Distinguished investors and friends from the media, good morning. My name is Zhu Xu. I'm the Company Secretary. I'd like to welcome you to join us for Vanke 2023 interim results announcement. We still would like to conduct our meeting through teleconferencing. You can use the Vanke official website, WeChat mini program, and the Quanjing Wang to join us for this webcast and joining us for the discussion. Right before the interim result announcement is being officially started, please allow me to introduce the management team. They are Chair of the Board, Mr. Yu Liang. President, Mr. Zhu Jiusheng. Co-president and Chief Partner of Development and Operation Headquarter, Mr. Zhang Hai. Co-president, Chief Partner of Property Service Business Group, Mr. Zhu Baoquan. Executive VP and Financial Principal, Ms. Han Huihua. Executive VP and COO, Liu Xiao. Well, for the interim results announcement, the title is, Through Rains and Winds. Persistency and perseverance and resilience help us for the light of the dawns. In other words, we're going to like the pine trees, to withstand the cold winter, and then we'll be able to embrace the warm spring. We're going to have four parts. First of all, talking about results, overview, highlights of 2021 H1, ESG performance, and priorities for H2 of 2023. Let me just present to you one by one. The result overview, please go to second slide of our PowerPoint. We do see some good growth of the market in beginning of this year, but later started to further reduce with the downward movement. The company continue with very stable operation, even if our development business, the revenue and profit, are within downward movement. But our operational business continue very, with very good growth momentum. The company also safeguard our safe bottom line for financials, continuously to optimize our capitals and, the financial status. Please go to slide three. In H1 of this year, the total revenue stood at CNY 200.89 billion, down by 2.9% YOY. Net profit attributable to the shareholders stood at CNY 9.87 billion, down by 90.4% due to decline in the settlement scale of the real estate development business and the settlement margin. The GP margin before tax was 80.9%, down by 1.6 pips on YOY basis. We're using cost method for the calculation, and, if adjusting the depreciation and amortization, the GP margin would be 20.2%, down by 1.5 pips. Please go to slide four. Within the reporting period, our financials and operations stay healthy, operating cash flow be positive for 40 consecutive years. The short-term liability accounted for 40.2%, lowest on record. 93.3% are the unsecured and unpledged financing. Regarding the development business, we ranked top three in 32 cities. The total sales remain CNY 203.94 billion, ranking number one as a first-tier brand in the industry. Operation and service business, actually, the revenue is CNY 26.97 billion, grow by 11.9%. Property service, we now have 601 Towns, and the GP margin after the transformation has been improved by four pips. Occupancy rate for the long-term rental housing stood at 95.9%, and we already have 83,000 units included into the affordable rental housing schedule. The logistics and warehousing, the utilization rate of the cold chain reaches 79%, up by four pips. Occupancy rate of SCPG reaches 94.7%, up by 1.5 pips. SCPG produced 88 entrusted management projects in total. Now, let's go to slide five. This shows you the P&R and the assets and liability table for your reference. Well, let's also take a look at the highlights of H1 of 2023. We uphold the bottom line of financial security and committed to improve business capacity. First of all, as we are safeguarding our bottom line for financial security, let's go to slide seven. In H1 of this year, we still maintain leading rating performance with low financing cost. We continue to have a Baa1 on Moody's, BBB+ on S&P, and BBB+ on Fitch, and AAA on CCXI. We have an operating cash flow been positive for 40 consecutive years, with CNY 186 billion in H1 of this year. You can see that the short-term cash on hand and short-term debt coverage ratio has been improved significantly, and the coverage ratio was 2.7 times from January to July. Actually, we issued CNY 10 billion of the onshore credit bonds, with a total financing cost stood at 3.09%, a low number. On slide nine, eight, I show you the structure of the interest allocation, interest-bearing liabilities. The interest-bearing liability stood at CNY 301.36 billion, up by 2.3%, unsecured and unpledged debt, representing 93.9%. We now have no offshore debt-bearing liabilities due in H2 of this year. You can see that the offshore debt even be reduced compared with last year, and our short-term liability also be further reduced, only accounted for 40.2% of our, of the due within one year. Bank loans still be the most important one, and you can see that for other bonds payables, only 23.7%, other bond ratings represent 30.9%. So generally speaking, average debt maturity was 5.02 years. Coming next, let me also talk about how we are committed to improve business capabilities in H1 of this year. On Slide 10, you can see our development business, the contracted sales still making us the tier one brands in the market, with a total contracted sales of CNY 203.94 billion, down by 5.3%. But receivables turnover and sales amount, nearly 100%. Settlement revenue was CNY 117.84 billion, down by 4.5%. Settlement GP margin, 20.3%, down by 1.6 pips. We were ranking top three in 32 cities, number one in 50 cities. And in H1 of this year, we smoothly delivered 92,000 units. We plan to deliver 179,000 units of the houses contracted but not booked. Sales is CNY 488.44 billion. I show you Changsha, Puyue Wa n, as well as the Langshi Phase Two in Nanjing. These are the highlighted projects we have for this year. Please go to slide 11. We show you development business investment. In H1 of this year, investment quality continued to be improved, and we have 23 new projects being obtained. In January to August, we choose the stable projects. The total land price we paid for was CNY 71.86 billion. Average land price for the new projects is CNY 60,003 per sq m. 100% of the investments being made in tier one to tier two cities. And you can see, we have a very good project being invested. And in Yangtze River Delta and in GBA, you can see in Yangtze River Delta and the GBA, those are the most important destinations for us to invest. And we also have a very stable operation. Our GFA of the completed project is 12.905 million sq m, achieved 40% of that initial year plan. Please go to slide 12. You can see for our development business, the product line efforts bear fruit, ensuring stable delivery of the high-quality projects in quantity. First of all, let's talk about level-up residential projects named Langshi, which has already been rolled out in 40 projects across seven cities. I show you in Nanjing, Hefei, Suzhou, and Shanghai. Those are the Langshi projects. Typical image for Nanjing Langshi, which has been started since October last year, selling rate 96%, and with a GP margin of 60.8%. For phase two, selling rate 95%, reaching 17.2% for the first launch, still going to be further improved. For Hefei Langshi, you can see that, we roll out 166 units, with 100% selling rate, 22% for the GP margin in Suzhou and in Shanghai. Shanghai is still in the preparation stage. Suzhou Langshi, Suzhou, the project selling rate was 100%, with a GP margin of 90.2%. Please allow me to go to slide 30. That is the Zhen Series, another high-end level up residential project, and it has six projects in the line across three cities. These are the mansions in Dongguan and Shenzhen. You can see the selling rate is close to 79% - 100%, with a GP margin of 22.6% as the highest. On the right side, you show the picture. In November of this year, Guangzhou Zhenhui would be unveiled. Please go to slide 40. Let me show you. We also leverage our multi-business and multi-scenario coverage to cover some benchmark projects for comprehensive district development. For example, I do show you the Hangzhou Liangzhu and the Nanchang Centennial Waterfront projects. We will be able to launch the milestone events and in Guangzhou, Huadiwan, Huangpu, and Wenchong, and as well as other projects. This practice also be greatly copied. In H1 of this year, Jiangquan Xueli, Zhongluqi Phase One, Shenyang Feicui Binjiang, has already been awarded with tens of Guangsha award. Let me also share with you, Hangzhou Liangzhu Yuniao Ji. This is actually a 23 years dedication of the Liangzhu Cultural Village, and in connecting the tourism and the culture sectors, it now stand as a new emblem of Hangzhou culture, arts and commercial realms. With a GFA of 21,000 sq m, occupancy rate of 95.5%, daily traffic was 60,000, with a total sales of CNY 90 million per day-monthly. Let's go to slide 15. On this slide, let me just show you how we're going to leverage our ecological urban scenarios to build the future-oriented product. You can see that, we integrated diverse natural and ecological urban contexts to foster future-ready product R&D capacity. We do believe in Shanghai, we have already landed the first project. This project is located in Jiading District, and we do have the land supply, and also design this project according to the mobilities and the population density. By leveraging the low carbon technology and the intelligent technology, we are here for this first integrated project called Ideal Future City Community in Jiading of Shanghai, which is actually a 31% carbon reduction, and the eastern section achieved a net zero emission, equivalent to the carbon reduction from 250,000 tons. The first phase launch was 780 units, with a 100% selling rate and generating a total contracted sales of CNY 4.45 billion, and a net profit margin of 29.6% for first launch. Let me also report to you on how we improve our customer service. Regarding sales, delivery, and the residential stage, we continue to improve our service quality. In the sales stage, we have 61.3 thousand groups of the customer sign contract online. In construction stage, we