Distinguished investors and media friends, good morning. Welcome to joining Vanke's 2020 Annual Results Release. This results release announcement was conducted through online broadcast and teleconference. You can join our conference through Vanke's official website, Yixuanfang mini program, Port App, and the [Transin Net]. Before we start communication, let me introduce the management members being with us. They are Chairman of the Board, Mr. Yu Liang. Director, President, CEO, Mr. Zhu Jiusheng. Director, Executive VP, COO, Mr. Wang Haiwu. Executive VP, Head of Finance, Ms. Han Huihua. I am Secretary of the Board, Ms. Zhu Xu. First of all, I will introduce about our 2020 results. We have four parts of these results. They are business summary, financial review, operational review, and future prospect. All photos in the slides were selected through Vanke's project. For example, this picture is our TOD project in Shanghai, Uni City. Let's go to page three. This is a Guangzhou project we did, and it's called Yongqing Fang. It's an urban renewal project. Now, page four. In this reporting period, we have healthy financial indicators. Net profit attributable, CNY 41.52 billion, up by 6.8%. Weighted average ROE 20.1%, and annual dividend distribution CNY 14.52 billion, up by 23% year-over-year. We have been giving cash dividend distribution for 29 consecutive years. Since we listed, the total distribution amounted to CNY 83.69 billion. Operating cash flow, CNY 53.19 billion, remained positive for 12 consecutive years. Our net gearing ratio is 18.1%, remained lower than 40% for 20 consecutive years, and we remained good credit rating among the industry. For property development business, contract sales amount, CNY 704.15 billion. Rental housing, we have aggregate of 142,400 units in operation, and the largest decentralized apartment operation in the country. Property services, the revenue, CNY 18.20 billion. Urban service cover 10 cities, and we have 12 new projects during this year, and a total of 16 projects. Now, our summary of financial overview, page six. The business remained steady growth. If you look at the P&L revenue, CNY 419.11 billion, up by 13.92%. After-tax gross profit margin is at 22.7%. Net profit, CNY 59.30 billion. Net profit attributable to shareholder is CNY 41.52 billion, up by 6.8%. Earnings per share is CNY 3.62 and up by 4.52%. Dividend per share, CNY 1.25. The balance sheet, cash and cash equivalents, CNY 195.23 billion. The total assets, CNY 1.8 trillion. Interest-bearing liabilities, CNY 258.53 billion, remained steady compared to last year. Among that short-term, due within one year, interest-bearing liabilities is CNY 82.91 billion. Shareholders equity, CNY 349.82 billion. Equity attributable is CNY 224 billion. Net assets per share, CNY 19.32. Let's go to page seven. We remained stable cash to debt ratio for a long period of time. Positive operating cash flow for 12 consecutive years. Net gearing ratio, 18.1%, remained below 40% for 12 consecutive years. For our interest-bearing liability accounted for 13.8% of total assets is quite healthy, and we can see they are more like mid and long-term interest-bearing. Interest-bearing liability due over one year accounted for about 67.9%. If you look at by types, bank borrowings accounted for 52.7%, and then the bond payables 21.9%, the other borrowings. If you look at by domestic and overseas, domestic accounted for 74.4%. If you look at the interest rate type, floating rate accounted for 60.7%, the other is a fixed rate. We had quite low financing costs. Moody's, S&P Global, Fitch give us very stable outlook, and CCXI give us AAA rating. The asset liability ratio excluding advances is 7.4%. Cash to short-term debt ratio 1.8 x, is far higher than the requirement of green tier. Net gearing ratio 18.1% is much lower than the green tier requirement of 100%. We think we will recover to green tier within this year. Financing cost, we have a balance of financing of liabilities, CNY 136.13 billion. For lenders, bank loans and refinancing cost is LIBOR plus margin. For bonds, the balance is CNY 56.51 billion. The financing cost ranges between 1.9% and 5.35%. The other borrowings have a balance of CNY 65.89 billion. Let's go to page nine. We have property development operation businesses. You can see page 10 that sales amount exceeded CNY 700 billion and ranked among top three in 43 cities. In 2020, the sales amount up 11.6% and selling price remained stable. Actually, remained at the same level compared with 2018 and 2019. We ranked number one in 23 cities, including Shanghai, Chengdu, Suzhou, Xian, Hefei, Fuzhou, et cetera. We ranked top two in 14 cities, and we ranked top three in six cities. For sales breakdown by products, residential accounted for 88.2%, while retail and offices accounted for 7.9%, the other remaining is other auxiliary facilities. We have sold but not settled amount reached CNY 698 billion, providing support for future development. Newly commenced construction reached 39.6 million sq m. Completion ratio is 135.6%. Completed GFA, completed construction GFA is 33.82 million sq m, representing 101.9%. Realized settlement area is 28.89 million. Realized settlement income is CNY 377 billion. Sold but not settled contract amount in the consolidated statement is CNY 698 billion, up by 14.6%. Now let's go to page 12. That's about pipeline projects. 86.6% of the newly acquired projects located in key cities. Project resource meet needs of future development. Acquired project GFA amounted to 33.67 million sq m. Average land premium of newly projects is at CNY 6,710 per sq m. Total land premium attributable totals CNY 138.15 billion, and planned GFA of the new projects attributable is 20.59 million sq m. If we see that land premium by region, Shanghai and the southern region accounted for a lot. For 2021, estimated area commenced construction of existing projects, 31.40 million sq m. If we look at by the land premium by region, we can see that Shanghai region accounted for 35% and the southern region accounted for 24%. The others is northern region, central west, and northwest region. In terms of our property development operation businesses, we developed two capabilities, including TOD projects. We have built four types of TOD development models, and we have created a number of benchmark signature projects, including Shanghai Uni City, Hangzhou Uni City, on top of rail lines. For Shanghai Uni City, that's a signature project of TOD in Shanghai, located in Hongqiao. It's comprehensive development along the rail lines. For Hangzhou, it's quite big. Total GFA is about 1.29 million sq m. The other type is the Shenzhen Jinguanhui and Chongqing Tiandi. It's a station integrated into the city on top of the station. For Shenzhen, the total GFA is quite big, is about 540,000 sq m. For Chongqing Tiandi, the total GFA is about 1.8 million sq m. We have the tallest building in Chongqing with a height of 458 million. Page 15. We'll continue to introduce some of the TOD business. The third type is the Hangzhou Huanglong Vanke Center, Shanghai Xuhui Vanke Center. They are site connection types. For Hangzhou's projects includes commercial office, education, culture and art, and it's an innovation center. For Shanghai Xuhui, that covers office, commercial park, cinema, culture and shows that covers multiple business types. We have a TOD plus park dimensional type. The fourth type is the Nanjing Metro Height and Hefei City Apartment, built within 200 m of the station. Now let's go to page 15. I will talk about what we did in urban renewal, some of what we did in cultural heritage and old towns. We focus on renewal and operation in parallel, so we are trying to revitalize city blocks with cultural heritage. We can see that first project, Guangzhou Yongqing Fang, it's in Enning Road, Liwan District. It's a vibrant community with the startups and residences. On one hand, we try to restore the historical character and charm of the Xiguan District. On the other hand, we merge modern elements while in Shenzhen Nantou Ancient City. It's the capital city of Eastern Guangdong and cradle of the history and culture of Shenzhen and Hong Kong. We built it into a signature cultural heritage in the Bay Area. In Shanghai, Columbia Circle, we also introduced some of the trendy stores like bookstore, et cetera, built historical streets. In Shenyang, let's go to page 16. There's a Hongmei Cultural Park. It used to be a plant, a workshop, we introduced international design resources, restoration and transformation design concepts. We also built in creational and innovative elements and created a venue for culture and artist life interaction. The next one is Fuzhou, [Zhoulin]. We integrated modern history, culture, and architectural styles of all nation, fashioned leisure retail, and executive lifestyle on Riverside. Page 17. In urban renewal, apart from those historical streets, we also innovate some of the old streets to make them another signature landmark of culture. For example, in Beijing, Wangjing street block. It is a project that introduces a social capital. We push the boundary of urban renewal to street blocks and alleys. It's kind of like the blood vessels of a city. We created a very brand-new dynamic experience, Wangjing Sanli. We brought in Beijing Design Week, et cetera. In Suzhou, there is a Huaihai Street project. We developed them into a place for cultural exchange between China and foreign. Just now, I walk you through the development and urban renewal business. Please go to page 80 to talk about our rental housing business. You can see that regarding rental housing; we have 142,400 units in operation in 33 cities. Currently, we have already newly commenced 33,000 of the units in nine