Ladies and gentlemen, good afternoon. I am Wu Yi from China Overseas. Welcome to China Overseas 2020 results presentation for investors. This presentation will be conducted in both China and Hong Kong. The management will communicate with you. Let me introduce to you our management in Shenzhen and Hong Kong headquarters. In attendance today are Vice Chairman, Executive Vice President, COO, and Chief Architect, Mr. Luo Liang. China Overseas Land & Investment Limited, Mr. Zhang Zhichao, CEO. Vice President, Mr. Guo Guanghui. These three senior executives are in Shenzhen. China Overseas Land & Investment Limited CFO, Mr. Luo Shijie is in Hong Kong. The Chairman, Mr. Yan Jianguo, because of other business engagement, cannot attend this results presentation. Mr. Yan has prepared a video to send his greetings to investors and analysts. Now please enjoy the video. [Presentaion] Thank you, Mr. Yan, for his sharing. This presentation is divided into two parts. First, Mr. Guo will go through the 2020 results. After that, there will be a Q&A session. On the phone or on the internet, please feel free to leave your questions. Now let me invite Mr. Guo to present the results. Dear analysts and friends from the investment community, good afternoon. I now present to you COLI's 2020 results. The theme of our annual results this year is Pursue Innovation Through Integrity, Robust and Secure to Achieve Growth. The presentation comes in three parts. First, we review the performance and operation overview in 2020 and then walk you through the group's 2021 outlook, strategy, and targets. First, we present to you the group's 2020 overall performance. Under the impact of COVID-19 pandemic in 2020, global economy was in severe recession. As China brought the pandemic situation under control and resumed work and production by implementing pandemic prevention and control measures, as well as promoting economy and social developments, China's economy became the first to recover from negative growth. The group had overcome impacts of the pandemic and achieved quality growth in business performance against market headwind, including five highlights as shown below. First, double-digit sales and revenue growth against market headwind. Contracted sales rose 12.5% year-on-year to RMB 360.72 billion, surpassing average growth rate of top 10 real estate companies. Second, the group maintained industry-leading value creation ability with a double-digit growth in profit attributable to shareholders excluding fair value gain, increased by 10.9% to RMB 38.03 billion, and net profit margin remained among the highest in the industry. For profit attributable to shareholders, it showed a double-digit growth at 10.9%. Third, the group is committed to create consistent growth in value return. Dividend payouts ratio was over 30%, and dividend per share was HKD 1.18, increasing by 15.7% year-on-year. Final dividend reached HKD 0.73 per share, up 28.1% year-on-year. Fourth, the group stays proactive in land acquisition, leading the industry in terms of speedy growth in new land investment. Attributable land premium of the group series of companies in 2020 was RMB 170.47 billion, increased by 24.8% year-on-year. Attributable land premium of the group in 2020 was RMB 131.84 billion, increased by 16.3% year-on-year. Together with partially paid land parcels of Shanghai East Jianguo Road Project, Beijing CITIC City, and Suzhou Wuzhong District Taihu Project, the group's attributable land premium in 2020 reached RMB 144.7 billion, exceeding the RMB 140 billion investment budget of the year. Fifth, the group maintained financial stability with liability to asset ratio being 60.1%, net gearing being 32.6%, average borrowing cost being 3.8%, cash on hand RMB 110.47 billion. The tightening real estate financial supervision policies highlighted strength of the group in financial resources, demonstrating stable and enduring growth. The second part reviews the business and operations in 2020. In terms of contracted sales, group series of companies achieved double-digit contracted sales growth against the market headwind, which rose 12.5% year-on-year to RMB 360.72 billion, and the RMB 400 billion sales target in 2020 was accomplished. In 2020, average selling price was RMB 18,800 per sq m, up 5.3% year-on-year. Average selling price, excluding COGO, was RMB 21,300 per sq m, which was among the highest in the industry. During the 13th Five-Year Plan period, contracted sales increased to 1.5 times, CAGR 20.4%. In terms of cash collection by strengthening cooperation with banks and enhancing efficiency of mortgage drawdown, the group series of companies achieved cash collection of RMB 342.55 billion, up 14.5% year-over-year. Cash collection rate maintained at a high level of 95%. The group kept its focus on major cities to maintain quality operation. Sales revenue in major