have a 58.4 thousand customer join the site quality inspection, involving 364 under construction projects in 53 cities. In delivery stage, 83 projects deliver property and property owner certificate at the same time. We also have the Joyful Living Campaign. In other words, educational, commercial, food market, and transportation amenities would be ready when people move in. In living stage, we elevated the quality and the outcome of the green space through greening initiative, including 77 cities and 641 existing communities. Let's go to slide 17. Please allow me to walk you through the operational business in H1 of this year. Indeed, our revenue was CNY 26.73 billion, up by 11.9% on year-on-year basis. From the full bars, you can see, property service, rental housing, logistics, and warehousing, commercial business are all having revenue boost. It's all on the upward movement for three consecutive years. Now, let's go to slide 18. I'm going to report to you regarding the development of Wanwu in H1 of this year. For Wanwu, it continued to implement Wanwu Town strategy for the robust core business growth. Wanwu, it actually serving 3,586 residential property service with a total contracted projects of 4,478, and you can see that, the growth was, 12.6%. At the same time, integrated commercial enterprises, urban space service accounted for 35.3% of the revenue, and, AIOT and BPaaS accounted for 8.2% of the total revenue, grow by 40%. So for Wanwu, the revenue stood at CNY 60.11 billion in H1 of this year, grow by 12.2%. It's somewhat different from the disclosure from, Wanwu because of the GAAP and the non-GAAP. You can see that, starting from 2022, we have a steady growth of the Wanwu Towns. It already stood at 601 Wanwu Towns nationwide, with very good ROI. And you can see we accumulated investment in the Wanwu Town is already CNY 300 million. And, the increased current period, the profit growth has already been CNY 100 million. 102 Wanwu Town have completed renovation and passed the certification, and improved the basic residential growth margin of the innovation by four pips. By so doing, we also provide a standardized housing refurbishment service, which is being implemented in 40 Wanwu Towns, with a newly contracted of CNY 156 million, grow by 65.5%, customer satisfaction, 98%. On page 19. And Mongie. We can see that in commercial and enterprise service business, the boundary has been broadened and the service concentration has been increased. New projects, 129, and among that, they have a lot of 20 new Fortune 500 unicorn customers, new super high-rise projects. And also, we can see contribution of existing customers accounted to 32%. Cumulatively service projects, 19,064 projects. And now, leading Chinese internet tech comps, unicorns contributed 69 projects. And other than that, we have five tracks, including internet, high-end manufacturing, finance, biomedical, multinational firms. And the revenue in the first half, remember, is CNY 2.06 billion, up by 28.5%. At the same time, we have a lot of high-quality customers, and the share of those good quality customers more than 30% to 60% of market share. Next page. In terms of this Wanwu business, we have three horse carriages. Synergetic development aims to deliver stable, reliable, and high-quality services. We delivered, like, white gloves, red jackets, lighting, elevator safety projects, et cetera, to ensure high level of satisfaction. And also, for in terms of the red jackets, 100% of the participation of management personnel to replant the damaged lawns and clear away garbage. And for lighting, we implemented solar clock pilot programs to precisely turn on and turn off lights to reduce lighting efficiency. To improve efficiency for elevator safety, we implemented operational maintenance and semi-annual fine-tuning to further reduce the number of person trapped in elevators. For commercial enterprise services, we received 19 RICS China awards, establishing industry-leading positions. We are awarded the leading enterprise for office building property management in China. In terms of smart city services, we have already implemented technology services in 42 service city projects. For example, we have implemented the smart city projects in Gulangyu, and we have also increased the order response REITs from 11.3% to 99%. 99% and citizen satisfaction rate exceeds 90% after we implemented the Chengdu high-tech zone smart city projects. Page 21. So let me introduce about the rental house management, rental housing business. We are the largest long-term lease apartment units provider. We now manage about 25,000 long-term lease apartments, and we have ranking top three in 27 cities in Beijing, Shenzhen, Guangzhou, Chengdu, and Wuhan. Occupancy rate in first half is 95.9%, increased by 0.3 percentage points. For affordable housing projects, the number was 106. In 19 cities, we have units number of 83,000 and a steadily increase in operational efficiency. First of all, the customer acquisition from proprietary channels is 82.3%, and marketing expense ratio is 0.443%, and down by 0.34 percentage points. Front stage gross profit rate is 89.4%, up by 1.9 percentage points. Next page. Apart from this rental, we also provide comprehensive rental housing solutions across multiple types of property delivery, high quality rental houses with human touch. Customer satisfaction, 94.8%, customer lease renewal rate, 58%, and registered user over online platform, that is, 3.36 million, and large rental community compounds with represented by VNR projects. Now, the rental community solution was to increase lease rent, rental and property management service. We provided that to four cities. And for this, Beijing, these projects, we have a construction rate of 138,000 sq m and current co-occupancy rate of 97% percent. And we have carried out more than 50 community activities in the first half of this year to improve the activity rate, and we hold seminars and workshops, et cetera. And page thirteen, we can see also that for Wanwu, we are continuously making our effort to expand customer enterprise client base. Share of corporate tenants, 21.5%, and new corporate customers, 1,524. Cumulative list of business, 4,460. And we have customers that has been... For example, in Shenzhen, we have customers, the BYD, that covered 1,633 units. Apartment also provide a corporate customer talent apartment. For example, talent housing solution for Chang Xin Memory Technology and Peng Cheng Laboratory, with more than 300 and 600 staff covered, respectively. Now, let's go to slide 24. Let me walk you through the rental housing business. We continue to explore asset securitization, market-based transaction, and other commercial closed-loop path. We worked with the CCB for Jian Xin Rental Housing Fund, with a subfund of CNY 10 million, committed to acquire existing rental housing projects in major cities with a net population inflow and a strong rental housing, with six projects invested. The two port apartment project on the slide are completed now. In the first, in the left hand, this is a graph. This is a Xizhimen projects, and we have, the rent occupancy rate is 98.7%. We are offering more than 300 rooms. And this has been transferred to the Jian Xin Fund. And page 25, we can see, logistics and warehousing businesses. The revenue has been growth steadily. The revenue has been growth up by, like, 19%. In overall logistics revenue, about up by about 17%, high-end, high standard warehousing revenue up by about 9.1%, cold chain revenue up by about 30.3%. Occupancy rate of high standard warehousing is about 85%, and cold chain utilization rate is about 79%. And our cold chain business, we continue to lead with largest scale, deployed in 24 major port cities and 14 large cold chain parks. Available construction area for rent is more than is about one million sq m. And next page, the logistics and warehousing business, we are continuing to create industry-leading supply chain service businesses. We provide national warehouse network, warehouses in 47 cities, with an area over 12 million sq m, and we adhering to service standard above industry requirement. We exist in VX on food quality safety system, temperature, humidity monitoring system, the industry's first automated temperature and humidity, and humidity monitoring system in 24 hours to monitor the temperature precisely. And quality safety risk management platform were also implemented. At the same time, we emphasize operational success of core competency to provide digital service solutions to provide, like, traceable, visualizable, digital and intelligent logistics park department. And also, we provide vertical and in-depth service advantage solutions to provide customers in wide range sectors with integrated supply chain solutions, and taking in-depth part in customer supply chain management. In link operations, we establish a system and operational warehouse and distribution evaluation indicators. For capability training system, we certified over 900 operators. Next page. For Shenzhen, Yantian, we have built in Yantian, a cold chain park. And for this park, integrated service is important. Export customs clearance, cold chain warehouse management instruction was, and as well as Hong Kong supply businesses. In the bottom part, we can see in Shanghai, Haigang Park. This project has been certified for VX, for the RICS as the third-party certification, and obtained a double-A certification. And Nanning Park, Starbucks nominated by Best Quality Award. Ningbo Park, number one for BIM China Quality Safety Inspection. Shanghai Xiepu Park, Xiepu Park, very higher honor award for global suppliers. And next page, this is about commercial businesses. For commercial business, we have been improving our overall revenue. Up, revenue is about CNY 4.3 billion, up by 7.3%. Among that, SCPG revenue contributed about CNY 2.74 billion, especially, occupancy rate 94.7%. And we opened 103 projects. Construction area is about 11 million sq m. Apart from that, we have transferred our 34 projects under management on behalf of group to SCPG. In the first half, that brought