major cities in 2020. Last year, the operating revenue was CNY 2.54 billion, up by 72.33%. At the same time, we hope that we can build a youth innovation eco community for our rental housing business. We set up the Port Apartment Reading Club that interests the community and the reading club together, and also to support our residents' interests and hobby for their career development, to empower them for their further development, thereby to create a caring living environment. We have successfully pioneered six cooperation models, and including the full process service design, construction, operation, using collective development land to build leasing residence, working with SOE in building platforms, cooperation with the government, and the development or operation of apartment projects on commercial and office site or urban renewal project. On page 90, you'll be able to see some of the representative projects of Port Apartment. For example, in Beijing, we have a long-term rental apartment project on collective land in China. It's been called as Chengshousi Village, and it also helped to collect five themed rental housing, and the occupancy rate is already 100%. Where you can see in Nanshan, we also have a Cloud City flagship in Shenzhen. It's the largest single centralized rental community with 4,830 units, and currently, occupancy rate is more than 99%. We serve more than 6,000 young people in this project. In Shanghai, we also have another project named Port Apartment. We are working with an SOE named the Hong Fan Group of operating this project together. The occupancy rate is already more than 98%, while in Shenzhen, we have the Wansheng Port Apartment Dalang Community, and 60 farmers' residents being translated into 2,293 units, and which become a welfare house project for Shenzhen for the talent. Please go to page 20, and let me also share with you some of our property service for Wanwu. You see that we hope it could become a dimensional technology service provider, and so that it can provide the services including residential property service, commercial property facility service, smart city service, community lifestyle service, and Wanwu Growth. In 2020 for Wanwu, the realized income is CNY 18.20 billion, up by 27%, and its CAGR for the past five years is 34%. To deep dive into that, you can see residential property service takes 55%, commercial property and facility service 29%, smart city service 5%, community lifestyle service 5%. Currently, we had an ARL of 566 million sq under construction, 47% of them are non-Vanke projects. Please go to page 21. Regarding the Anxinjia service for residential properties, we have already served 3,051 projects in more than 100 cities. We also have transparent commercial properties. The real estate developers can also enjoy the transparency in elevator advertising income. You see that regarding commercial property and the facility service, we already have presence in 149 cities with 1,700 service projects. The income has already more than CNY 10 million regarding smart city service, and we already penetrate into more than 10 cities with 60 projects. For community life service, in the last year, we initiated the first-hand agency business, and the total revenue is more than CNY 5.5 billion and connecting 22 million users in the community. Wanwu Growth is our incubator. It continues to connect peers with other mature companies. Now we have already worked with 54 peers in the field of property services. It is worth mentioning that we also started the digital construction for Wanwu. Last year, we already released our BPaaS, Business Process as a Service, and connect an extensive range of IoT. We call it as a Stardust System. As the first batch of the companies of the RMB pilot, we worked with the four major state-owned banks, and users can use digital currency to pay for the property fees online in the community app, Zhuzher. We have two national high tech enterprises, Shenzhen Wanwu and Wanwei Technology, and we are also working with Hikvision, and that is based to provide the public security and web-based service. At the same time, we are also having the mobile internet workbench as well as the command center to have an unmanned, web-based, and remote operation. Let me go to page 22 on the retail property development. Now, you can see we have an aggregate of 9.9 million sq m of the retail area commenced operation. With the COVID-19, we have many projects been put into operation successfully, and the group has 1.23 million sq m of the retail area commenced and including social shopping malls, 20 community retail facilities. The aggregate retail area in operation amounted to 9.9 million sq m. The operating income from the real estate amounted to CNY 6.32 billion, representing 4.31%. We also have the commercial area under construction and planning to around 4.35 million sq m. We also further improve our digitalization. The operation system of digital members covers 62 projects. Number of SCPG member exceeds 8.7 billion. We also completed the issuance of the Yinxiang number 2 CMBS and the CMBS, the second phase of Shenzhen SCPG Center. Let me also share with you a benchmark project, and it's been called as the Shanghai Nanxiang Incity MEGA. The total GFA is 340,000 sq m, and it's already the largest standalone pure retail shopping center, and around 40% of the first store in Shanghai and new concept stores and 85% of the first store in this district. On the inauguration day, we already attract 300,000 foot traffic and achieving a sales amount of CNY 25 million. We also have Olympic standard ice rink and the Eco Botanical Garden, Sky Runway, and fun edge theaters to be located there to provide entertainment service to the local residents. Please go to page 24. That is on our logistics and warehousing service. Last year, our revenue was CNY 1.87 billion, up by 37%, 20% from the high standard warehouse and CNY 580 million for the cold storage, up by 60%. We are already the largest cold storage supplier. We manage more than 148 projects in 24 cities and the leasable floor area 11.48 million sq m. Also for the cold storage, we have 20 cold storage warehouse with a leasable floor of 860,000 sq m. We also completed the first rapid construction high standard cold storage in the industry to support the mission of COVID-19 vaccine storage. We converted a Beijing Yizhuang project in 68 days to become extended vaccine cold storage facility approved by the partner Sinopharm Group during the COVID-19. We also take our social responsibility. In Xiamen, in Ningbo, and in Chengdu, we have three cold chain parks that are being designated as a local government as a transportation supervised warehouse. Please go to page 25. You can see this is a benchmark project for our logistics and the warehouse project. It is named VX Shanghai Seaport Cold Chain Logistics Park. GFA is around 43.33 thousand sq m. It is also the first thermal controlled areas and the first cold storage project in China being awarded by LEED Platinum certification. It can provide an active 25 to +50 degree storage temperature. Okay. Let's go to page 26, in sharing with you our other business. For the hotel and vacation business, we now have 23 hotel assets in operation in Shenzhen, Guangzhou, Suzhou, and Hangzhou, and certain tourist spots. While for the ski resort business, currently we operate three projects in Jilin Songhua Lake, Beijing Shijinglong, and Beijing Songshan ski resort. We received 620,000 ski tourists during the 2020 skiing season, and we were awarded as the best ski resort in China by the World Ski Awards for four consecutive years. Regarding educational business, we successfully established unique brands as Vanke Meisha Academy and DTD Education. After five years of development, Vanke Meisha Academy has become the largest private educational group in Shenzhen. Vanke Meisha Academy is also listed on the Hurun Education Top 100 International Schools for three consecutive years. It ranks third in Shenzhen in 2020. For DTD, together, it has already 90,000 enrolled students. Go to the next page. I would like to share with you how we leverage technology to empower our business. Regarding the development business, we leverage AI technology to realize the intelligent drawing review and e-marketing. Regarding AI intelligent drawing review, you see that we have already leveraged the technology to support more than 800 industrial rules. The speed of the drawing review is 8x higher than that of the manual work. Currently, it has already been wide promoted and applied in Shenzhen, and we are also working with more than 10 design institutes and agencies. You see, Yixuanfang, our mini program, is also being self-developed by Vanke, which can help to connect our users. That way, we can help to have the digitalized process, including digital sandbox, VR package road selection, online house visit, online house comparison selection, digital business card, and this digital scenario, so that the users can search for the right apartment online and come to visit us in the upright channel. Currently, through E-House, our GMV is already CNY 268 billion, with a total user of more than 10 million. This time, for those in the audience who get access to our meetings through E-House, I also would like to encourage you to follow E-House, so as to take the coupon for future transactions. At the same time, we also leverage digital technology to manage every one of our dollars. We provide customers with a better experience to have the smart cash register, online refunds, and faster commission settlements to provide a better experience to customers. We also help to leverage the automatic and intelligent cash flow management based on the algorithm to find the abnormalities, make