cities grew consistently. In 2020, sales revenue in first-tier cities including Beijing, Shanghai, Guangzhou, Shenzhen, and Hong Kong reached RMB 112.6 billion. Six projects of the group series of companies ranked top 15 in national single project sales, namely Zhenru Mansion Shanghai, The Paragon Jinan, Jianguo Li Shanghai, Jade Lane Shenzhen, La Cité Beijing, and Guangzhou Asian Games City. Our market share ranked top three in 18 cities. In terms of land acquisition, the group increased investments and accumulated land parcels proactively to ensure sustainable development. For 2020, group series of companies invested an industry-leading total attributable land premium of RMB 170.5 billion, among which the group acquired 64 land parcels, with attributable land premium rose 16.3% to RMB 131.8 billion. Together with the above-mentioned projects of Shanghai East Jianguo Road, Beijing CITIC City, and Suzhou Taihu, attributable land premium of the group rose 27.7% to RMB 144.7 billion. The group adheres to investing in major cities, mainstream areas, and mainstream products. 59.6% of new land investment was located in the three major metropolitan area, in which first-tier cities, including Hong Kong, saw an attributable land premium of RMB 43.5 billion, accounting for 33%. The company promoted Blue Ocean Strategy proactively to build large-scale projects with strong owners in a big market, cooperated closely with state enterprises and enterprise units so as to acquire large quality land through multiple channels. In 2020, attributable land premiums through multiple channels was RMB 32.7 billion, 24.8% of total new attributable land premium. This included large-scale urban renewal, shantytown redevelopment, industry resources integration, as well as large-scale mixed-use projects. In terms of scale and composition of land bank as of the end of 2020, group series of companies' total land bank was 91.9 million sq m. The corresponding total salable resources was RMB 1,350 billion. Among which group series of companies' land bank, excluding COGO, was 61.79 million sq m. Attributable land bank was 52.36 million sq m. The quality land bank focused on core areas in mainstream cities. About 20.4% of the group's land bank was in first-tier cities and about 40.3% in three major metropolitan areas. In terms of profitability, the group maintained industry-leading profit margin. In 2020, gross profit margin was 30.05%, net profit margin 23.6%. Net profit margin excluding fair value gain was 20.5%, leading the industry in value creation. Meanwhile, the company constantly improved delicacy, specialization, and digitalization in management, achieved industry leadership in operation and management efficiency. In 2020, selling, general, and administrative expenses as percentage of revenue was 3.3%, maintained at a low level in the industry. Average borrowing cost was 3.8%, the lowest level in the industry. In terms of financial position, the group upheld robust financial position maintained low liability to asset level and optimal debt structure was in compliance with Three Red Lines, so as to support momentum as well as stable and enduring growth. As at the end of 2020, liability to asset ratio was 60.1%, net gearing 32.6%, maintained at a relatively low level in the industry. Interest-bearing debt was RMB 212.98 billion, in which RMB interest-bearing debt as percentage of total was 53.5%. Debt maturity within one year, 20.6%, showing limited repayment pressure and optimal debt structure. Cash on hand, RMB 110.47 billion, which was well capitalized to capture market opportunities. The group maintained highest credit rating in the industry and leading financing advantages. In 2020, the group was the only mainland developer issuing 15-year USD bond in the industry. The newly issued five-year and 10-year USD bond represented the lowest yields ever for the company and in the industry in terms of the same tenor USD notes. The group successfully issued two tranches of CMBS, with a total scale of issuance of $6.7 billion. The first tranche was the largest-ever domestic green CMBS project with lowest issuing rates, and earned green certification and CMBS of the year at Frontier Awards in the 5th China Real Estate Securitization Summit. In terms of unbooked pre-sales, as at the end of 2020, group series of companies' unbooked pre-sales was 311 billion, up 13% from 2019 year-end. Group series of companies, excluding COGO attributable unbooked pre-sales was 185.6 billion, up 17.6% from 2019 year-end. Unbooked pre-sales will be booked gradually, bringing positive impact on securing the revenue and profits of the group. In 2020, commercial assets of the group overcame the impact of the pandemic, achieving quality growth in core assets such as offices and shopping malls. Revenue from commercial properties rose to RMB 4.4 billion, achieving revenue