us a sales volume increased about 29%. And also, we introduced a project of Xi'an, Xinjiang, created creativity value. And introduced four first stores in the Xi'an region, with average rent up by 22%, sales volume up 29%. Rongji Tianshan Wanke Plaza was a multifunctional shopping center. Complemented adjustment 42 brands with occupancy ratio up by five percentage points. And next page, that's it, it's about our commercial business. We improved construction for customer infrastructure and operational service competitiveness. We co-focused on commercial property, and we focused in, we implemented in 50 cities. So we developing, continuing to develop our network. In terms of complete change, we have processed complete investment, financing, construction, refurbishments, management, and exit capabilities. We provided, like, extensive professional, personal experiences, management capabilities for delivery products, et cetera. We will provide this platform for our frontline workers. In terms of digitalization, we empowering all business scenarios and digital infrastructures. Operational monitoring includes passed by traffic, capital safety, stay time, and commercial conversion rate has been improved. Page 13. This is about some new projects opened and also existing projects in the first half, and specifically about the activity rate. For example, Shenzhen Bay Retail Super Headquarters in Shenzhen Bay, that is opened in April 30. Retail has been accorded daily average customer traffic of 40,000, with a sales turnover of RMB of about CNY 50 million. And also in Wuhan and Xi'an, et cetera. In Xi'an, Chanba Incity, we integrate pluralistic existing catering and fun elements into neighborhood life. And Wuhan Gedian Incity, that's the first cooperation project between Wuhan Metro Group and SCPG for dedicated community slow lifestyle, opened in June 2021. ... We offer the activation visit existing projects in Wuhan Qingshan City after comprehensive renovation upon the fifth anniversary... Coming next, let's go to slide 31 to show you technology empowers business performance, cost reduction, and efficiency improvement. By having the drones, we will be able to get the data, and so that we can leverage AI algorithm and the digital employee interaction capacity to increase efficiency and accuracy of assets, funds, and operation management. Secondly, we're improving customer property purchase service experience through digital marketing. We unify the official customer interface instrument and AI assistant for quick response to customer inquiry, provide customer with interactive property purchase service through live streaming, and promote efficient and reliable digital online contract execution. We also invest in real estate R&D and technology research. We develop the proprietary BIM design software, enhances R&D of the application based upon CAD drawings, and also finished the Duoyun platform, a collaborative design platform. That's for the second part. Third part, please allow me to walk you through our ESG performance. Please go to slide 33. Regarding ESG performance, we always exercise green and low carbon concept and assisting nation carbon peak and neutrality goals. And for our new projects, is meeting the new green building standard for 10 consecutive years. By the end of June of this year, Vanke's green building reached 360 million sq m, including 22 projects in H1 of this year, has been awarded with a 3-star Green Building Certificate, one project with LEED Platinum Certificate, and four projects with LEED Gold Certificate. For example, VX Tianjin Dongjiang Port Cold Chain Park and Hongqiao Qianwan In-City Mega. We also continue to accelerate industrial constructions and complete accumulative industrial construction area of more than 200 million sq m in 85 major cities and several regions. In H1 of this year, over 90% of the newly launched mainstream projects has adopted industrial applications. We also use the energy efficiency management standard to adopt the energy improvement. So you can see that with a new building that adopt a renewable energy, we already have a 37.5% of the new green building projects use renewable energy design. For the logistics, the newly built refrigerated warehouse with 100% of the PV coverage. Let's go to slide 34. I'm also going to share with you two cases. The first one is, Shanghai Vanke Ideal Place. I think I have already touched upon this project. This project is located in Jiading of Shanghai, which actually create a holistic low carbon community. Every year, it will be helped to reduce annual carbon by 5,052 tons, equivalent to 250,000 grown trees. The distributed PV area is 90,304 sq m, which roughly cover the power consumption of 603 three-person households. It also have three net zero power buildings, 32 ultra-low energy buildings, and which actually be awarded by Shanghai government, which aiding settable area of 7,951 sq m. It's 100% local treatment of the commercial wet waste. Demonstrative plantation with the first commercial PEDF with photovoltaics, energy storage, direct current, and flexibilities, and the aggregated concrete and carbon asset management platform, which has already been awarded as a Sinostey zero-emission building project. In Shanghai, we have a VX Fengxian Lingang Logistics Park, which has already been certified with a LEED Platinum Certificate. It was being awarded as the Net Zero Carbon Building Design Certificate from China. So by the end of this year, you can see that in H1 of this year, the total installed capacity is 11.99 megawatts, grid-connected PV operation, providing clean energy accounted for 30.6% of the total energy consumption, saving carbon emission by 2,964 tons. Please go to slide 35. It show our well-performed ranking performance. We will be highly recognized by the industry. We will be included into the Shenzhen One Hundred Leading ESG Index. Hang Seng Sustainability Index places us as A plus. We are also triple B on SSCI ESG rating, and we always be maintain our triple B rating with MSCI and ESG rating, and also with low risk on Sustainalytics. And we will also be awarded with the institutional investors, along with the CCTV and also the China ESG Pioneer listing, along with the Best ESG Listing One Hundred list. Okay, let's now go to the fourth part. That is priority for H2 of 2023. Please go to slide 37. I show you the priorities for H2 of 2023. Yes, indeed, the market is quite sluggish, with very challenging business landscape. In H2 of this year, we're going to carry out our work with three priorities. First of all, ensure operational security, maintain the industry-leading rating performance, maintain financing resilience, continue to optimize debt structure. Secondly, attach equal importance to real estate development, operation and service, increase business return, improve our capacity building... and making sure we can continue to formulate management standard, develop favorable standard for transaction, explore innovative instrument, such as REITs, to increase business synergies to maximize group overall interest. Thirdly, increase ESG value and sustainable development capacity. Please go to slide 38. I'd like to show you the priority at business level. First of all, regarding development business, we proactively collect the outstanding funds, explore investment in new stage of ensuring investment realization, upgrade procurement mechanism to improve quality and efficiency of the product lines, ensure complete housing delivery with high quality. For property service, we maintain a high degree of the quality to improve the efficiency and service quality through supply chain improvement for Wanwu Town. Take an active part in market exploration based upon the superiorities of the brand and service capacity, enhance technological R&D. Regarding rental housing, we focus on high-quality projects and accelerate project opening, maintain a high level occupancy rate, adopt innovative business model to improve customer relation and service, foster qualified assets, and create multiple access pathways for rental housing. For logistics and warehousing, we focus on cold chain and core cities, and continue to improve the layout of logistics networks, enhance the development of the business revenue, and improve customer service. Regarding commercial operation, we would like to ensure kick-off the key projects, continue product iteration, increase project return, enhance technology business integration, providing better customer experience by improving our managerial efficiency. That's all for my presentation. We do have a few appendix regarding the P&R and the financial tables for your reference. Thank you. Ladies and gentlemen, now let's get into the second part of our interim result release. That is QA session, please. Operator? Ladies and gentlemen, we will now begin the question and answer session. If you'd like to ask a question at this time, please press star and One on your telephone keypad to wait for your name to be announced. Thank you. If you'd like to ask a question, please press Star and One on your telephone keypad to wait for your name to be announced. We have 33 people waiting to raise their questions. In order to make sure we have more people to raise their questions, only two questions per people. Now, let's welcome Guo Zhen from Guangfa Securities, please. Thank you very much. Thanks for the management team. Good morning. I'm Guo Zhen from Guangfa Securities. In H1, the market is very much complicated for the whole industry. I really would like to respect your hard efforts being made for such a good performance. And, because you already proposed you're going to live longer and live better, at that time, many of the investors, just, don't care about this sentence too much. But now, not many of the companies can survive in this market. Our development is still quite robust, with very good development business. Your logistics and, your property management service and rental housing are also seeing very good growth. But, it's a pity we see the interim results having some downward movement. So I would like to ask you, how are