Ladies and gentlemen, good afternoon. I am Wu Yi from Corporate Communications of China Overseas Land and Investment Limited. Welcome to our 2021 annual results presentation investor session. In this presentation, the management is both in Shenzhen and Hong Kong. They are online. They will be communicating with you. In attendance today are on the telephone and Chairman Mr. Yan Jianguo. In Shenzhen headquarters, Deputy Chairman, COO, and also Chief Architect, Mr. Luo Liang. CEO, Mr. Zhang Zhichao. Vice President Mr. Guo Guanghui. And also our CFO, Mr. Lui Sai Kit, participating on the phone in Hong Kong. This presentation consists of three parts. First, Mr. Yan will do a very short exchange, and then Mr. Guo will go through the 2021 results reports. Finally, there will be a Q&A session. You may leave messages online or on the phone to ask questions. First, I will invite Mr. Yan to briefly present to you. Mr. Yan, please. Analysts, friends, good afternoon. Welcome to our company's 2021 annual results conference. The main venue today is in Shenzhen. I am in Hong Kong. I am connecting online. Our other colleagues are in Shenzhen head office. We actually are working together in Hong Kong on eight major missions. I am also the chairman of the board. I came to Hong Kong in February, and then we have already completed the delivery of six projects and also a project related to the mobile cabin hospital and other facilities in Penny's Bay. With the central government's support and SAR Government's hard work in fighting the pandemic, together with the Hong Kong public's cooperation, I'm sure that Hong Kong can fight the pandemic. The economy of Hong Kong is resuming normal very quickly. Right now, we are also selling a number of projects in Hong Kong. There are also some other JV projects in Hong Kong this year. There are more than 100 billion of products made available this year in attributable sellable resources, HKD 33-odd billion. We have confidence in Hong Kong, and we are investing more in Hong Kong. Later on, our colleagues in the main venue will also present our results and communicate with you. Actually, the critical word or the keyword here is confidence. First of all, concerning the property sector's healthy development and virtuous circulation, we are full of confidence. In 1998, and in the 20 years thereafter, the property reform, we can see a lot of development. In the past nine months, there was decline in the industry, and for the industry, we are looking at the later stage of development. In fact, we have seen a lot of opportunities in the first half of the development process. In the second half, there was a lot of change. There were changes in relation to the industry layout and overall environment. There are no longer opportunities everywhere. In fact, the market is further segmented. The market is getting back to the rational sense. Things are moving towards high-quality development. In the second half, I'm sure property industry is still a major pillar industry in the national economy, and we are able to maintain a good share. Concerning the healthy development and virtuous circulation of the industry, we are full of confidence. Secondly, we maintain our industry leading position. We are full of confidence about that. I think, there is reshuffling in the industry. When there are so many changes and uncertainties, our company is one of the most stable companies. We have deep understanding about the importance of smart markets. We are able to make adjustments and make sure that we can achieve stability amidst all the uncertainty. In the past, we were commented as too conservative because we have done some deleveraging. However, in the uncertain market, we are able to remain sound and resilient. In the second half of the development process, I think there will be three main characteristics. First, segmentation in the market. Tier one, two cities and the strong Tier three cities will be the main. Number two, diversification in the industry. There will be reshuffling in the industry and market, concentration will go up. Then number three, there is a downturn, so it is very important to have refined management and good products in order to win in the competition. In the second half of the development, our original intents won't change. We will still be focused, and we will insist on sustainable development in the past, the present, and the future. We will adhere to the core cities, core location, and core product development. We will make sure that we have sound financials and sound capital availability. We will strengthen our cost control measures. We will be customer oriented. We will adopt precise management. In terms of products and brand, we will realize our all-round competitiveness. We will seize the opportunities to enhance our market share so that our market, our company can maintain a leading position. In 2020, there was progress amid stability. In 2022, we are full of confidence. GDP growth target is 5.5%, so this is also an external support to our company's development. From the