analysis and forecasts, and help to speed up the financial statements. Go to page 25. Regarding the rental housing, we also established the largest and leading digital operational platform in the industry. We have already made the SaaS adopted by a majority of the projects. We also make sure we have a copy of the operational management to make sure that we have the real monitoring of the operational data. We also have the steward work order system. The steward work can be assigned to the stewards through online allocation to make sure that the responsibility is being clearly designed and the workflows being shown online. At the same time, we also have a security management plus personnel plus housing and contract management system. Currently, our smart security community has already been shared with other parties. Please go to page 29. For VX Logistics, it also leverages technology to build an end-to-end supply chain business. For the OMS order management system, it can effectively get access to multiple channel orders without additional cost. It can connect warehousing and also optimize the cost. Our TMS transportation management can also have real-time monitoring of the temperature to do the follow-up, service planning, and data uploading, while for WMS, warehouse management system, can also have the intelligent order dispatch as well as intelligent allocation tracking, which can help to improve the efficiency of the cargo movement in the warehouse. Please go to page 30. Let me also share with you some of our practices from the ESG perspective. First of all, we insist on green construction, we continue to construct projects that comply with green building standards. You'll see that for seven consecutive years; our projects comply with green building standards. Last year, we had 37.03 million sq m of newly added green buildings. By the end of 2020, the accumulated area of projects complying with green buildings amounted to 231 million sq m. At the same time, we also started to take an industrial approach, for example, prefabrication, to help to reduce material consumption and energy consumption, and now it's already being loaded in [5BG]. Jointly speaking, the prefabricated building area exceeds 170 million sq m, and 86% of the newly constructed mainstream project standardized constructions have been made. Please go to page 31. This is a representative project for the green low-carbon development. It's been called the Shanghai Xuhui Vanke Center, and it has already been. Become a three-star green building and LEED certified Gold certification. For this project, the heating and air conditioning energy consumption for this project has been reduced by 15%. Higher than the specification, thermal efficiency of the boiler is 92%. Now let's go to page 32. In terms of ESG, we are still doing our best to make contribution to the city. Last year, we donated CNY 200 million to help Shaoguan, Hechi, and Baise in Guangxi, completed the science countryside development in Heyuan, Shanwei, and support construction of schools in Fujian, et cetera. Also, we organized hundreds of charity events and actively contribute our efforts in various aspects such as zero wastage production for biodiversity, et cetera. We also fight the pandemic. We donated CNY 100 million to Wuhan. Also, page 33. In terms of sustainable development, we are actively realizing the concept of this concept, we conduct a stakeholder survey to identify key points for sustainable development. They are opportunities for green building, occupational health and safety, product quality and safety. Also, we establish a board management executive, ESG management structure, integrating ESG management to the daily operation of the company. We continue to improve our ESG rating. For example, we continue to be included in the Hang Seng Corporate Sustainability Index. We are included in Hang Seng ESG 50 Index for the first time. We were rated in the MSCI ESG index has been raised from double B to triple B. We also awarded number one in the top 50 ESG best practice enterprise by the [Center of Zhongzhi]. Okay. Last page of our business strategy. We know that the policy has been tightened in the real estate market. That means that we need to strengthen our fundamental, and we think that there's era that highlights management strength. There are still huge prospect for business such as urban renewal and rental housing and for also urban management, there are still huge prospect for it. For example, like cold storage. We will do our best to contribute to the city, to people's lives for their better life. Vanke will persist in serving our strategy to consolidate and improve the fundamentals to offer quality products and service meeting the budget needs of the customer, create true value. In 2021, we will persist in serving the real economy to consolidate our fundamentals, to provide good quality products. Second, we'll persevere with steady and healthy operation to enhance resource conversion efficiency, speed up payment collection, and better manage our expenditure with a budget and ensure sufficient liquidity. Thirdly, we'll insist on paying equal attention to development operation. From the perspective of full products category and full services. For cycle service, we will consolidate comprehensive resident community development and chief capabilities, enhance our coordination of project's various formats. Fifth, we adhere to business development supported by technology. This is our report for 2020 annual results release. Let's go to the interaction and the Q&A. Actually, before the meeting, we have already start to gathering questions from investors. We gathered questions covering industry policy and technology, methodology, and dividend policy, et cetera, and business operation. For business technology and dividend, that has been covered in our slides. In terms of strategy and industry, I think a lot of you are caring a lot about this industry, so we will get questions. Good morning. If you have questions, please press star and one, and hold. Now we have 35 question raisers waiting in the queue. Please keep your language in size and raise one question at one time. Now let's get in the question from Hua Qi, Citibank. Good morning. I am Jim from Citibank. First of all, thank you for your providing this dividend payout of 20% for shareholders. I think that sales growth for warehousing and logistics, you are the leading position, and the gearing ratio still maintain at very low level. I think at the same time, this is very hardly achieved, I know. Hard won. I have two questions. My first question is that, firstly, now we see that since the second half of last year, the government has issued a lot of policy, and for example, the Three Red Lines in August, and now the management of low and centralized rate, and also some other policy in terms of a land supply ending. We want to know Mr. Yu's view about this policy and the impact on Vanke's operation. Some other real estate developer also released their results. We think that we saw that growth has been slowed. We want to know the future prospect of the industry from your point of view. Thank you for your question. You mentioned questions. First question is about the regulation, like Three Red Lines. You want to know Mr. Yu's view of this policy from Vanke. Second, you've seen that our peers have witnessed the slowdown of sales. You want to know our estimation of our future. Right? Thank you for your question. Previously, we gathered some of the interest topics that investors care about, and I think the policy's impact on Vanke is one of them, and I will spend a little bit time to answer your question, and also similar questions. First of all, since the second half of last year, the government has issued a lot of policy like Three Red Lines and two centralized management. Loan and centralization management, and land supply centralization management. This policy all attract a lot of attention and study. I think all this policy have the similar common resource that is four character. In English, that means housing are for living instead of for speculation. If we explain it, extend it, you think. Actually, in 2017, from the government's report of the 19th conference, it's already been raised that the house are used for living. If not for speculation, we need to speed up our establishment of a housing system that covers multiple entity of land supply and multiple channel for security. When the government just started to raise this concept, there are still a hesitation or question from the market, but now the past four years have shown that, and have educated the market, let the markets know the stability and consistency of government policy. It's never changed. In the government's report, they raised this concept and also it pointed out that the industry has already entered a new era. In the past, it was a high-speed development. Now, we come into era of high quality. Good quality development. The real estate market also needs to adjust itself to this trend. In the past several years, we've seen this trend very evidently. Three Red Lines, two centralized management policies that show that this market, this industry now highlights management capability. In terms of this new era that highlights management capability, we found out that one of the most significant changes that the house needs to go back to the nature of living, and real estate market needs to go back to its true nature. This is a very clear trend. In terms of the markets in the industry's nature, that means that the return rate of the industry will gradually go back to the average level of the society. That means the real estate industry needs to focus on development operation at the same