you going to focus forecast on H2 performance? What stage are we now in? Thank you very much. Thank you very much. Thanks for Guo Zhen for your question. Yes, indeed. You see, our interim results is being on the downward movement and how we're going to forecast what the future may look like. Thank you, Guo Zhen. Thank you very much, and thanks for Mr. Guo for your question. Yes, indeed. Performance or the management, comment on performance is more like a compulsory question for each result announcement. For investors, you surely need to make sure management team are stepping up the efforts to deliver better performance. So let's say in H1 of this year, yes, indeed, the net profit was on the downtrend. There are two reason. The first reason, the settlement revenue and the settlement scale is being downward. Settlement GP margin also be down by 1.6%. And you can see for the interim result, actually, our settlement GP margin is being down slightly, and now the market is already in the adjustment stage. So overall speaking, our operational safety is 100% guaranteed. But short term, yes, we are stressful regarding the profit making. In certain regions, certain city, the situation is not looking good. Supply and demand situation also be fundamentally changed. GP margin of the whole industry was also facing downward movement. These are the two reasons. So we do believe financial safety is not going to be a key concern, but for short run, yes, indeed, we do have some profit stress. We're talking about, the overall industry, there are some fundamental changes. What can we do? And, how we are going to comment on what we are going to do? In the past, we were leveraging high leverage to purchase the piece of the land, and, for the sales to purely seeking for the large scale contracted sales. I don't think this business model going to continue in the near future. The players of the market and business model will see some fundamental changes. It was lucky that, Vanke attaches great importance to our development and service and operational business. So when the market has become distressful, we're going to be more committed for the three business lines with the equal weight be given. Especially in recent years, you know that we place our focus in three parts: being customer-centric, emphasizing on operational safety, security, improving our safety resilience, and at the same time, improving our business capacity. We call it as, one center with, two actions being taken. We need to be customer-centric. You need to be proactive in acquiring the customer, making sure you have enough customer in your hands. This is going to be the starting point of our business. We should also understand and well notice what is being needed by your customer, ultimately, providing the good quality of the service to the customer. Only in that way, we will be able to further support the customer with very good, business growth. Secondly, we continue to improve our managerial safeties to improve the financial resilience. As Madame Zhu has already mentioned, for multiple years, we have a operating cash flow be positive number. We have a very well-balanced debt structure, making sure that, we have a very good rating performance with a low short-term, debt coverage, and, making sure our financials and operations are all safe. This is quite important. We've for business capability, for the traditional development business, we have two focuses. First is that we have to be strict we with our investment criteria. And after we start the businesses, we have aligned our work through the pre-investment and the post-manage investment. Also including, like, investment design, construction design work. So these projects is being turned out to be good quality. And third, thirdly, in terms of the development business, we have been building our our product capability and supply chain capability for products. For our supply chain, that we need to further build about vertical supply ability. And in terms of a business operational and services business the first- for the first half, that was up by 11.9%. YOY, in terms of the YOY, Wanwu, we've been improving our gross profit margin through, like, a Wanwu town strategy. And to like, for high standard warehousing, some cold chain, et cetera, we've been improving our occupancy rate, rental rate, to improve the efficiency and to realize profit. In terms of a port, we've been applied the cost method, and that turned out to be profiting. The long-term leasing apartment business for port, we also applied the cost method, and the result, financial result was a profiting one. And after the rates being rolled out, we've been improve our effort to increase the securitization, to release more assets, and to release more, like, potential for the... Especially the value of our operational business. So these two kinds of capability will, you know, play out a kind of a synergy to help each other. So this is about how we improve our capability to coordinate different business units, to coordinate different industries, different businesses, and different scenarios. This is the experience we cultivated. In terms of the mid and long term for businesses results, what changes will we see? What kind of, you know, a different scenario we will see? For internally, we think that the real estate markets will, you know, it's a big market. We think it will still have this, you know, regular, healthy development. This industry has been entering a new phase, new stage, and for customer loyalty and the financial robustness, we will see different changes, and we need to ensure high quality development to... So that, that's one of the key points to ensure our long-term development. We are a peasant. We just cultivate the land. This is the thing we need to do, as we've always said. So we are confident to face the challenge. So this is so much for my answer. Thank you for your question. And now let's get in line the next question. Now, let's give the floor to Miss Huang Wanyi from Daily News. Dear management, for this year, we've seen the since to this year, we've seen the market has been going down, and then in July, August, going down further. So the market sentiment is not very good, a bit pessimistic. What do you think? And in terms of the later, in the market later, what's your assessment, and what kind of you know, advantageous policy will we see or or we need to boost up the market? Thank you for your question. What you care about is the market trend and the market assessment in the future and what kind of a policy we will need to see, right? Let me answer the question. In terms of the market assessment, I will I just just summarizing one word, that's kind of you know, structural. You know, the sentiment, low sentiment has been continuing for a while, and that's been impacted. The market has been impacted. We will see a bit of an overreaction here and there. So for our assessment, this kind of a market, I think it has been oversold, definitely. For example, the newly constructed projects two years ago that were down by 21%, and the land are down by 40%, but at first half, that was further down by 25%. So if we compare this year with 2020, actually, that's down by 60%. Using the speed, we think like the newly constructed area started this year, that's about 600 million sq m. That's, you know, going back a lot years. The floor per person, that was about 1.7 sq m. Is that too big or too little? We can see that in the US, in America. Many years ago, the urbanization is about 70%, and then later, twenty years. So the per person newly started construction areas are still about one sq m. And for China, the urbanization rate is about 65%. If we go, let that improved by like to 70%, we think the yearly, that's gonna be, we will see one billion to 1.5 billion sq m of new construction projects area, GFA. So I think the market has been oversold. And we can see the policy has been delivered, good policy has been delivered, favorable policy we're already seeing. We're just hoping that this policy can be implemented further to further boost up the market. And for others, for like, utilizing existing projects, that those things are also influential for mid and long-term development of the market. And also, we can see in July, there are also, like, policies and the requirement has been put forward by the regulators. We're hoping to see more measures, policies being implemented soon. And we're also hoping that under this kind of different background and factors, in economy continuing to improve to be improved, we can see the market will go back to its regular channel for healthy development. Definitely, we will see ups and downs. We... There are challenges, but for Vanke, we will do just focus on what we can do and to put more effort into it, so to build more cushion. For this, as for us, we are one of the insiders market. We are facing challenges. We are under pressure. We are not so sure about the market trend for the future, but in terms of the experience, we how to meet it, we can say that once there are bad factors, then there are good factors. So when you are in the low point of the market, then there will be a good news. There will be things that will show resilience. There are new opportunities. For resilience, we think that as long as like population is growing, then the oversupply is not gonna be a problem. For example, in London, there has been—London has been developing for hundreds of years, building has been built for hundreds of years, but in the past 30 years, the newly constructed GFA has been up, you know, doubled. Now, the newly constructed areas, like two times of that 30 years ago for Japan, that was, you know, down by 50% compared with its peak time, but Tokyo is only down by like 20% - 30%. In Tokyo, that six core areas, six cores, district, they are, you know, seeing upward trend, seeing growth. So as long as population is growing, people are, population flowing into like, jobs concentrated area, then we will see opportunities. Population will be concentrated. And then once it's like ma—matured, there will be more opportunities for us to improve