central governments to local governments, I think in terms of policies, there will still be some new moves. Last year, our investment amount led the industry. In the second half, we also made a lot of moves. I think now looking at the investment projects, the return is very good, and sales of a number of projects is good. Concerning our overall competitiveness this year, our operating goal is to achieve progress amid stability. We are full of confidence in all our targets. This year is our 30th anniversary of listing. In the past 30 years, our market cap increased 60 times, EPS had a CAGR of 12%, and over the past 30 years, we distributed total dividend of RMB 99.2 billion, and our dividend payout has been rising and now it is over 30% already. We are creating better return to shareholders. This is the undertaking that we have been given. Even though the environment is very volatile, we continue to strive for better returns. Once again, thank you, analysts, for your interest and support for our company. We'll continue to enhance communication. Thank you. Thank you, Mr. Yan. Now, may I invite Mr. Guo to present the results. Okay. Analysts, investors, good afternoon. Now let me present to you the 2021 annual results of China Overseas Land and Investment Limited. The theme is Step First and Marching. The presentation comes in three parts. First, we review our annual results, highlights, and next move on to the business and management review. Then we will walk through the group's outlook and strategy in 2022. Finally, we will have a session to exchange ideas. First of all, summary of the group's 2021 annual results highlights. In 2021, under multiple factors, the real estate market displayed a steady growth in the first half year and experienced a drastic slump in the next half year. With the hard work and collective efforts of all colleagues, every business achieved a steady growth and boosted quality development of the group. The result highlights include the following aspects. First, contracted sales, revenue, and revenue from commercial properties achieved outstanding growth. Total contracted sales in 2021 reached RMB 369.5 billion, up 2.4% year-on-year. Revenue, RMB 242.24 billion, up 30.4% year-on-year. Revenue from commercial properties, RMB 5.17 billion, up 17.4% year-on-year. Second, the group maintained rational investment rhythm. Throughout 2021, the group series of companies' total land premium reached RMB 177.4 billion with RMB 137.9 billion of the company's land premium. Corresponding sellable resources are RMB 382.2 billion and RMB 288.2 billion respectively. In addition, adding Shanghai East Jianguo Road projects investments amounting to RMB 2.7 billion, total land premium of the group amounted to RMB 140.6 billion. The group grasped the chance of cooling land markets in the second half year and acquired quality land parcels in the first Tier and second Tier cities, with the second half year's investment accounting for 60% of the overall. Third, the group exhibited a remarkable financial stability with 32.3% of net gearing, 3.55% of average borrowing cost, and RMB 131 billion of cash on hand. Among the volatile fluctuations in the real estate industry, the advantage and stability of the group's financial resources are more outstanding. Fourth, the industry's profit margin keeps dropping. The group bolstered and improved the cost and advantages, strengthening granular management. The SG&A's percentage of revenue further fell, while net profit margin and core net profit maintained a leading position in the industry. Core net profit exceeded RMB 30 billion for four consecutive years in a row. Fifth, the group kept its promise to investors by yielding steady and sustainable returns, distributing a final dividend per share of HKD 0.76. On the other hand, full year dividend per share had a 2.54% growth to HKD 1.21. Full year dividend payout ratio maintains above 30%. The company proactively initiates capital management to establish confidence of shareholders and investors. In 2021, the company bought back 8.37 million shares with a total of HKD 108 million. The second part reviews the business and operations in 2021. For contracted sales facing a declining market, the group's contracted sales, cash collection, and other core indicators achieved steady growth. The group series of companies contracted sales in 2021 reached RMB 369.5 billion, up 2.4% year-on-year. Average selling price RMB 19,545 per sq m. As for cash collection via strengthening collaboration between banks and corporations and enhancing cash collection efficiency, the group series of companies realized a cash collection of RMB 352.8 billion, up 3% year-on-year. Cash collection rates maintained at high level of 95.5%, while quality of contracted sales further improved. The group focused on major cities to ensure quality operations. By investing great efforts and resources in the market share, the group's market share in major cities increased consistently. In 2021, group series of companies contracted sales exceeded RMB 10 billion in 