time. For operation business that covers long-term rental, commercial office, et cetera, the very own nature of it is operation is like service. The enterprise cannot develop this business relying on hoarding materials and then making the money from land premium. Since 2007, Vanke has already raised our concept that we will not hoard land, we will not gather more land than we need. We will not blindly seek for high land bank, and will not make money on leverage. In the future, the competition will become more fierce and comprehensive. Where is the way out? We think there's still a way out. We need to learn from the manufacturing industry to be more down to earth and make money on our service, on our products, on our work. To create good products and good services. This year is the first year that highlights management era for this industry. People are saying that's harder and harder to make money. We cannot only make money on land premium, on leverage. Where is the opportunity? I think the home appliances, electronics have already set up a very good example for us. 10 years ago, the home appliance industry has already entered a similar stage of this real estate industry today. Now, every household has already got enough home electronics and appliances. People are thinking that there is a ceiling of the industry into around 2007, after the fierce competition, there are still good companies, leading companies survive, like Midea, like Gree. They survive, they won the competition by their good product, good services, and good operation. Like Midea. Midea firstly set up its strategy of a product-oriented, efficiency-oriented, and global operation. They did digitalization reform, they did China reform, and set up this team plus three sales and pricing model, improved their efficiency of operation and return level as well. This example told us that even in this era of competing in existing markets, good companies can still survive, can still win the competition through high-quality development. As Vanke already said, the customers are our parents. We need to take good care of them and establish our comparative edge. We can still survive and win the competition. Where are the future opportunities? I think, first of all, our opportunities will come from two sides. First of all, the customers' demands are changing. For example, in the traditional development businesses, customers' preferences has already been changed a lot. Especially after this pandemic, people's changing their preferences. People are spending more time at home and doing more things at home. They have a shorter time going out, and the length and distance of going out has been narrowed. We did a survey. Of course, the results are interesting. We found out that 87% of the customer spend most of the time at home, and so they have more demand for the space that provided by the house, by the apartments. 92% of our customer have the need to work in their home, like online. They need a good environment and enough space, and 74% of the customer have the need to exercise and work out at home. 93% of the customer needs to pay more to dividing the function rooms. For example, living area or area for hobby. How can we provide multiple function for within our apartments to our customer? This is a new pain points from our customer. We have another found out that for apartments, customers also care a lot about the environment within one kilometer outside of their block, outside of their district. The infrastructural auxiliary facilities within 1 km of their home has become a necessary facilities for the customers. Around 83% of the customer, they hope that within the residential community, it could perhaps provide the exercise track as well as sports facilities. Around 58% of the customer, they believe the community-based e-commerce is much important than the orientation of the flat. In the past, people prefer to have a house that has been oriented in either north or south. Now people believe the community-based e-commerce is more important. You know that a customer nowadays or in the near future, what they need is no longer a flat. They really need a high-quality residential community that provide the commercial need, provide them good experience, and some exercise facilities. For example, they can do body exercise with the facilities. The school is next to the residential community so that they can send the kids to there, and they can also send the kid to some of the co-curriculum event clubs after the schooling time. Also the elders, they can go to some areas, for example, the parks, to take a walk or do some plaza dancing. Also people can go to coffee bars if they really need to discuss something about the work. You can see that the local residential community truly impact the life quality of our users. For us, it's more like a competency-based tournament. We need to consider the residential community, the supporting facilities. This would be a new addressable market. For a real estate developer, we need to be fully capable of developing the residential communities also with the commercial settings, office settings, and the school settings. More importantly, we need to also well optimize the operation of those in regard. Nowadays, we also see a huge demand from the rental housing department. The matter from the central government's meeting or from the 45-year plan, the government has already made the full arrangement regarding the tax fees, the land finance, and the responsibilities and the rights of the tenants from the central rental housing perspective. The government trying to reduce the leverage in the property market. Government also started to provide more policy support for the rental housing. It's a good signal for the long-term rental housing business. Vanke is probably one of the earliest one to get into the rental housing market. Since the year 2007, we have already built our first centralized rental housing project named the just in the border for Guangzhou and Foshan. In 2008, this project has been put into operation. I still remember the blessing that the residents give to this project. It's been made that we are living here currently, in one day, we hope we can go for a better place. In 2014, we started to penetrate more aggressively into the rental housing business, now we become the China largest centralized long-term housing companies. Currently, we already have 140.3 thousand units available. Currently, our occupancy rate is also more than 95%. Even if we see that there are going to be more challenges on the rental housing business, we still be very positive on rental housing business. We hope that it's going to be a very promising one in the near future. Well, you see that the changes from a customer can support our future development. Another factor is regarding the urban development. China's urban development already got into the second phase. Building a metropolitan cluster would become a new driving force for China's next round of development. City redevelopment, TOD, and mega-project has already become a necessary part of a future city. For example, like TOD. When we get into the city belt or the city cluster development stage, the intercity connections will be conducted by rail transportation, and the TOD model adopting rail plus property is very promising. It can say that TOD also requires the real estate developers to have very high capacities regarding design, construction, and resources integration. Vanke did a lot of preparations in advance. Currently, you see our total GFA for the TOD product is already more than 20 million sq m. We should do some of the benchmark projects for the TOD project. More importantly, the city is now developed in a more mature approach. How can we revitalize those historical and cultural street and some legacy street? In the past, we simply do the breakdown and the rebuilding, but now we'd like to respect the history, to keep the piece of the history for our next generation to do the so-called organic redevelopment. The challenge is that not rest upon with design construction. The challenge is that how can we translate those legacy buildings and to empower them with some new cultural elements? In our presentation, we mentioned about Shangsheng Xinsuo, Yongqingfang, Wangjing Sanli, Nantou Ancient Town, Huanhai Street, and Yantaishan of Nan Fujian, and Hongmei Cultural Park from Shenyang. Those projects are very popular locally. Many of those benchmark project has become a necessary and a must-go destination for the local residents. City redevelop business has already become our new advantage. We can say that for China, our industrialization is moving faster than that of the urbanization. We foresee that China, in many cities, and they still need to catch up in building more infrastructures. That's why many cities started to build the infrastructure. For example, Shenzhen, we are trying very hard to build more and comprehensive infrastructures. For Vanke last year, we joined the project, for example, 53 such projects for the school campus building, hospital building, and the sports culture facility building. We also say that China's future urban planning has already been shifted from the traditional industrial planning into a triple integrated planning, including production, life, and ecosystem. That is also the trend for the future city development, involving the production, life, and eco development. You can see that when the future city march towards this three-element integrated development approach, it will also bring us more opportunity. For Vanke, from the very early on, we started to work with our client and to work with the city together. In recent years, we also give the same weight to development and operational business. I