target as scheduled. Revenue from commercial properties in the past five years saw a CAGR growth of 19%, maintaining faster growth rates. In terms of operation scale, as at the end of 2020, total area under management of the group was 5.22 million sq m, covering 28 cities. There were 81 held commercial properties with total GFA of 4.84 million sq m, and seven asset light management projects with a total GFA of 380,000 sq m. Commercial assets focused on core cities with a GFA percentage of first-tier and core second-tier cities accounting for 86%, gross profit margin reaching 65.5%. Management scale of the group's offices reached a GFA of 3.45 million sq m. Under the pandemic, office revenue grew against the headwind, growing 9.5% year-on-year to RMB 3.17 billion, highlighting resilience in core business, in which revenue from first-tier cities accounted for 58.4%. During the year, four new offices opened in Beijing, Shenzhen, and Lanzhou respectively. Two new asset light projects were established in Chengdu and Shanghai. Newly tenanted area of the year reached record high of 587,000 sq m, and occupancy rates reached 85.9%. In 2021, six new offices in Beijing, Nanjing, Wuhan, Ningbo, Zhuhai, and Hefei will be opened, remaining a strong internal strength for growth. The group keeps leading office revolutions through quality management and innovative extension. Firstly, it had stable quality tenant mix, which demonstrates strong resilience, as cornerstone tenants accounted for 44%, and cooperation was built with over 250 Fortune 500 companies. Secondly, it developed diversified businesses such as smart working space, global business conference center, and international nursery center in office building, so as to innovate and expand profitability model. Thirdly, it continued to expand asset light services by successfully developing two asset light projects in Chengdu and Shanghai. China Overseas Office Capital also gained market recognition with well-known industry awards. In terms of shopping malls, revenue in 2020 was RMB 870 million, CAGR in the recent five years was 33%. During the year, three new projects were launched in Foshan, Chengdu, and Lanzhou. In second half 2020, projects operating overcome the impact of the pandemic immediately, with retail sales and footfall increased by 12% and 8% year-over-year respectively, showing resilience in operations. Average rents throughout the year increased by 9.7%, occupancy rates up to 97.5%. In 2021, four new shopping malls, respectively in Beijing, Zhuhai, Ningbo, and Wuhan will be launched, promoting the China Overseas UNI brand continuously. In March 2020, the group completed the first offshore equity acquisition during the pandemic, upgraded and redesigned Foshan Yingyue Lake Unipark within 90 days without closure, adjusting 75 brands and creating nearly 5,000 sq m of four themed sections. With a brand-new quality and image, business performance of the project saw explosive growth. In January 2021, year on year increase in sales was 27%, year on year increase in footfall was 34%, increase in new rental income was 21%, displaying strength of China Overseas UNI brand in asset acquisition and enhancement capabilities. The group has accumulated ample quality commercial projects. The number of offices and shopping malls is estimated to increase 23 and 21 respectively, after the launch of all commercial properties on hand. The increase in office buildings GFA was estimated to be 78%, increase in shopping malls GFA estimated to be 188%. In the future, the group will increase allocation to shopping malls, with dual core business comprising office and shopping mall, continue to support consistent quality and rapid growth in commercial revenue. Growing from the main business of real estate development, the group stepped further into upstream and downstream on related diversified businesses. Several industry expansions yielded fruitful results. Under the national strategy driven by technological innovation, taking advantage of the group's wide-scale application of new technologies and new products, we expanded upstream and downstream investments, built a technology investment ecosystem. In 2020, the group established Lingchao Supply Chain Management Company, further strengthened the cost advantage of centralized procurement to building an integrated industry, leading B2B service platform for buying and selling building materials. The group also established Haizhichuang Technology Company Limited through cooperation with several high-tech companies. It focused on investing in smart space and smart community products, technology research and development and application, and invest in technology-based companies in related fields. We sincerely welcome fellow businessmen and upstream and downstream cooperative enterprises to join hands, empower each other, and grow together in