10 cities and ranked top three in 31 local cities market share. Total contracted sales of first-tier cities, including Hong Kong and Macau, reached RMB 100 billion, with Beijing over RMB 45 billion and Guangzhou RMB 30 billion. The group's contracted sales accounted for 61% in the three metropolitan areas, including Greater Bay Area, Yangtze River Delta, and Beijing-Tianjin-Hebei area. As for land investment, the group pursued quality and disciplined investments, with leading position in investment quality and quantity. Group series of companies added RMB 382.2 billion of saleable resources throughout the year. With the company's newly added saleable resources of RMB 288.2 billion, sustainable development is firmly promised by the adequate saleable resources. Meanwhile, the group maintained rational investment rhythm. In the first half, the land markets in major cities faced fierce competition, which most land deals suffered a very low or negative returns. The group maintained a disciplined and rational investment. In the next half year, the group grasped the opportunity brought by the cooling market and secured land parcels with considerable returns in first-tier and second-tier cities. In 2021, the group acquired 57 land parcels in total, with 37 land parcels obtained in the second half year and total land premium of RMB 86.6 billion, accounting for 63% of the year. 23 land parcels were purchased at base price or discount throughout the year, accounting for 40% of the total land deals. 18 land transactions occurred in the second half, implying almost 50% of land deals in the second half were bought at base price or discount. Our company focused on a three-pronged major cities, major areas, and major product strategy. In our new land bank, land premium of metropolitan areas in Beijing-Tianjin-Hebei, Yangtze River Delta, and GBA accounting for 73%. The group continued to strengthen the blue ocean strategy, proactively expand markets, and acquire quality lands through multiple channels, adding saleable resources of RMB 53.9 billion via diversified channels. During the year, the group successfully secured projects such as Suzhou Zhongcai, Suzhou super-sized skyscraper project, Changchun Runde, and Tianjin Duolun Road project. Major projects such as Shanghai East Jianguo Road, Beijing City Town project, and Shenzhen Longgang Nanyue project progressed orderly. Facing a volatile market, the group leveraged its advantages in financial stability and ample cash to seize M&A opportunities with extensive negotiation and vigilant analysis. In January 2022, the group acquired 53.33% stake with RMB 3.69 billion, owning 73.33% after acquisition in the existing joint venture of Guangzhou Asian Games City project, with saleable resources of RMB 35.1 billion. In March 2022, the group acquired 80% equity and debt stake in the Shanghai Yangpu project for RMB 6.24 billion. The project is adjacent to the East Bund and the North Bund and located at a prime area within the Shanghai Inner Ring Road. Saleable resources is worth about RMB 12.8 billion. In terms of land bank sale, scale, and composition, until the end of 2021, group series of companies' total land bank was 80.77 million sq m, with corresponding total saleable resources of RMB 1,300 billion. Group series of companies, excluding COGO's, total land bank reached 51 million sq m with attributable area of 43.62 million sq m. The group's land bank composition was optimal and focused on major cities' core districts. The group series of companies, excluding COGO's, saleable resources in the first-tier cities, including Hong Kong and Macau, reached RMB 413.4 billion, 39.8% of the total land bank. Total saleable resources in three major metropolitan areas amounted to RMB 669.3 billion, 64.5% of the total land bank. While the industry's profit margin keeps decreasing, the group succeeded in strengthening cost and advantage and refining professional managements persistently, maintaining leading position in value creation. In 2021, our SG&A as percentage of revenue dropped by 0.4 percentage point to 2.9%. The average borrowing cost decreased by 0.25 percentage point to 3.55%, maintaining the lowest range in the industry. The shareholders' core net profit margin stayed at 15%, maintaining a leading position in the industry. As for financial performance, the group has always pursued a prudent financial management, maintaining low liability to asset ratio and reasonable debt structure. Insistence on on-balance-sheet financing supports growth permanent momentum and stable long-term development. At the end of 2021, excluding presale proceeds, liability to asset ratio was 53.59%. Net gearing, 31.07%. After deducting the restricted presale proceeds, the cash to short-term debt was 2.41 x, remaining as a quality green category developer in compliance with three red lines. Moreover, every indicator is far below the cap. At the year-end, the cash on hand was RMB 131 billion, well capitalized to capture market opportunities. Among the interest-bearing debts with less than one year of