think we are now on the right track and also build our competitive advantage in certain business and verticals. I think I've already mentioned some of that. Jointly speaking, we follow the client needs and also to catch up with the city redevelopment. This industry still provide us a huge addressable market, but those opportunities are not come to us so easily. Whether we can seize opportunities truly depends on whether we are capable to take care of the pain points for the customer and then provide competitive product and service. I think maybe we won't be able to make a lot of money or the quick money, but we will still spare our assets to make the money more sustainably. This market is still full of vitalities. We always believe those people with competency will be able to win in the market for the future. Thank you. Thanks. Thanks for Ken. Thanks for your question. Let's welcome the next investor to raise a question, please. Let's welcome GF Securities, Guojun, to raise a question, please. Thank you very much. Thanks for Vanke executives. My name is Guojun from GF Securities. We see that Vanke is a well-consolidated company. I have one question. Madam Zhu, as you're doing the presentation, you said you are still on the tier yellow, and you can see that your net gearing ratio is very close to the standard of the green tier requirement. What would be the future outlook? May I also say that the net gearing ratio was kept at a very low level, a very low net gearing ratio, is it also going to impact the company's future investment? For Vanke, do you also consider to further improve the net gearing ratio so that to provide more cash support to the company's future development? Thank you very much. You mentioned two questions. The first one is regarding the tier yellow and the tier green situation. Secondly, whether the ultra low net gearing ratio would be further improved in order to support our future development, right? Yes. These are the two questions. Let's welcome Madam Han to answer the question, please. Thank you. Thanks for Guojun for the question. I know this is also a concern for many investors. For Vanke, for long term, we support the stable and the prudential financial strategies. We hope that we can keep a healthy financials and well perform the crediting. That's a strategy we insist for many years. Madam Zhu also mentioned in 2021, our operational cash is CNY 53.2 billion, we have a positive cash flow for more than 21 years consecutive year. We also have CNY 195.2 billion of the cash on our balance, and 2.4 x higher than those interest-bearing liabilities. You can see our net debt ratio is 80.1% and is very low in the market. It's already been optimized compared with beginning of 2020. I think with such a prudent attitude, we will still stick to this policy. Madam Zhu mentioned about that excluding our receivables, currently, our gearing ratio is already 40.4%, only 0.4% higher than the standards of tier green. We are very confident we will go back to tier green in Q1 of this year. Just now, our Chairman mentioned the industry is now seeing more management dividend. The high leverage and high land banking history has already been changed. We won't be able to stock the building materials and the land banks to wait to cash out from the appreciated land price. We believe a prudent financial policy and good financials can make sure we have a promising future and more flexibilities, and we will also stick to stable and healthy operation in the near future. I have one more point. You mentioned whether the net gearing ratio is too low, whether it's going to impact our redevelopment. We are not seeking for ultra low net gearing ratio. 40% would be the bottom line we stick for a long time. It would be the ceiling of our net gearing ratio. Sometimes we keep a low net gearing ratio because we are still waiting for the opportunities. For example, the centralized supply of the land resources. It means that the cash need to be very flexible. If there's no flexibility from the cash flow perspective, we're going to be highly pressured in the centralized land resources supply age. That's the reason. Our net gearing ratio, 80.1%, is because we are still waiting for the opportunities from this ever-changing market. We're not keeping the low net gearing ratio on purpose. We just keep it with a rational range. Thank you. Thank you. Thanks for Guojun for the question. Also thanks for Madam Han for your answer. Let's welcome the next question. Now let's welcome Huang Yi to raise a question. Executives, I come from Qingwei Finance. I'm a journalist. I would like to ask a question regarding your investment in Taihe. Because there are some market information claiming that Huang Yaowen, who used to work for Vanke and started to work as the Vice General Manager of Vanke. Vanke and Vanke established the asset management company. Is it true? We would like to know for Vanke, whether you're going to involve into the operational and management for Vanke. Are you going to take over the management in the near future? Thank you. Thanks for Interface Finance for the question. You are talking about the progress of working with Taihe and whether we're going to take over the management in the near future, right? Yes. Mr. Zhu, do you mind to answer the question? Okay. Thank you. Thanks for Madam Yang. Thanks for the question. Actually, this question has already been asked during the interim release last year, and many people are concerned about this. Let me just respond to you with three points. First of all, for Taihe, if it could be well resolved, and it would be a good signal for the client financial institutions, the project shareholders, and other stakeholders. Sometimes, even if it's a good signal, if a Taihe issue could be well resolved, but it is also very challenging. It's already been six months, but we don't have a very good progress on this project. The second point is that we help someone else, but it doesn't mean we're going to trouble ourselves. Talking about whether Vanke is going to invest in [Vanho], actually, we have some very strict conditions. As long as we have a very good plan, and then we will consider whether to invest it in or not. We are still far away from being an investor of [Vanho]. Thirdly, we believe that the key to solve Taihe's problem still lies in the hand of Taihe itself and its creditors and other stakeholders, especially its own creditors, stakeholders. Also you asked whether Taihe is a company we planned to get in, but it's not like a company that does agency work for others. Taihe is one of those companies, but it has an issue that we can see that it's still going to take long time to solve its own problem. Previously, all stakeholders are talking about whether we establish another company to solve the problems. For the projects, we can start to commence some of the projects before others for the projects that stakeholders can reach agreement on. The specific solution is still in the process of negotiation and discussion. Thank you for your answer. Now let's get in the next question. Next. Welcome, Ms. Wu Shuying from 21st Century Business Herald. Good morning. My question, as Mr. Yu mentioned, that for the future, the industry still holds opportunity, and what measures Vanke is going to take to respond to it? We have seen a trend that we've seen peers have made investment and whether Vanke are going to make similar actions? Thank you for your question. You raised the question that for the future opportunities, how Vanke is going to seize them, and you think that our peers have been increasing their investment in some of the operating businesses. Are Vanke going to do the same thing? Thank you for your question. As Mr. Yu Liang already mentioned, have actually already covered some of the issues that you've asked. First of all, the industry is changing. We think it still holds opportunity. We still need to face the opportunity and seize them. In terms of how to seize the opportunity, we have the three types of measures. First of all, to serve our customer well. First of all, the industry comes from customers' demand and needs. As a company, all comparative edge or advantage lies in our ability, our capability to serve our customer well, lies in products and services that we can provide. We need to serve them well. Before that, we need to understand them well. Last year, we launched a new post that's called Chief Customer Officer. That's Mr. Yu. Mr. Yu Liang launched this scheme. We have several Chief Customer Officers in our office. For these people, they've help us raise more hundreds of our customers' needs and demands. That helped us a lot to generate better insights to understand our customer. During this process, we of course discovered some of the pain points that we ignored before. For example, people are saying that they can only get their housing certificate after one year they lived in the new house. To solve this problem, we issued a new program that we can offer the certificate while we deliver the house. We set up the record of how fast we can deliver our certificate in Qingdao. After customer purchase our housing, we provide our housekeeper to serve them. Starting from the housing delivery, our housekeeper are starting to serve them, and the same person, same housekeeper, will keep serving them after they live in the new house. While our customer are purchasing our house, is enduring consumption goods. Occupy a quite big proportion of their money, of course, they care about the process, how the houses are constructed. We will open our construction site online regularly. Customers still not satisfied, we did it every two months, every three months. Later we opened this online construction site, so customer can