an open manner. The group adhered to development framework of being a Company of Four Excellences, adding 64 new projects, obtaining green building certifications with certified GFA of 10.95 million sq m. As of the end of 2020, the group has accumulated 379 certifications, a cumulative green GFA reaching 71.47 million sq m. The company was obtaining higher rating and sustainable development as it was included in the newly introduced Hang Seng ESG 50 Index and was included in the Hang Seng Corporate Sustainability Index series for 11 consecutive years, rated BB by MSCI ESG Ratings, as well as lowest risk weighting of ESG for mainland real estate companies. The group promoted development of green finance during the year and commenced climate change management efforts. Part three is outlook, strategy, and targets. The group adheres to houses are for living in, not for speculation. The real estate policies continue to be stable land prices, stable housing prices, and stable expectation to promote healthy and balanced development. Looking towards the second half of the real estate market, five segmentations will be the key characteristic. Firstly, market segmentation, in which first and second tier, strong third tier cities will be the main battlefields. Secondly, enterprise segmentation, in which the Three Red Lines financial supervision policy for real estate companies and the Two Red Lines for commercial bank real estate loans and personal housing loans will speed up industry consolidation. Third, investment segmentation, in which companies with stable finances and strong capital have more opportunities. Fourth, management segmentation. Companies with strong organizational and digital management capabilities will triumph. Lastly, product strength segmentation, in which good products and services are always the key to winning customers. Facing this market segmentation, the group adheres to the development strategy of focusing on major cities, mainstream areas, and mainstream products, with land bank located mainly in first- and second-tier cities. As a green category company and a leading real estate company, the group benefits from ample finances and opportunity to further expand market share. By adopting full-cycle digital management, the group maintains leading position in net profit. Besides, with high-standard and reliable quality, the group also leads the industry in terms of customer satisfaction. In the future, the group is confident to maintain competitiveness in the second half of the real estate match, sustaining a strengthened momentum. 2021 marks the beginning of the 14th Five-Year Plan. The group will continue to focus on the long term, maintain leading residential contracted sales, and pursue Tier 1 in terms of national commercial asset scale, as to target a steady total profit growth and maintain quality sustainable development. In the previous year, uncertainties in global economy increased. With calm and effective action taken by the management and great efforts by all the employees, the group achieved solid growth amid uncertainty. Looking forward to 2021, under the continuous policy control, challenges and opportunities both exist in the real estate market, the group gives out the following operation guidance. The group will follow the market closely and speed up turnover, ensuring contracted sales to realize double-digit growth. In terms of land investment, the group will maintain a proactive attitude. The group's attributable new land investment budget in 2021 is RMB 165 billion, a year-over-year growth of 25.2%. Facing new opportunities and new challenge, the group will insist on focusing on the long term, growing through openness to achieve another new year of great results, creating more value for shareholders. Thank you. Thank you, Mr. Guo, for the presentation. We will now proceed to Q&A. Thank you for your support. There are many online questions. May I remind you that you can also ask questions over the phone or on the website. To allow more opportunity for you to communicate with the management, please limit the number of questions to two per person. Let's take the first question. Thank you. If you want to ask a question, please press star one on the telephone keypad. First question, CICC, Eric Zhang. Please go ahead. Thank you. Greetings. I am from CICC, Eric. Congratulations on your profit and your high-quality, stable growth. I have two questions. First, concerning the 14th Five-Year Plan target, now it seems that for the coming three to five years, some very active positive guidance have been given by a number of companies. During the 14th Five-Year Plan, concerning your plan and growth targets, do you have any details for us, quantifiable details? In the past few years, your growth was not compromised by an increase in leveraging. It is a hard growth. At the end of 2020, looking