maturity accounted for 18.4%, demonstrating low pressure of debt repayments and reasonable debt structure. The group maintained highest credit rating in the industry and leading financing advantages. Against the background of tightening financing, the group kept leveraging the advantages of domestic and overseas dual financing platforms, rationally arranged various financing combinations, and actively carried out innovative financing. The group issued RMB 19.5 billion different types of domestic bonds, of which the issuing rates of multiple tranches were the lowest among similar products over the past five years. The group also issued the first-ever domestic carbon neutrality CMBS in China, obtained the first Green AAA rating for developers, leading sustainable developments. In terms of unbooked presales, as at the end of 2021, group series of companies unbooked presales was RMB 266.2 billion, in which group series of companies excluding COGO's unbooked presales was RMB 169.4 billion. Unbooked presales consistently stayed at high levels. As sales are entered gradually in the future, it will impose a positive impact to secure the revenue and profits of the group. In 2021, the scale of the group's commercial property continued to experience quality growth. Commercial property revenue increased by 17.4% year-on-year to RMB 5.17 billion. As at the end of 2021, group series of companies has already launched 99 projects, 5.77 million sq m, and 60 to-be-launched projects, 5.21 million sq m, demonstrating a sufficient growth momentum. The company improved asset mix to support sustainable growth in commercial property revenue on the basis of abundant to-be-launched commercial properties. As at the end of December 2021, group series of companies total GFA of to-be-launched projects reached 5.21 million sq m, 90.3% of the operating projects. Commercial properties focused on first-tier and second-tier cities, with 91% of to-be-launched projects distributed in first-tier and second-tier cities. The group persistently expanded in shopping malls. After launching the to-be-launched projects, shopping mall GFA would increase by 135%. A more balanced asset structure will realize the double core business in office buildings and shopping malls, supporting a quality steady growth in commercial property revenue. As for different types of businesses, the scale of office building business maintained leading position in the industry. In 2021, revenue reached RMB 3.51 billion, with Tier-one cities accounting for 55%, occupancy rates steadily rising to 87.5%. Business in shopping malls developed swiftly. Full year revenue increased by 27.3% year on year to RMB 1.1 billion, with occupancy rates of 94.8% as at the end of 2021. Sales and revenue of opened projects grew by 23.9% and 18.5% respectively, whereas traffic increased by 26.3%. The group adheres to the sustainable strategy of a company of four excellences and keeps escalating in the sustainable development performance. Within the year, 80 green certified projects and certified GFA of 12.73 million sq m are newly added, with 68% and 59% increase respectively. As at the end of December 2021, there are in total 490 green certified projects and 89.27 million sq m certified GFA. The group was awarded number one in Green Credit Index of Chinese Real Estate Enterprises Top Ten and 2021 China Green Real Estate Top 30. In the year, the Group gained a breakthrough in green building and successfully produced a batch of green building benchmark projects, in which The U World was the first launched project recognized with China Three-Star, while China Overseas Fortune Center, Jin'an, and Uni ELITE received LEED Platinum. The Group sustainability rating remains industry-leading. The company has been selected to be included in the Hang Seng Sustainability Index 12 years in a row and admitted into HSI Low Carbon Index. In addition, the company is awarded BB rating by MSCI, two-star by GRESB, and low risk weighting by Sustainalytics. Lianhe Equator Environmental Impact Assessment has also rated the company the highest green rating, which is the first real estate corporate to receive such rating. The company incorporated the notion of green low carbon development into its overall development strategies at all horizons. Through the integrated management of COLI design, COLI construction, COLI maintenance, combined with the green electricity trading market or carbon trading, Shenzhen China Overseas Building will become the first Grade 5A high-rise office building with near-zero energy consumption in China. During the year, the group promoted green finance, signed cooperation intentions with a number of banks on the developments of green finance and construction, and formulated and monitored quantitative goals for the green supply chain. In terms of governance, the group has added ESG risk to the company's risk management list. Under China's 2060 carbon neutrality goal, it has also actively formulated a dual carbon development strategy and implementation path. In addition, it also actively