visit the constructions, their houses being constructed anytime. We hope that customer will make their own contribution in the construction, help us to co-construct their apartments. Second, along the development of the city, along the pace of the city's development, we are paying equal attention to the traditional development business as also the operations of our business. As you mentioned, what's our view on self-holding business and operating business, I think we need to pay equal attention to them. In our traditional business, they are what we're good at, like development business and logistics. Sorry, they are development business and the property services business. We are also building up our capabilities and edge in other business like logistics, commercial, long-term housing, [laundry], and ski resort and hotel, etc. Also, people are caring a lot about how Vanke is doing with the self-holding businesses. People are paying more attention to the indicators like the revenue and profit. This type of business, for the model of it, is different in terms of how the cash flow going to perform and how the business is going to developed. If we only use the simple indicators, same as development business, then this is not appropriate anymore. Last month, we have a similar case that we can share with you. For example, last month, Linchan have signed a agreement that you take over 50% of the stake from Qibao Vanke Square from GIC, with the valuation of CNY 6.4 billion. For this project, the development, construction, operation were all covered by Vanke. Now Vanke holds 50% of the stake. We can see that the valuation of Linchan's stake has already been raised a lot compared with the initial investment. If we do the calculation based on the current trading price, we can see the annualized return rate is quite good, meaning 15%. Because our financial report were calculated based on historical cost, the true value can hardly be reviewed. We still believe that the market value of this asset was very high, was very good. For the holding type of this business, we should not use single financial indicators to evaluate. Instead, we need to do it from the market perspective, use market valuation. Another case is about VX Logistics. After six years of hard work, we've already built up a nationwide logistics web. Now business is in the process of a rapid development. For example, orange that everyone's having eating, that comes from our Vanke's logistics park in Kunming. That's the only high standard transition logistics warehouse in China. For one of the chocolate that people are eating in the eastern part of China, every one out of two, actually 50% of this chocolate comes from our Vanke cold storage warehouse. We think the NOI of our high standard warehouse and the cold storage warehousing, which are in stable operation, can satisfy our basic return requirement. Of course, during this process, we've paid our tuition, but we've learned our lessons, we've seen this effect, and we've already built up our comparative edge in different sub-markets. Thirdly, we need to better utilize technology methods to empower our business development. As you can see from our slides I showed to you, I think the technology can play a much wider role, not just improve the efficiency, but also is going to be one of our competitive edge facing the future challenge. It has already been embedded in a lot of our specific business process. Like the example we've already shared with us, logistics, long-term rental housing, and other orders of self-holding operating business. Behind each of these businesses, there is an IT team, technology team. Like Onewo has already got one of the high technology certificates in China. For customers, we provide a lot of benefits from the technology side, like AI drawing review that drastically improved efficiency and quality of the manual work, and lowered the cost by 90%. In the future, we'll keep our investment in the technology. This is the three measures that we're going to take to seize the opportunity. Firstly, is to serve the customers well, second is to stick to our position that means the service provider and city and town developer, pay equal attention to development operation business. On top of our existing business, we need to keep build our edge and capability. Third aspect that we're going to focus is technology. That's so much from me, Ezra. Thank you. Thank you for your question. Now let's get in the next question. Now let's get in Ms. Wang Hu from CICC. Good morning, all. I'm Wang Hu from CICC. I have two questions. First of all, the non-residential development business, including logistics, commercial, they're in healthy and stable development, getting better. I want to hear some of the outlook of this business. What are the priority of this business, and how are you going to allocate resources? What are the priority rank, and what's your plan for getting listed or capital operation for this business? The second aspect you mentioned about management capabilities. Can you talk more about it? What does that mean specifically, and how Vanke going to evaluate whether a company has a good management or not? What are the area that you can make continued improvement in the future? Thank you for your question. For CICC, Wang Hu, I think you have two questions regarding our non-development business, and what would be the business priority ranking, and what's our plan for the future capital operation, including the IPO possibilities. Secondly, you are asking about our interpretation of management dependence, and how Vanke is going to take actions in order to seize opportunities from management dependence. Is it? Yes. I think the first question, and let's Han Huihua answer the first question, and then the second question will be answered by Mr. Zhu. Okay, thank you. Thanks for the question. Besides residential development business, for other business, how we do the priority rankings. You see that for our business deployment, besides the residential project development, property service, these two are our fundamental business. While in other verticals, we also started to provide diversified services. We have seven BUs internally, and we mentioned in the presentation, we have long-term rental housing, commercial properties, logistics, warehousing, resort and ski, as well as the educational sectors. I think Mr. Zhu has already mentioned, regarding the commercial properties and the logistics and warehousing performance, we made some very interesting pilot in the past few years, and we will also be well-performed in those segments. For example, Qibao Vanke Plaza, the case in Shanghai, and also we shared with you some of our practice and progress in logistics and warehousing. Well, regarding the priority ranking of those so-called other business, and we always stick to the principle of co-development and co-grow with the city and the client. That's our fundamental principle. Our investment into those verticals would be given the same weight. Regarding where should we invest and how much should we invest, it's truly going back to the philosophy of go with the city and go with the client. The client's need would be our priority for future investment. How can we judge the future development of the city and the client? I have three indicators to share with you. First of all, we're going to take a look at the inflow population of the city, regards whether the city do have a net inflow of the population. Secondly, no matter for our client, for the city, and they are still asking for the supportive infrastructures be made. For example, Mr. Yu Liang mentioned, and many users, they are paying attention to the supportive facilities 1 km along the residential community. More importantly, we'd like to know the industrial development within one city. We mentioned about the three elements integrated approach, including production, lifestyle, and ecosystem. We first of all, need to have the production industry to provide job opportunities to support the life and ecosystem development. Inflow of the population and industrial development, as well as the city development would be our key concerns. For our resource's allocation, we don't have a so-called priority ranking or a master plan in advance. We still would like to seize the opportunity in this market and also stick to the fundamental principle of go with the city and go with the client to identify the opportunity in the market and then to seize the opportunity. This is my answer to your first question. Thank you. Let me say a few words on the first question. I think some things still need to be further aided by me. You know that regarding our investment into the business, we need to consider how much the addressable market would be in each vertical, and whether we can have the corresponding capacities to do so. If the market is truly huge, but we don't have the capacities to take that opportunity, it's still going to be felt. The competency or capacity would be our first consideration. We will consider our capacity and the competence in advance. We have a saying in Chinese, "If you are not capable of doing something, it's better for you not to go for it." For some verticals, if we don't have a well-consolidated capacity, we won't go for it. Regarding the IPO possibility, I think all of our business need to be proved in the market and need to be challenged by the market. They will be IPO'd gradually one by one. There are two considerations we need to be made, including the comprehensive development and the long-term development. Talking about comprehensive development, it means that for Vanke, all of our business are actually working with each other, like sharing the synergic approach. For Vanke Group, we