at your financial position, in the future, how are you going to use this financial advantage? Your net gearing is only 30-odd. Your financing cost is only 3.8%. I think you have the best financials in the industry. Last year, interest-bearing debt increased 13%. In the coming few years, I think you will be at the highest green line. Are you going to be at 15% to support business growth? Those are my questions. Thank you. Thank you, Eric, for your questions. Let me first talk about the 14th Five-Year Plan. Analysts, I think you are quite concerned about our 13th Five-Year Plan. Last year, well, just now, Mr. Guo presented our results. That's the final year of our 13th Five-Year Plan. During the pandemic, our company has overcome the impact of the pandemic and other difficulties and challenges. No matter whether you look at sales or revenue and net profit, and then profit margin, I think we have all achieved our 13th Five-Year Plan targets. Concerning the 14th Five-Year Plan, our overall point is, on one hand, we strive for development speed, at the same time, development quality. All along, we have been saying that we have to be both fast and well in our development. As regards quantifiable targets, I can tell you in the coming five years, first of all, our sales must be at least double-digit growth per annum. That is quite concrete, quite specific. For commercial revenue, you may realize that originally we have a target. In 2023, our rental income should reach HKD 10 billion. That target will not change. In fact, we are moving towards that as well. We are moving forward. Besides, we have a 2025 revenue target for commercial. Every year, the growth is going to be a high double-digit growth. That's the first question. Second question, regarding the financials. Mr. Guo, can you take the question? Thank you, Eric, for your question. All along, our company has maintained a sound financial strategy. It is not only an understanding of our business and finances. Over the past years of our history of development, our operation and development, financing scale, actually support and complement each other. In other words, we need to look at our own development and do a match. For business development, it needs to be able to support financing development. Our past CAGR is 20.4% or 1.5 x. We did not do it by an increase in leveraging or high-interest debts. We rely on precise investment, refined management, very good sales and production and services to realize the goal. This is a virtuous cycle. That's the first point. For our company, we have been disciplined. Before the introduction of Three Red Lines, well, we have not trespassed any of the red lines, and we have not overly utilized the leveraging. Well, there is not more than 13% increase in interest-bearing liabilities, and we did not use the allowed 15%. That is precise investment, and it also shows our discipline. We do not use 15% for the sake of using it, and we do not invest for the sake of investing. In the future, concerning high quality of development, well, I think there may be the accumulation of assets, and in the process, we need the whole team to work together to evaluate and to rectify our own business and financing needs so that our finance and operation can be integrated, so it can help the long-term and future development of our 14th Five-Year Plan. Thank you, Eric, for the question. Thank you for the answers. Next question, please. Thank you. Next question, JPMorgan, Ryan Li, please. I am Ryan of JPMorgan. I have two questions. First, just now you talked about some quantifiable targets or indicators in the 14th Five-Year Plan. If we go back to 13th Five-Year Plan, sales were doubled. If you look at revalued net profits increase from 2015, RMB 20 billion net profit, in 2020, RMB 38 billion of net profit. I have done a calculation. In the 13th Five-Year period, the growth was 11%. In the 13th Five-Year Plan, sales increased 20%, profit 11%. That is the result. Just now, the management said that the annual growth of sales should be double-digit. If we look at 2015- 2020, if we look at the trend, net profit may only have a single-digit growth. In the 14th Five-Year Plan regarding profits, how do you see it? In 2020, GP margin was 30%, net profit margin 20%. If we look at the pre-sale gross profit margin, can that be maintained? That's my first question. Second, regarding your development, every year you have a target on the amount. In 2021, 25%. Last year, during the results presentation, I asked Mr. Yan this question. Should the targets be matched with sales? The answer is yes, more or less. In 2021, concerning the land acquisition, 25% growth, is it going to correspond sales growth? On the resources level, comparing 2021 and 2020, how big will be the change? You have quite a big amount of cash on hand. It seems that you are going to make some moves. You