the creativity activity for the old districts. This is what we call resilience. For opportunities, under new development model, we were, you know, put more new efforts to make new changes. People will have more requirement for their better life. So that's for Vanke, we will focus definitely both on development and operation at the same time. So our development model has been adjusted. We implemented a new model, and that's been clearer and clearer for residential housing, commercial housing. In the past, that's, you know, only to solve a problem for people where to live, but in the future, that's more gonna be improve people's living standard. And we will see, like, more opportunities in urbans, in cities. In the real estate market, as we've just talked about, resilience and opportunities, and for the this market, if we need to see like a totally new scenario changing, there definitely a lot of work to be made. In the future, for development work, that was can be nailed down to the competition of capability, whether your products is good enough, whether your reputation is, you know, strong enough, and the efficiency within the organization is the high enough, and whether do we have good, you know, good partners? Is that number of good partners enough or not? And that's, you know, competition needs the cooperation with partners. We build our foundation already, but in the future, we need more work to do more work to improve that. And for a real estate market, that's, you know, not quite original. It's for a lot of large, complex projects, we will need to align the projects with the local situations, local requirement, environment, situation, a lot. So that will need a lot of coordination and alignment, cooperation, so that we can then further expand our work and replicate our work to other places. So in summary, we think for today's market assessment, we think we need to build the strong bottom cushion, and then still have strong confidence and do our best. This is our overall assessment. Thank you. Thank you for your question, and also thanks to Mr. Yu for his answer. Now let's get into the next question. Now let's welcome Mr. Chen Cong from CITICS. Thank you. I'm Chen Cong from CITICS Research. You also meant a lot of the measures. I still have a question to ask about that. In terms of the financial indicator, the gross profit margin, margin or... Would that, you know, already at the bottom level? In the future, the financial indicators will be stable or improved, especially for development and work, business? Okay, thank you for your question, and you've cared about our financial indicators, especially the gross profit, gross profit margin, and specifically in development businesses. Is that at the bottom level or we will see improve? Thank you for your question. Let me answer the question. For gross profit margin, that has been going down. I think that's a common challenge the industry has been facing in the past two years. The market is going down. In the short run, the gross profit margin is very precious, and a lot of the sales resources is going to be delivered, and this pressure will be shown out in financial indicators. The settlement gross profit margin will still going a bit further down, and we see, as we do our pricing based on supply and demand, if the recovery of the market takes a bit longer, then the gross profit margin will see pressure. Since last year, we can see that the new projects has been, you know, see stricter requirement and criteria for investment. That have... So we've been improved our own capabilities and gross profit margin before tax is about, for our operational business, that's more as up 20%. Will that be in further improved, improved? We think that for development and operational business, the gross profit margin is definitely going for a better direction. So thank you for your question. Let's now welcome next question, please. Coming next, let's welcome Clare from Reuters to raise the next question. Thank you very much. I'm Clare from Reuters. I do have a question regarding the cash flow, because, you know, the sluggish sales being seen in the market in July of this year, and, your contracted sales is being down. So if we continue to have a sluggish sales in the market, whether you're going to have a distressed, cash flow, how are you going to guarantee you have, a sufficient cash flow? So I'd like to know that, whether the funds in the monitoring account made by the government going to impact your cash flow status. Thank you very much. Thanks for Clare from Reuters in raising the question. Yes, indeed, you notice the contracted sales having some downward movement. If it continue to be sluggish, you're worried about whether the cash position is okay for the company. You also would like to know the funds within the monitoring account of the government. Let's welcome Ms. Han to respond to the question. Let me respond to the first question regarding safety of the cash flow. We have every confidence that we can guarantee the operational safety of Vanke. Our chairman has already mentioned, we are building our safety bottom line. We are a company always performing robust financials. Safety and the health of the financials always be our key priorities, remain unchanged from the past to now. We attach great importance to the management of the operating cash flow. Right after 2008, we have 40 consecutive years to have the positive operating cash flow. And for Vanke, we always prohibit ourselves from high leverage, so our net gearing ratio is always lower than the industry average, remaining at a low level of the net gearing ratio. We also protect our brand and reputation as we protect our own eyes. This is our corporate culture and philosophy. That's the reason we always be able to maintain the best credit rating performance in the market. This is a strategy from the past to now, which also position Vanke till today. This is also when the market is facing huge and major changes, the only milestone for or the cornerstone for us to live longer. So our performance being already demonstrated by numbers. In short run, there are some market distress. We have been prepared. Our safety resilience been further improved. Just now, in the presentation, we have already mentioned all those points. Let me just make a brief summary. First of all, we attach great importance to the management of the operating cash flow, and besides the operating cash flow management and philosophy, for the past two years, no matter for the cash flow management granularities or the centralized risk management, all has been greatly improved. Our cash collection rate always been maintained at a very high level. Our cash collection is in line with our total contracted sales in 2023, and we'll always be able to maintain agile and flexible operation, and making sure we will be able to well organize our new project, commencement and investment be made, making sure we have safe liquidities. But for sure, we are also going to have some dynamic stress test and to evaluate any of the extreme situation to make sure we do have a plan in advance, making sure we have a very strong financial security and safety. So in H1 of 2023, besides guaranteeing our robust performance, we also seize the opportunity from the market of acquiring more products. Even after acquiring the products, we have a net positive operating cash flow. This is also what has been achieved by Vanke. Well, regarding financing, for sure, Vanke always maintain open and diversified financing channel. As you probably noticed, starting from the year of 2022, Vanke is one of few companies leveraging our own credit to issue the bonds, starting from 2022 to now, and we have already published or issued more than CNY 40 billion bond, debt, bonds in the market. No matter from the size of the issuance and the coupon rate, it is always maintaining us as a tier one players in the market, where for the development loans, operational loans, as well as other financing source, we always keep a very open, channel there, and we're always be supported by the policymaker and the regulators. Leveraging this great window opportunity, we proactively, swap some of the debt or pay for the short-term debt, while just using the long-duration debt with a low financing cost to support our business growth. So that's the reason our debt structure is being further optimized, as we introduced just now. Our short-term debt has been further reduced, down by close to 30% compared with the beginning of this year. Short-term debt to total interest-bearing liability also reaching the historical low, and the duration, averagely speaking, is also more than five years. So altogether, our safety resilience could be further enhanced. Where you can see that with the rate hikes made by the U.S. Federal Reserve, we also downsize our offshore debt. In H1 of this year, we leverage our own funds to pay for the offshore debt. Excluding the Forex factor, our offshore debt has been down by 12%, and our foreign debt is less than 20% of our total debt. But for sure, no matter for the product or category channels or the duration optimization, our financing cost always be maintained at a very low level. In H1 of this year, you can see for any of the newly made debt onshore, the financing cost is only 3.3%, even lower by 40-50 basis points compared with the previous years, and with 50 basis points compared with the integrated financing cost for 2022. All of that helped to further boost our safety resilience, so we have every confidence we can guarantee the operational safety of the company. Responding to your second question, that is a pre-sale monetary account funds. This is indeed a very important action. We comply with the regulations, maintain orderly operation, while raising our pre-sale funds in the monetary account, it is around 35% of the total funds, down compared with the beginning of this year. Madame Zhu also mentioned... Our current to the short-term ratio was 2.7 times. So in other words, excluding the pre-sales and the coverage ratio of the short-term debt is 1.6 times elevated compared with the beginning