conducts regional climate risk assessments with reference to the climate-related financial disclosure recommendations. COLI's headquarters obtained international ISO 9001 quality management and ISO 14001 environmental management certifications. The third part is outlook and strategy. Since fourth quarter of 2021, in response to the rapid shrinkage of the domestic real estate market, a series of policies have been launched, targeting the stabilization of land prices, housing prices and expectations, as well as to facilitate steady and healthy growth of the real estate market. Looking ahead, as a pillar industry of the national economy, the real estate market will remain substantial, and the phased decline does not detract from that high essential value. The domestic real estate market will be further characterized by three segmentations, and the group will then adapt and actively respond according to the situation. First, market segmentation. First, second, and strong third-tier cities will be the main battlefields. The group will continue to adhere to the development strategy of major cities, mainstream areas and mainstream products, and deeply cultivate major cities with good economic growth and large population inflow. Second, industry segmentation. The domestic real estate industry is undergoing major change and adjustment and will continue to consolidate. The group will leverage its advantages of sound finance, abundant funds, and robust capability in all areas of development, striving to seize opportunities found in crisis, riding the market cycles, consolidating and improving market share and market position. Third, enterprise segmentation. Industry profit margins are down. Fault tolerance level is low. Enterprises with precise and strong management ability and a solid reputation for their products and services can beat competition. The group will continue to seek benefits from sound management, adhere to cash flow as king, accelerate turnover, continue to consolidate advantages of cost control, strengthen digital optimization management, establish broad competitive advantage in advanced investment, products and brands in the main battlefields, and maintain industry-leading profitability. The group will further strengthen promotion of the blue ocean strategy according to the situation and market developments, and seize acquisition opportunities to strengthen market share. In 2022, the group is embracing its 30th anniversary of listing. In the past 30 years, the group has adhered to long-termism and developed steadily, with steady growth in various operating and financial indicators. The group's market value has multiplied by nearly 60 times with CAGR of 12%. Dividend has been rising steadily for 20 consecutive years with a 20-year CAGR of 20%. We reinitiated share buyback in June 2020 and bought back 11.3865 million shares with a total of HKD 189 million. Through ongoing capital management, the company generates long-term sustainable returns for clients, shareholders and society. In 2022, the real estate market is recovering from its lowest point, though the rates of market recovery is subject to a certain level of uncertainty affected by international and national economy, pandemic and other factors. The company will persist in quality growth, steady operation and investment, and steady growth in contracted sales and land investment. Thank you. Following is the Q&A session. We'll be happy to answer your questions about the group. Thank you. Thank you, Mr. Guo. Now let's proceed to Q&A. Let me remind you may ask questions by leaving messages on the phone or online. First question from CICC, Zhang Yu, please. Thank you, Mr. Yan, Mr. Luo, Mr. Zhang, Mr. Guo, Mr. Lui. Good afternoon. I'm Eric of CICC. I'm happy to see that in the past you have achieved such sound operation and growth. I have two questions. First, in your presentation, the theme is steadfast and marching. My first question is about this. Concerning this strategic rhythm, what are your thoughts? In the past years, Mr. Yan always emphasized that you need to have good foundation and you also need to be fast. Among your peers, you are able to maintain a stable growth rhythm. Now the market changes fast. Top companies are being reshuffled. In the future, will you continue to maintain the original rhythm that is a rather stable rhythm? As Mr. Guo said, you will take the lead to seize opportunities from strategic consolidation. Looking at the PPT, your land bank is RMB 81 million. Last year, RMB 92 million. There is some decline. In the past, in terms of acquisition, it has been stable. How are you going to adjust your strategic rhythm? That's my first question. Second, I want to ask about margin. This year, your margin came down quite fast, but if you look at the absolute level, it is still in line with the overall industry situation. Is it true that the adjustment to the margin is already enough? Or if you look at the public market or acquisition or public auction, if you look at the profit margin trend in the industry, what do you