may be making some large acquisitions. From these two aspects, what are your main strategies? Thank you. Thank you, Ryan. 14th Five-Year Plan. You may see recently, various companies' annual reports. No matter whether you look at gross profit, net profit, net profit margin, they all came down. This is a trend in the industry. For our company, we are very confident that among our peers, we will be able to maintain the best level. For example, net profit margin or gross margin, we hope to achieve the best level. As regards our total profit, will it correspond to growth in sales? Well, definitely. This will have to do with the industry situation and our own management standard. During 14th Five-Year Plan, we said there should be double-digit growth. During the 13th Five-Year Plan, you can see that there's a 100% growth. Will that happen again in the 14th Five-Year Plan? Well, we do have our target and expectation. We will work hard. We have enough confidence to achieve an annual double-digit growth. Regarding land acquisition growth, I would ask Mr. Zhang to answer you. Well, thank you for this question. Regarding land acquisition, you can see that in the past few years, we have maintained stable, fast growth. Last year, our attributable land was RMB 130 billion, it's a big growth. In Shanghai, Jianguo East Road and also Beijing CITIC City, our investment was 20%, RMB 140 billion, which is fast growth. This year, the target is RMB 165 billion, 25% growth. We are confident to reach this target. We have been active in investments, we have the financial resources and operation quality, we do have the need for such operations. Concerning investment growth and sales growth and the relationship between the two, actually, the two do not match perfectly. For 688, our business structure focuses more on Tier 1 and 2 cities. Last year in Tier 1 cities, sales accounted for 32%. In Tier 1 cities last year, attributable investment was around 33%, more or less a match. In Tier 1 cities, the pre-sale standard, except Beijing, is higher. For projects that we invest in, the inventory will be released gradually for 688. In order for us to have healthy, high quality development in the future, this can give some support. In recent years, given the national policies, we have the capability to work in big projects in main locations in shantytown redevelopment. Recently in Shanghai, Beijing, Shenzhen, Guangzhou, our investment is big. Last year, we continued to invest in Hong Kong. For 688, I think this will help our healthy growth and also profits growth. Thank you. Thank you for the sharing. Next question, please. Thank you. DBS, Daniel Wong, please go ahead. Management, greetings. Thank you for giving me the chance to ask questions. I have two questions. First, growth rates. My question is, in 2020, there was impact from the pandemic. You were still able to achieve 12.5% growth in 2020. The land acquisition rhythm was quite good. In 2021, without pandemic impact, and also in 2021, apart from double-digit guidance on growth, can you elaborate? Can you say that 2021 growth will be better than in 2020? This is a follow-up to other analysts' questions. Mr. Yan is not here today. As far as we can remember, it seems that there was no occasion in which Mr. Yan did not attend the results presentation. Does this mean that there is some kind of delegation of power in your corporate governance? Will there be change in your incentive management that you would like to share with the market? If possible, I have a question on share buyback as well this year. You had done a few share buyback, what is your strategy for that? What are the principles behind your actions? Thank you. Thank you for your questions. Concerning share buyback, later on, I will ask our CFO in Hong Kong to answer your question. I will answer your first two questions first. First question. Mr. Yan is still the Chairman of our Board. There is no change to that. Concerning our business results and also now we are communicating with investors. Concerning our objectives, our answers to investors, well, all these are worked out together with Mr. Yan and other colleagues. I can tell you that there is no change to Mr. Yan being the Chairman of 00688.HK. He is not here because of other business engagements. As Chairman of the Board and also concerning corporate governance and his discharge of responsibilities, there is no change. Your first question, 2021 growth rate. Will that be better than 2020? In 2020, we achieved growth of 12.5%. This is not easy. Under the challenge of the pandemic, our company reacted fast. At that time, we had to snatch workers, materials, equipment, and time. We have to fight for all those. For our 100,000 workers, within half a month, they are all back to their positions. Last year in Wuhan, Beijing, and some other cities, because of the pandemic restrictions, supply