of this year, so the safety performance been further improved. Thank you very much. Thanks for Clare from Reuters. Thank you for Madame Han for your response. Let's welcome the next question, please. Coming next, let's welcome Ken from Citi. Thank you very much. Thanks for the management team, and thanks for the operator for giving me the chance to raise the next question. I'm Ken from Citi. I do have one question regarding the sales. I see from January to June the total sales been down by 9%. But for sure, I think it's been impacted by the distressed market and the sale of resources and the land bank are all contributing to this factor, and we should also guarantee the operational safety and financial safety. So how the management team are going to comment on the key reason for the sales to go down? And are you gonna to balance different factors to find out a new sales target or renew your sales target within this year? Do you have any project or road plan in the near future? Thank you. Thank you. Thanks for Ken from Citi. Thank you for asking the question regarding the sales. You'd like to know what is the key driver for sales to go down in H1 of this year, and how we can balance the land bank, cash, along with our saleable resources in H2 of this year, right? Yes. Let's welcome Mr. Zhang Hai to respond to the question. Thank you very much. Thanks for Ken, for your question. This is indeed a broad question. Let me just spend more minutes of introducing the situation to you and to other investors. Before answering your question, let me just share with you some of my observations. You know that, for the year of 2023, for the whole property market, it is still in the very distressed, stressful situation. We do feel a few highlights in this market. First point, intracity and intracity polarization started to be aggregated. For some city, they have the net flow of the population with industrial growth and, consolidated industry base. They have a widened the demand and, supply. Even some city have a 30% of the sales growth, where for other cities, they are under great pressure for contracted sales. Their contracted sales been down by 30%. For those city, actually, It's then the longer run for those cities to digest their existing sellable resources. Where within the same city, there are also going to be some polarization. Even in some well-performed cities, the price or the quick ratios also have around 10% - 50% of the selling rate difference or the selling price difference. This is regarding the city, well, let's talk about the customer. The customer are having a more refined yet diversified need. They need the projects to be well designed and also be cost-effective. And, the customer, they are more demanding over the functions of the product, and they need a cost-effective product with a relatively reasonable total price. The landscape gardening of the projects also be included into the consideration. In Hefei High-Tech Zone, we have a big project targeting the high-tech practitioners. We find out those customer, they need a landscaping space in their community because landscaping being a part of their daily life. I'm just giving you an example, you know. The third point I'd like to draw your attention to is, for development and for operation, we find out the mistake tolerance being further narrowed down. Why should I say so? From the investment survey, customer survey for project road alternate design, you need to make everything right in one row. If you have any breakpoint or any of the disconnection in between, they're going to provide you foreseeable consequences. In certain district, in one city, even we have different projects, you need to make sure you have good customer survey, good supportive facilities. Otherwise, even if the projects are in the same district, they're going to have a very different performance. If you have a good project that releases the window opportunity, then you're going to have a good sales, really fitting to the customer need. Along with what has been mentioned by my colleagues, the market is kept changing. So for the past two years, the experience is more like a marathon. Some of the judging criteria no longer work for today, and they can't be worked for today for sure. In the near future, I think, we're going to start a new round of the qualifier. What is a feature of the qualifier? You have to be providing high quality and high efficiency. We need to be well prepared for the next round of the qualifier in the property market. ... So you see that, when we're preparing for H2 of this year, we're going to prepare for more challenges and the difficulties, and we need to hit our monthly and weekly target, concentrate our efforts for better job. In H1 of this year, for sure, our development and operation business, and the total GFA being sold, it's been looking good, down by compared with last year. The reason is because, our project rollout is less compared with the same period of last year. But, compared from the total sales perspective, our sales efficiency has been further boosted. In H1 of this year, we'll still be able to maintain ourselves as a tier-one players in this market. Later on, I'm going to walk you through some statistical changes which show us the positive signals. First of all, sales conversion rate has been further improved. In H1 of this year, according to the market change, we adjusted our marketing and sales plan. We have CNY 192 billion for the established projects by the beginning of this year, and 71% of the sales are coming from the existing projects or the projects carried from the pre-previous years. The parking slots is being sold with CNY 7.1 billion. In the past, we are relying on the new projects, but in H1 of this year, we started to work in selling and digesting the inventory projects. Till now, we see we made a good performance. So because of the targets we made in H1 of this year, we were talking to district and subsidiaries. We make sure that we do have different conversion rate requirements for the carrying project and also the new projects, splitting the KPI to a different team into weekly and monthly arrangements and schedules. Let me just talk about the well-established projects themselves. We're working with property service business, making sure delivery is sales. In other words, when we deliver the projects, all the well-constructed projects, they have their own profiles, documents, sunlight, and orientation information. And we also made a very good experience for the project delivery. And some of the customers even have their relatives to join us. We make sure well-constructed projects could be presented to the customer with very good design and good experience. After taking all those measures, you will see that the sales of certain projects even be further improved. The second is about the product line, build-up, that's being improved to better support the business. In the first half, we have 13 approaches going into the market, and now the total supply is about 20 million. Gross profit margin is about 20%. The numbers showing are good. Based on the two years of hard work, we have improved the... Our like, financial situation, our efficiency and capability. So for example, in Shanghai, Ideal Place, the Dongguan, etc., the sales rate is about more than 90% on the commencement date. And in the second half, we still have a lot of projects being rolled out in Shanghai, Hefei, Chengdu, etc. In the first half, the sales will, we will keep a close eye on the market changes to adjust our pace. Firstly, we will decide our production and expense based on sales. So we will speed up our supply and sales. We see the changes in the market. We will monitor the market changes more frequently and provide more supporting fundamental for sales. The new projects, we will focus on, like, the sales rate on the commencement day. For the existing projects, we will focus on delivery, efficiency, and the synergy between, like, the property services and the projects. We also said that we told our frontline workers to focus more to serve the customers. They will have, like, morning meetings, like, and even meetings to do summary daily to further speed up the sales conversion. Secondly, during those struggling periods, we will focus a lot of our work on building up our team's capability to improve that, to improve their competency. In the future, we need to get them prepared for challenges, and we rely on those products showcase site and do a lot of trends for it. We do like more than 500 trainings per person. In the second half, we will continue to train about 700 person- ... And And that covers different businesses like commercial, residential, et cetera, and office building, et cetera. And we will replicate good examples on and on, and build up the capability in, like, sales workers to- And for example, we set Langshi, the level-up project, as an example. And those projects getting matured, the synergy between operational, and businesses has been further played out in different cities. So a lot of these projects that, you know, has a little bit of a research effect, will be implemented. And we will continue to build a more all-around team structure. And thirdly, we will ensure our delivery, delivery work. In first half, that's about 90,000 units to deliver in the first... And the second half is still about 100,000, more than 100,000 units to deliver. For each project, we will have a delivery task force to set up. Before the delivery, 30 days before the delivery, we will need to complete all construction work, and we need to ensure all the facilities are running well, and also the property services workers will be get in, in the front line, further down the line. Here, about delivery and certification, that efficiency will be improved. In the first half, we have more than 800 projects been delivered, and certification be hand down to customers at the same time. Thank you for your question, for Ken. Now, let's welcome the next question. Now, let's welcome researchers from Caixin, journalist Che, Miss Che. Now, recently, there are real estate risks been spreading. A