will take care of IPO listing according to the performance and the profitability rather than just purely think about a single business line. We really want the business to be IPO'd, could actually support the comprehensive development of the company. Well, secondly, in the longer run, we don't need to catch up with those popular trend in the capital market. For Vanke, we don't want to incubate a business and then to sell it out. This is not the business model to show how successful we will be. We really want to operate a business in the longer run to make it better. That's our wish. If we follow the capital market trend to choose which business to be IPO'd or not, that's not going to be something we're going to do. We have to consider the comprehensive synergy with other business units and the long-term development of the business, and then to choose the right business to be IPO'd. Thanks for CICC, Mr. Wang, for your question. Management dividend time truly bring us some new reflections, new lessons, and new challenges, and we need to think about what actions should we take. We made a very long time study in talking about how can we respond to this management dividend time. Two keywords. We need to be away from our shortcomings, while at the same time to build our advantages. Mr. Yu, in his answer, has already mentioned in management dividend time. In the past, we cash out from the appreciated land price and from the financial market. Now we are making money because of our hard efforts. With cashing out your own capacity and your own competency means that you have to try to build your own advantages. In the management dividend age, we see that the competition would be more furious in the market. Enterprises, they won't be able to rely on just one to two key resources to be successful in the market. It's better for the company don't to have any disadvantaged business in the longer run. In the last year, we also launched the summer action plan to consider our business development. We hope that a key market value would be our key strategy for future development and also an important KPI to assess business development. Long-term market value means we need to stick to long-term development and stimulate innovation, use less energy so as to cater the customer need, then to create the maximum social surplus as possible. If we really want to have the long-term market value, we have to take care of the following points. First of all, on each of our vertical, we need to have the leading advantage. This is the first point. For each of our business, we need to follow the changes in that vertical, identify the risks, find the opportunity, then to seize the opportunity by building our advantages, especially the value proposals that competitors won't be able to copy, then to create value to the customer. Secondly, we should also have a multidimensional capacity in-house. With the fierce competition, a small team won't be able to success in this market. We have to build our advantages as a leading one to make sure our middle, back office, and the back office can also support our frontline work. Thirdly, we hope that technology could also empower our business, so that it can help to release more values to the market. As I mentioned to all of you, technology is not only empowering the business, it's already changing our business. We need to make sure our technology is a part of our business, that we can take countermeasures very easily. I probably used too many Vanke glossary or terminology or too much corporate terminologies. To put it into a layman language, I just want to share some of my personal points with you. In the management dividend age, we need to serve the customer well and also build a good product and a solution, operate the business in a comprehensive approach. We should also make sure that the ecosystem could be well built, investor relationship and payout to the shareholders need to be well obtained. These are some higher requirements for our overall capacity. If we work hard, we give decent returns to our shareholders and also have the so-called three element integrated development approach, we will be confident to adapt to the management dividend age, as well as to formulate countermeasures to take care of the challenges in the market. I also would like to make one more comment besides what had been said by Mr. Zhu. I'd like to say that Vanke has a very clear strategy for the past few years. With the clear strategies, there are two shortcomings, one on organizational structure, one on talent acquisition. When we got into the management dividend age, if there's more service competitions, if the synergy between different BU need to be well managed, we need to have a corresponding well-performed organizational structure. That's why two years ago, we started to build our organizational structure and optimize it. Another point I'd like to mention is that for Vanke, we are encountering a new challenge that is on talent side. With the organizational structure, we need to pay more attention to talent. Last year, it is Vanke who first proposed the concept of being a younger brand. Now we have the so-called name called as the elite place. It's not only to make our brand younger, but more importantly, for Tencent, those tech giants, and they have already become very well brand. We are now competing with them over the well-performed talents. Why could it be? According to our introduction, you see technology is a part of our daily operation. That's why we started to work with the talents and compete with those tech giants over the talents. Our definition of a talent has been changed a lot. In the past, we take care of the talents in the industry, but now we need to acquire the talent from the whole society rather than just in the property market. For Vanke, we need the so-called best talent, the 10-point talent. You see that how can we have a good organizational structure and acquire the best talent from the society? These are the two great challenges we need to address in the management time. Thank you. Thanks. Thanks for CICC, Mr. Wang, for your question. Also thanks for our executives for the answer. Now let's get the next question in. Let's welcome Cailian Press to raise the next question, please. Executives, good morning. Can you hear me? Yes. Very clear. Please. I have just one question for Vanke and your 2020 summer meeting mentioned about the extended meaning of the partner scheme. I know that your share price being down by 5%, whether this equity holding scheme is still going to continue. This is my first question. Madam Yang, and did you already finish your question? Yes. This is my first question. For the partnership scheme, and you extended its scope. Your stock price was down, and it was down by 5% today. I'm not sure whether your employee partnership scheme will still continue. Thank you. So, your question is regarding the employee partnership scheme and its future outlook, right? Yes. Your share price was pretty down recently, so how do you going to comment on that? You know that for Vanke, we have our employee partnership scheme, and our shareholders can actually arrange a scheme by themselves. Our partners, they truly want to tie their interest with other shareholders. Of course, we hope that in the future, we can hope to make more plans for this partnership scheme. Let's get in the other question. Let's welcome a question from Mr. Xu from Tianfeng Securities. Good morning. I'm from Tianfeng Securities. I've realized that the settlement gross profit margin has going down, and in the future, what are going to the trend for gross profit for settlement and for sales in future two years, and what's your view on the future, on the industry's gross profit trend? Your question is about the trend for the gross profit margin and also the sales trend for the industry, right? Yes. I'll let Mr. Zhu answer your question. First question about gross profit margin. On the surface is a profit margin question, actually is a profit margin issue of the whole industry. We've made some internal discussion about it as well. Internally, for Vanke, we have reached the consensus covering three aspects. First of all, we noticed that in the future several years, the land premium has occupied a higher and higher percentage among the housing price. That will be shown in the settlement in the future. In the short run, the profit margin in this real estate industry is going down. There is a downward trend, and this is the fact and the consensus we reached. Second, in terms of the long term, for the industry that can develop forever, no singular industry can be better than all other industries forever. Talking about our own industry, I think the return and profit level will revert back to the average level in the society. Thirdly is about the return. The return level, average return level industry does not equal to a return level of a company. For those company who have a better management operation, they can provide a better return and provide true value. Of course, market changes, profit margins changed, and that will impact the value we created for shareholders. So far, of course, we see more difficulties than before. We need to work harder than before. In terms of the overall industry, and I think for Vanke, we face uncertainty. While we are facing uncertainty, we rarely make any more comments. We don't like to make more comments and predictions like others. Like as we often say, if we are peasant, we are just need to do our job well, crop our land well. The industry has its own logic. It has its own principles. We responded to the changes and do our job well. We will flow with the tide, follow the change, and accommodate ourself to better meet the needs of the