of products was delayed for understandable reasons. However, we have adjusted other projects' timetable and supply. We have almost one-third or 100 billion of products being delivered earlier than scheduled. In other words, our supply did not decrease. On the contrary, it increased. According to original schedule, there was an increase, really, and some profit was realized earlier. This ensures that we could achieve growth in sales and profits in 2021. Looking at the first quarter, our company's sales and also project operation are all satisfactory, including commercial operation. Everything is in accordance with our expectation. However, this year, there are still some uncertainties. For the market, we see very bright sides. At the same time, we still need to make preparation and be prepared for the worst. That's why we have given the guidance of a double-digit growth. We are trying to be realistic. How much can we achieve? Well, for double-digit growth, well, that is double-digit, and we will definitely achieve it. Thank you. Next question. I will defer to Mr. Luo. Thank you. For share buyback, it is a commonly used capital management method. I am sure many of you are experts in the capital market, so I will not go through the details. In the past year, well, there was trade war and finance war, so the situation was volatile. Starting June last year, we did share buyback. It is the first share buyback since 2005. In June to the end of the year, we bought back 11.38 million shares, and we spent HKD 189 million. By this share buyback, we would like to send a message to the market, we wanted to express to investors that our stock price is much lower than our own value. In the past half a year, our P/E is no more than 5x P/B, 0.5 only. When there is uncertainty in the market, our operating efficiency all along has been very good. Besides, there is stable growth. In the future, we will continue to monitor closely our stock price trend, and we will see whether our stock price is in line with market trend and the trend of other peers. When necessary, we will consider doing share buyback to protect and enhance shareholders' value. Thank you. Thank you, management. Next question, please. Thank you. Guo Zhen from Guangfa Securities, please go ahead. Thank you. I am Guo Zhen from Guangfa Securities. Thank you for the stable business growth. This year, we can see that investors have more and more recognition for COLI. Just now, many questions were asked about the future. I have a question about the past. Since 2017, there are much change internally and externally for COLI. From 2017 - 2020, what is the biggest change within COLI, and what are some problems in future competition? What are some weak points in your company in achieving high growth? My second question is, in the past few years, what is the percentage of land acquired through application, bidding, and auction? Are you going to rely more on that, or are you going to rely on other channels to get land with a higher performance over price ratio? Thank you. For the question about auction, application, and bidding, I will ask Mr. Zhang to take it. Let me answer your first question. In the past few years, you wanted me to talk about the change in COLI and also our weak points. We have a history of 42 years. In the past 42 years of history, we have deep cultural heritage and also heritage of management culture. If you look at our own corporate culture, well, I think you can see some very outstanding characteristics. As usual, over the past 40 odd years, we have accumulated rich heritage and tradition. For example, stability, being steady. Well, the Three Red Lines were introduced last year. However, since 1998, we have been exercising discipline not to trespass these Three Red Lines. That's our culture. There are a lot of things that have not changed. We have Mr. Yan as Chairman, and he has worked in COLI for a long time. He has the working experience of 20-odd years in this company. I think this Chairman definitely is very, very familiar with the culture of COLI. In the past five years, in accordance with the new situation and new operating conditions and the changes, while everybody is talking about the point that the real estate market has now moved on to the second half period of the game. In face of external challenge, we need to maintain our operating competitive advantage, and it is inevitable that we need to change. Over the years, we have been changing, we have been self-criticizing ourselves, and we have found the most appropriate path for us. In the past five years, in the 13th Five-Year Plan period, our sales growth and operating efficiency in the industry and also among analysts have changed. Do we have weaknesses? Of course. We are constantly identifying our weaknesses. As such as now, we have a lot of cash on hand, and there are also issues