lot of real estate development needs to ensure the safety, and how are you gonna ensure the safety in terms of a land acquisition? You know, the sales is going downwards, and how are you gonna do preparation for land acquisition? Will you do, you know, more time to, for the preparation before land acquiring? And land, how do you prioritize, like, sales, debt, repayments and delivery? And what is the return rate for land acquisition for this year? Thank you. Thanks for your question. You care, you noticed that risk in the market has been spreading, and how is Vanke going to do its investment, especially for, like, debt repayment, delivery, and the sales, and land acquisition? How are we gonna prioritize, right? And specifically, you care about the land acquisition. Actually, you asked about land acquisition, the return for that, and, for we spend, money, how we are gonna spend our money, prioritize different task, right? Firstly, I will ask Liu Xiao to answer your question, your first question, later on, Ms. Han, to answer your second question. Thank you for your question. In the past, two years, we've been adjusting our investment effort. We think the operational safety is more important. Quality is more important than quantity for investment in 2022. The investment effort or investment, that's about 22%, and in and then this year, it's about 20% - 29%. We know that when the market is going down, this kind of investment effort is about 40%. We think this, the adjustment, proactive, active adjustment is, the right thing to do, based on our principle. Our like, prudential principle. We need to maintain a reasonable level of investment, and we think this proactive adjustment is the right thing to do to align with the market situation. And that's also based on the situation between demand and supply. So in terms of, investment effort, we think we have already done adjustment. And also, we've been working very hard to focus on the quality of investment. And internally, when we find out, like, good quality investment, like, really good projects, these are the things that we need to focus and grasp. The three criteria: firstly, the market and the customer needs to be good, to be, recognized. So in the Tier 1, for example, in Tier 1 cities and places that population is flowing in, industry is growing, and like for the places that Vanke has been investing. And how is the existing projects being operating? So this is our investment map, how the map is, how it's being constructed. And this is, we are improving the accuracy of our investment map. And second, for the criteria, we need to get in a product, product solution further down in the line. We need to to grasp the pain point of the customer more accurately. As we've mentioned, we have a lot of cities being implemented, like 14 a lot of projects in a lot of cities. The product solution is getting more complete and is, you know, has been engaged further and earlier in the process. And then thirdly, is about the financial requirement. You mentioned that financial, like, gross profit margin, 20%, et cetera. In 2023, in the first eight months, we invested 32 projects, and that's about CNY 17 billion of investment. The IRR for the shareholders is more than 20%. That has already in, in... So when we're considering the free cash flow in headquarters, the IRR is about 22% attributable. And also, we can see that efficiency is quite high. You mentioned that the investment payback rate is about 93%. For the 32 new projects, we need about, like, averagely, to take five months to start, to commence. We think in the first half, the investment we've done in the first half definitely will build a really good foundation for the quality of the progressing for the second half of this year. Okay, let me answer your latter, your second question. So actually, I've already covered. So I think for your question, is about safety and development, how we prioritize them, and now in the future, how we prioritize those two trends. And you also mentioned that safety is the bottom line, and the short-term debt delivery and the land acquisition, how we prioritize these three tasks, we think that's how we... I think that's how we plan our operational cash flow, how we plan our investment. Actually, it's a very complicated topic. It's not, you know, a linear sequence that I can answer, or prioritize, that I can answer to you. For example, when we're talking about the three kinds of cash flow, financing, investment, operational, how we do that, how we manage them. So for now, we do our plan, you know, dynamically, monthly, like weekly. So in that, we will consider the expense now and in the future, and we consider all of them all around, and we will do a plan considering the investment planning, land acquisition, to do our budget, to do our financing plans, and during this process, and make dynamic adjustment. Also, we mentioned about stress testing. In the past two years, we've done actually more, especially more than in the past, and more granular, because we need to consider a lot more factors from the future, and consider more changes, possible changes in the future, to do more like precautions plans. For example, we price our production based on sales, so that means we need to adjust our investment level, our investment scale, considering a lot of factors. So overall speaking, we will dynamically monitor our liquidity and different indicators, and also considering the, you know, managerial indicators, internally and externally, to strike a balance and to reach a healthy point. And definitely, there are some lot of fundamental factors to consider. For like new construction, we will construction headquarters to quote in everything for that. And investment financing, we will need to report those plan at a headquarter level to make the decision. And we will have, like, a very granular requirement for, like, leverage, leveraging and financing at, for different branches and subsidiaries. From the result perspective, besides in keeping a positive operating cash flow, we also see some market opportunity to acquire some very good products in H1 of this year. Many of the projects in H2 of this year or next year are going to be converted into project, contributing the performance growth for our business and guarantee our operational safety for the future. Thank you very much. Thanks for Liu Xiao and Ms. Han for your question and answers. Now, let's welcome next question. Coming next, let's welcome Tu Li from Haitong Securities. Thank you. Thanks for Chairman Yu. Thanks for Madame Zhu. I'm Tu Li from Haitong Securities. I do have one question. Last night, you have already stopped the preliminary plan for Asia market stock insurance. What's the reason? And, is it going to impact your business in the near future? Or in the near future, are you gonna to have more private placement in Asia market or other financing plans? Thank you very much. Thanks for Mr. Tu from Haitong Securities. The company suspended for the private, additional private placement in Asia market. You just worry about how it's going to impact our business. Are we going to re-initiate it in the near future? Now, let me help to answer your question. Thank you very much, and thanks for our shareholders for helping to pass on the resolution of stopping the additional private placement in Asia market. And we will also be greatly supported by the regulator. Why should we stop this private placement in the Asia market? The reason is because our share price being kept at a very low level. We repeatedly talk to our institutional investors, and we find out institutional investors they show their concern if the company continue to do additional private placement in the Asia market, it's gonna to not be fair to the existing shareholders. You know that even if the regulator they actually have a full basket of the policies of talking about the refinancing of the listed company not going to be impacted, but considering the institutional investor interest, we actually stopped the private placement in the Asia market for additional insurance. But for sure, we're going to leverage other channels. We have very open channels for financing to raise the funds to support our healthy business growth. So coming next, and whether we're going to start the private placement in Asia market or not in the near future, we're also going to remind the board and the shareholders to approve it further. Now, let's welcome the next question, please. Next question. Let's welcome Zhang Liang from Shanghai Securities. Ladies and gentlemen, I have two questions. My first question is regarding commercial property market. Consumption is pretty gloomy worldwide. So how are you going to comment on the commercial property? Is it still going to be a good business? And you mentioned some of the projects will be entrusted and managed by SCPG. How it's going to be? Thank you very much. Thanks for Zhang Liang. Thanks for your question. You ask us, why we're going to ask SCPG to help to raise those projects, how the performance may look like. Thank you very much. Thanks for Zhang Liang. Thanks for your question. You were talking about the commercial properties and consumptions, as well as in the... So you can say for the past 30 years, yes, indeed, we continue to talk to Hong Kong and the international peers. We continue to talk about how the industry can riding through the circles. Many of our peers, you know, that they are actually switching between the commercial properties and residential properties and the commercial operations to riding through the circles. Where if you do commercial property investment, total investment would be heavy with long-term recovery duration. But in 2023, there is a policy that is rates. So you can say that, if you hold the operational fixed assets, rates are going to support you to further your business. From the consumption perspective, I do see different sayings in the market, but for sure, from our financials, from our management information or from the social consumption, we do see very strong rebounds in hotel industry. Where regarding the commercial