changes. Of course, we need to seek for the best results. We respect the market. We need to do the right thing. What are the measures or correspondent measures? First of all, as we've often said, first of all, we need to satisfy the need for common citizens, satisfy the real needs. Second, we need to focus our strategy to be a town and city developer that covers three aspects like places with a population inflow, places that has industry support. Land has become enduring consumption goods already. These are the three metrics that we're going to evaluate how we going to develop business geographically. Thirdly, we need to go flow with the tide. We think we will just do our job well every day, and every day is a good day to sell house. Thank you so much for my answer. Thank you for your question, and thank Mr. Zhu for his answer. Let's get in the next question. Let's welcome Mr. Huang from Daily Economics News. You've mentioned about talents. I want to know what are the hiring plans, and there are rumors that Vanke is launching a headhunter scheme. What is the reason behind this scheme? Thank you for your question. You know that there's program, and you've also heard about that we are launching headhunter scheme. You want to know the reason and target. Okay, I'll answer your question. It is true that we have this headhunter scheme. After this scheme launched, actually, every 10-year in Vanke's history, when Vanke entered a new stage, we will make our own preparation in terms of organizational structure and talents preparation. Let's go back to 20 years ago, like in 2000, when we are in the golden time of the real estate market industry. The industry has faced a shortage of talent, so we launched a hiring scheme. We recruiting talents directly from schools. At the same time, we have already prepared talents in Hong Kong. Also, we hired a lot of managers from Zhonghai to support the Vanke's development. Later, we already have the sense that Vanke is going to have a huge target, huge aim and of like CNY 100 billion of markets. What are we going to do afterwards? We started a 007 plan. That means to recruit elite, talented people from the society to join us. Now it's 2020. We also now feel it's the time, it's the era that highlights management capability. We made corresponding strategies to prepare ourselves in terms of organizational structure and then to match people with tasks. As we said, for comprehensive competitiveness, we are evaluating ourselves from the whole society. We need the talented people from the whole society. For Vanke today, we need the legal head, then you think these people need to have very good knowledge, perspective, and expertise of the domestic law and also international law. He's going to be really helpful for what Vanke is going to do in the future. Now we already recruit our head of legal, and also later we will recruit a chief development officer, and we have already evaluated some, the candidates of general managers. We recruit talent from the society, but for specific human resources issue is quite sensitive. Some of them are still under negotiation. Of course, we have achieved something, but at the same time, we are bearing losses, some of the talent people being hired away by others. We are, of course, hiring talents from [RPS] as well. This is our ideas in terms of human resources plans. When the strategy has been set, we need to have talents. We need to prepare ourself in that aspects. Of course, you have a good candidates to recommend, we are most welcome. We have a special task force for it. For these hiring issues, each of these requirements will be replied within two days. We won't keep the talented candidates waiting for long. That will reduce the attractiveness of Vanke. We desire, we crave for talents. We are looking forward for your support and recommendation. Thank you for your question. Mr. Yu's answer, we have always craved for all kinds of talents, and we now are making advertisements for hiring. Because we have a limited time now, we only can answer two more questions. Let's get in the next one. Hello. Let's welcome Mr. Yuan Hao from Shenwan Hongyuan Securities. I am from Shenwan Hongyuan Securities. I have a question that's about Onewo. I want to know what's the mid and long-term development target for Onewo and what are the targets of competition? Is it like a what are the indicators going to use to evaluate its performance? What kind of indicators are you going to use to evaluate? Okay, thank you for your question. You mostly care about Onewo, its mid- and long-term development and its target of competition and indicator of evaluation. For Onewo, we upgrade our brand on top of our existing property services business. There's a picture in our slides that shows three aspects. There're seven branches of a tree that goes to everywhere. In short, for Onewo, we will position ourself to a service provider of a space and technology. We will cover office, commercial, and others for Vanke property services and Cushman. For Onewo, we hope that we can base on existing advantage to provide quality services, better manage the town, better manage the city. In terms of technology development, that will be based on our PaaS platform. We position ourselves to lower the operating costs for property companies to improve their efficiency, improve their quality of services, to help them build their web of business. It's just like hotel management company, help the hotels to manage the business well. It's like a technology company is behind the hotel's management. We also provide remote digital method for peers, digital tools for them. Under this new brand, Wanwu, we'll still be centered around space and services and technology and services. We extended the boundary of what we provide, what we do, we focus more on the synergy between different segment of business. We are exploring more opportunities and possibilities outside of the circle. In terms of the digitalization of the Shenzhen Wanwu, is already based on our operation experiences that we accumulated in the past. We transfer them as a capability to offer to others like PaaS, like smart devices, like OSes. For example, like BPaaS is an end-to-end service. OS, it's a spatial operating system. It's like a fundamental AI platform. This is our preparation in three aspects. They are all from perspective of long-term development. We did not position ourselves as a traditional property services company, but rather, we focus more on technologies utilization to better connect different industries, different blocks, different communities, different commercial, different cities with technology, and better connect different digital spaces. Ultimately, we provide our unique value and competitive edge. That's how we position ourselves. You ask about target of competition. We can't find a specific one, exact one. Of course, there are a lot of good companies covering different industries. That's a good one. As Mr. Yu mentioned, you know that well, we are soliciting the talent from other industries. Just as Mr. Yu mentioned, the 10-point based talent. We hope that the talent can actually work with us to help to accomplish this journey. Thank you. I just have one more comment to be made. We mentioned about Beike. For Onewo, we share one point the same as Beike, what we need to learn from Beike. Beike is redefining the vertical in [ZRA, where for Onewo, we are also going to redefine our vertical. Another comment I'd like to make is that for Onewo, we still have a huge addressable market. We won't be able to like that the Chinese parent always full of anxieties and use the academic score to constrain the kid's growth and development. As it is addressable market, how can we support a comprehensive development of this market is a key. We need to have a well-consolidated basis in advance rather than just purely look at the academic score of the kids. This market is more like a kid. It was growing healthy and happy, and we will be able to bring this kid to become a wonderful person. Thank you very much. Thanks for the question, and thanks for the answer. Let's get the final question in. Let's welcome Li Yanyan from China Entrepreneur to raise a question. Thank you. Thanks for executives. My name is Li Yanyan. I have just one question to Mr. Yu. Just now, you mentioned about Beike, for Beike, once they IPOed, its market cap already high, which makes other property developers envy a lot. What's your interest in Beike? For Alibaba and JD.com, that e-commerce giant, they also started to penetrate into the property market. For Vanke, I know that you are also accelerating your business development. Can you share with us on the risks and the situation of this industry? I think you were mentioning about the digitalization and how it's being done within Vanke. I truly want to know what would be the interest of Mr. Yu in those technology. Actually, I'd like to learn from those peers to improve our technology driving content, so as to define this vertical. That's all for my answer. Okay. We see that we have many investors and friends from the media. That's why we overrun this annual release for a few 20 minutes. I'd like to make a commercial here. We also use E-House, and this mini program to provide the live streaming of this annual release. E-House is a very important digitalized marketing platform of Vanke. If you are in need of our service or solution, please follow our E-House mini program. You will also be collecting the coupon if you register and follow us today. Thanks for joining us for 2020 Vanke annual release announcement. If you have any further questions, please send it to our IR email box, ir@vanke.com. Here it comes to the end of this announcement. See you in the interim release.