about investment. In our company's history, there have been moments in which the gearing ratio was very, very low. During that time, investors will be concerned about our investment efficiency. Concerning specific weaknesses in our operations, of course, we have been thinking of them. We have been reflecting upon ourselves. We have been improving. Just now you asked about the percentage of lend from application, auction, and bidding, and it is quite high. The ratio is quite high. Last year, we set up a new structure to explore some industry segment markets, and all these are being strengthened. All these are to face up to all the uncertain challenge. We want to deliver the best results to pay back to shareholders and investors. Now I will defer to Mr. Zhang to take your second question. Let me answer your question on method of investment. At the beginning of starting the property development industry, we have been making investments in other methods like M&A and also residential business and so on. Since 2019, we attached more importance to non-public project acquisition. On the group level, we have established a Development and Enterprise Collaboration Division hoping to expand our ecosystem. With our financial management, refined management, profitability, synergy with other companies, we want to do a good job in this non-public segment. As in the case of public markets, we use the same investment criteria to consider projects. For example, gross profit margin, IRR, turnover or conversion cycle, cash flow, cash return, and so on. All these are criteria that we adopt. They are the same. In 2020, in the non-public market, we completed investment of RMB 32.7 billion, around 25% of the total. In the future, in the non-public market, we will do more work to accomplish our Blue Ocean Strategy. In big cities, we will work on big projects with big landlords. For Shanghai Jianguo East Road and Wuhan, we have built some big complexes. On these, we have achieved quite big breakthrough. In Taiyuan, we are also cooperating with a big resource owner. Early this year, in Suzhou, there is another non-public project with many stories, and the amount of money will exceed RMB 10 billion in Changsha. We may be able to get a project with a total scale of 2 million sq m. All these is because over the past years, we have accumulated a lot of experience and capability. In getting good projects, no matter in the public or non-public markets, we will definitely work in all these areas to make sure that we will have healthy, stable, and high-quality development. Thank you for the answers. Because of time, we will take the last question now. Thank you. Last question, Karl of Merrill, please. Good afternoon. I am Karl from Merrill. Two questions. First, last year, dividend payouts was 30%, which is at your guidance. Do you have any new goal for the coming few years? Second question, this year, for saleable resources, how much increase will that be comparing from last year? Thank you. Thank you, Karl. First question, I will ask our CFO, Mr. Luo, in Hong Kong to answer. Thank you. In the past few years, all along, we have been raising our dividend payouts. In 2020, dividend payouts exceeded 30%, it's at 30.2% for the whole year. Dividend was up 15.7% at HKD 1.18 per share. In the future, we will not rule out the possibility that dividend payouts may go up. Now, we do not have a definite goal. We don't have a number in mind. We are confident that every year, according to our actual situation, can raise dividend payouts, so we will be able to create more value for shareholders. Let me share with you, in 2016 to 2020, accumulated dividend to all shareholders, HKD 51.161 billion. Now, of course, we have to look at our operations, we do have a vision to grow our dividend. When profits and scale grow, also with growth in EPS, we hope that every year, total dividend to shareholders can increase year after year. Thank you. Second question, saleable resources for this year. I will ask our Executive President, Mr. Zhang, to answer. Overall speaking, this year, our saleable resources will reach a high point in history. Mr. Zhang, please. Yes, thank you. For the whole year, estimated saleable resources, RMB 770 billion. RMB 370 billion will be new resources. For first half and second half, RMB 270 billion and RMB 190 billion. Altogether, the total will be RMB 770 billion saleable resources. This does not include the newly acquired land this year. I think comparing with the same period of last year, there is an increase of 15%. Thank you. Thank you, management. Thank you for joining the 2020 results presentation of China Overseas Land & Investment. Thank you, analysts and investors for your attention and support all along. In subsequent results roadshow, we will have further communication with you. We will conclude our presentation here. Thank you for.