operations, catering have a growth of 20%, jewelries and grow by 40%, uh, apparels and shoes grow by around 10%. Sports wear and other products also grow accordingly, and those are all the categories be very important part of the tenants within the commercial operating. Commercial property, we have a 7.3% growth in H1 of this year, where 7.3% of the growth, for the growth compared with the shopping mall business growth, there is a time difference. I have to draw your attention to in H2 of 2022, due to very special reason, some tenants... started to see the rental fee adjustment or leasing fee adjustment starting from H2 of last year. And, some of the tenants indeed have accelerated sales growth. Well, coming back to SCPG. SCPG, undoubtedly, is the first batch commercial management brand nationwide. It was supporting Walmart to go to the rest of the China. They did the heavy asset investment and heavy asset merger acquisition operation. SCPG undoubtedly is one of the most experienced and outstanding commercial operation team. They are supporting the local residential consumptions. SCPG is not in the heavy luxury segment. So if we're going to define what is the consumption infrastructure, I think for SCPG, their brand positioning is really a good fit into the consumption infrastructure. It is indeed a consumption infrastructure solution provider in the market. Where for SCPG, till nowadays, on one side, it was continue to improve the business operation, where for some old projects, they are also in the optimization stage. At the same time, as we issue REITs, SCPG is also a very strong team to be a part of the REITs program. And SCPG is also working with Vanke development business. And SCPG is also being asked to take over some projects for management. In H1 of this year, we have 34 projects being managed by SCPG, with 29% of the revenue growth. In the past, the revenue growth for properties managed by the third party actually with good growth. SCPG, its positioning also fit into our philosophy of doing the right thing with the professional team. And they also have 25 million members, with more active members being showing up within this year. So I do hope that with the great support from Vanke Group, and we're going to take care of our due job. In the near future, we're going to provide a better service to the urban residents. Thank you very much. Thank you very much. Thanks for the question from Zhang Liang and the response from Mr. Zhu. Let's continue with the next question, please. Coming next, let's welcome Wang Huijing from CICC. Okay. Thank you very much. Thanks for the company of giving me the chance to raise a question. I'm Wang Huijing from CICC, and I clearly notice the company strictly follow the financial rules and regulations, emphasizing upholding the safety bottom line for financials. I say there are other peers who may have the financial troubles. The offshore market has started to see more volatilities. So I'd like to raise a question here. Recently, for the management team, do you see any change for the offshore financing market or the environment? In the next two years, how many of your offshore debt going to in due, and what are the arrangement you may have for the payment? And if short term, the US dollar financing going to be very hard to be done, and are you going to have some cross-border funds to pay for your offshore debt? Thank you. Thank you very much. Thanks for Wang Huijing from CICC. You were concerning about the price of the offshore debt market. Do you see the environment being changed for the offshore market? And, how about the offshore debt maturities, the payment plan, and are we going to have the cross-border funds to pay for the offshore debt? Let's welcome Madam Han to respond to the question. Thank you very much. Thanks for your question. Indeed, our financing is pretty normal. From H1 to now, in the offshore market, we have already finished the refinancing of more than CNY 50 billion, and we will be greatly supported by the regulator onshore. So now we have a very normal financing in China, in the onshore market, because you see that, we made a lot of swap and pay for the short-term debt. So from H2 to next year, and we have a very limited offshore debt due, and in H2 of this year, we don't have any offshore debt due. In 2024, we have a $3 USD debt due, and according to the Forex today, so altogether, the total volume of the offshore debt would be around 11 billion RMB. We have already started the payment program with the interest with the rate hike from the Federal Reserve. We're going to well control the total payment volume to downsize our offshore debt. So indeed, we have three preparations in place. First of all, we're going to use our own funds to pay for the offshore debt. We do have a few offshore funds that can be used for offshore debt payment. And my second point, we use offshore funds in investing onshore projects and offshore projects. They do have the dividends and also the paybacks and, and the funds after the resource being collected. Some of those funds can also be used to pay back for the offshore debt, where the third part, the source of the funds, the US dollar funds is being frozen. So I think now we're using the interbank system, the banks or the club loans or the buyback loans to finance and then for the funds to be paid. And we have already initiated in August, getting the long-term quota from the National Development and Reform Commission. We're now working with the banks to prepare for the refinancing. So in other words, we are already well prepared for any of the debt that is due next year, and everything is on the right track. Thank you very much. Thanks for the question. Let's now welcome the next question, please. Let's now welcome Wang Bo from Caijing Magazine, please. Thank you very much, and thanks for the management team. I have a question. I noticed your operation, the service business, was growing on a yearly basis, but it's accounted for a very small part of your total performance. So how it's going to be like in the near future? How it's going to contribute to your future business growth? My second question, it seems that REITs being further accelerated. What's your progress in REITs? Thank you. Thank you very much. Thanks for Wang Bo from Caijing Magazine. He'd like to understand operation, service, business contribution, and the REITs progress. Okay, let me ask Liu Xiao to respond to the question. Thank you very much. Thanks for Wang Bo from Caijing Magazine. Let me just respond to you regarding REITs progress, because operational service, and, it's accounted for 12%, and, we also continue to improve this business. Hope in the near future, it's going to make more contribution to our overall business. It will become a very important part of our business with our development business, and this is our overarching strategy. Well, regarding REITs, indeed, I feel, REITs being accelerated. As, Mr. Yu has already been elaborated on other occasions, in China, for the fixed asset service industry, REITs is going to play a very important role, at least for Vanke, for our management team. REITs actually be a strategic choice for us and also boosted our confidence for future development. We are studying the policy and also promoting the REITs projects. We do have, three, REITs projects in place. First is in logistics REITs, and we can see that, that, it already been getting approved by the Hong Kong Exchange, and it's located... The asset is in Guangdong, Zhejiang, and it's been rolled out in E sequence. For the, consumption infrastructure in SCPG, after the March, and SCPG started to apply right away after the policy being rolled out. And that has been pushed forward as planned as well. And also, as we've mentioned, we have more than, like, 80,000 units of apartments, and we have a REIT for that as well. So we have three apartments, consumption infrastructure, and warehousing. And among that, worth noticing is that for REITs, for us, for the operation and service business, the REITs has already providing an instrumental role for our business as well. Recently, the group has been doing, you know, assets categorization as well. We have some assets being getting in the pool when the REITs has been rolled out. And also in the future, for the looking forward two three years, we also look for good quality assets in as well. And at the same time, we've been improving the efficiency for these assets as well, so that we can get a higher return rate. Not just applied to REITs, but also the potential assets in the future or other assets that might get into our balance sheets as well. So the criteria for REITs assets is quite, you know, applicable or with, you know, referencing when we are doing our investment and other work as well. At the same time, we have been coordinate with other, like, funds, REITs funds, to discuss more types of cooperation. In January on 17th, that has been the first batch of REITs has been listed. In the past seven months, we have finished seven projects transfers, and two of them has been delivered. I think for REITs, the regulation has been getting clearer. And some... For other institutions, they can utilize the fund and our REITs capabilities, and our assets to improve its self-sufficiency. Then our assets, our projects influence, is getting more influential. I think in the future, we will push forward our work in terms of REITs and operational and service work as planned. Thank you. Thanks for Ms. Wang Bo's question and also Liu Xiao's answer. I think time-wise, actually, our interim results announcement was scheduled to close at 11, has been postponed by 20 minutes, and we gathered questions beforehand. Actually, a lot of questions we gathered has been covered during previous exchange, and I think our investors will, will have other questions, but time is limited. So the interim announcement conference will be, you know, scheduled to close soon. If you have other questions, you can send it to our IR mailbox, and also, we can exchange online. Thank you for your question. Thank you for your care and support. So we see you next time.