The sale of TEDA City's shares can increase the company's profit before tax by 238.8 million yuan. If the share transfer is completed in 2007, the company's earnings per share in 2007 can be adjusted by 0.15 yuan. The deal relieves the company's financial pressure and earns investment returns ahead of schedule. ① Currently, TEDA City Development projects are mainly TEDA City, and are mainly engaged in first-level land development. TEDA City is located at the first node of Haihe River development in Tianjin, which is of great significance. However, since the actual development time of the project was longer than expected, and the initial capital occupied was mainly provided by the developers themselves, the financial burden was heavy. ② TEDA City's R1, R2, and R4 projects were developed by Cathay Pacific Hang Seng, Shanghai Guangyang, and Wantong respectively. TEDA City Development has few shares in the project company, and cannot fully enjoy the profits of secondary land development. ③ The profitability of the R5 project has been weakened by the uncertainty of development time and the financial burden of upfront investment. The R5 project covers an area of about 120,000 square meters and has a planned construction area of 360,000 square meters. According to the current situation in the real estate market in Tianjin, its net profit level is estimated at 700 to 800 million yuan. That is, if shares are not sold and TEDA City Development is fully responsible for secondary land development, the company can make a profit of about 33-370 million yuan after all projects are completed. However, at present, the developer of the project has not yet been determined, and the development date is unclear. The reason is that TEDA Urban Development has not obtained a land use license due to demolition issues. For example, considering the demolition costs, upfront investment costs, and financial expenses, the company's sale of shares in TEDA City is beneficial to the realization of investment income. The company's real estate business continues to focus on regional development. Currently, the company's only real estate project in Tianjin is the Mengdu Linshang Neighborhood Villa Project. The sale of shares in TEDA City means that the company will withdraw from the Tianjin real estate market and will not be able to participate in first-level land development in the Binhai New Area. The company's earnings per share for 2007, 08, and 09 are expected to be 0.36 yuan, 0.46 yuan, and 0.61 yuan respectively, maintaining the “recommended” rating.