The company had announced that a sales contract was signed on 24 Sep 2007 with Shanghai Forte Investment Management Co., Ltd. to sell the Shihua International Centre project, consisting of office buildings and auxiliary properties for RMB 1.45 bln. Located in Zhongfang Street, Chaoyang District, Beijing, the project covers an area of 103,200 sq.metres. The revenue from the sale of the project will be included in 2008, which is estimated to generate the company RMB 330 mln in net profit.

Based on the company's current sales and settlement of its projects, its EPS is estimated to be RMB 0.8 in 2008, RMB 1.25 in 2009 and RMB 1.48 in 2010. Considering potential profits in its Zhejiang Zhoushan Changzhi Island project and its Congwen District project, the company's stock has been given a 'Buy' rating with a six month target price of RMB 16.00.


Source: http://www.htsec.com

Date: 16 Jul 2008

CN01/BG/MZ/BT/WH