% at the end of 2011 to 50% by the end of 2012, but still at a controllable level.