Four-quarter real estate turnover or 30% decline

We believe that, in recent years, the down payment, three suites stop lending, limited purchase and other policies, although not directly increase the cost of purchase, but the ability to buy and purchase qualifications put forward higher requirements. We believe that, in recent years, the down payment, three suites stop lending, limited purchase and other policies, although not directly increase the cost of purchase, but the ability to buy and purchase qualifications put forward higher requirements.　　We expect, under the strict implementation of the new deal, the property market turnover at least more than 30%, the four-quarter contraction is a foregone conclusion. "Investment advice" we maintain the real estate industry "neutral" rating. The four-quarter support property stock rebound factor on the one hand from the real estate stock valuation repair market, on the other hand will come from the "straddling market" drive, some real estate companies have been completely or most of the 2011-year performance has been locked to 2011-year performance calculation, valuation at a relatively low level, such as First Venture Securities