think? These are my two questions. Thank you. Mr. Luo, please. Perhaps you can see who will take the question. First question about industry prospect and the company strategy. I think I will ask Mr. Zhang, our CEO, to take the question. Okay, thank you for the question. In terms of strategies, all along, our strategy has been clear. We insist on having real estate as our core. Today, yes, tomorrow and the day after tomorrow, we have set our strategy. Today, sale of residential property. Every year, we will invest at least or almost 9% of our resources to that segment. There will also be commercial office building and long-term leasing property that will take 8% of our investment roughly. Apart from that, in related industry, we will also make future plan in elderly care supply chain. These will be some of our components of our business. For COLI, in terms of our strategic focus and also business focus, I think our focus is very clear. In terms of city focus, I think we are also very clear. For 688, we will focus on Tier one and strong Tier two cities in China. Apart from that, we also have Hong Kong. As our Chairman said, in Hong Kong, this year there is RMB 80 billion of saleable resources. Given that, for our existing investment and saleable resources, we are focusing on Tier one cities, the 1+4, and also the strong Tier two cities in China. Last year, 78% of our investment was in these 18 cities. The degree of concentration is high. This year in our saleable resources, almost 72% are in these 18 cities. For our saleable resources and investment focus, all these have been stable. Concerning the 14th Five-Year Plan, strategic plan, we have been making adjustments. If you look at our overall goal and direction, we will follow the original rhythm. Last year, you can see that in the second half, the market was very volatile and turbulent. The company still maintained a very stable and high quality development. No matter whether you look at investment or the operation side, increase in contract sales and also our land bank and profit margin. Well, we have maintained leading position in the industry. We will definitely continue to seize opportunities. In the process, I think, we will continue to see volatility and turbulence. Last year, we maintained quite good discipline in our investment rhythm. Second half of the year accounted for first half 37%, second half 63%. 50% of our land was acquired at base price or very low price. Return rates are very good. For these cities, in the past, it was very difficult for us to invest a lot. Last year in the second half, there were the opportunities. Besides, in terms of return rates, I think in these cities, last year gave us the best return over the past years. In Shenzhen, we acquired some land in Guangzhou, three in Nanjing, three parcels. In these core cities, last year in the second half, the scale of our investment and quality was very high. This year, in terms of sales, our goal is to have stable growth and for future profitability, there will be good support. Our financial resources are very adequate and sound. There is very good strategic choice or option available for us. Last year, the market was very volatile. However, our saleable resources are still stable. Our selling price is stable. For this year and next year, there will be very good support for our profitability. In second half last year, sales accounted for 45% of the whole year sales. We are able to face up to the market. If you look at our investment, for example, our rhythm of investment and choice of investment strategy, we can feel better at ease. We have completed the acquisition of Asian Games City project, almost RMB 3.7 billion of consideration. We got RMB 15 billion attributable saleable resources, and we acquired the Shanghai Yangpu project from January to March this year. During this process, there is continuous volatility. In this cycle, actually last year, we maintained good investment discipline and good investment rhythm. In the first half, the investment accounted for 37% of the total and second half 63%. In the first half, in the lands that we acquired, 50% of them were acquired at base price or discounted price. Actually, return rates of many projects is very satisfactory. In those cities in the past, it was difficult for us to invest, but in the second half of last year, there were those opportunities. In terms of return rates, actually in those cities, last year gave us the best return as compared to the past years. In Shenzhen, four sites, and in Guangzhou, three, Nanjing, three plots in these core cities in the second half of last year, the scale of our investment and quality is very high. Concerning this year, sales, well, we said that the target is to stabilize growth. For our future return, there will be good support. The question on profit margin, I think Mr. Guo can take it. Yes. Thank you for the question. Today, we announced our financial statements on the 31st, and many other peers also published their financial statements. For our margin, among our peers, is still at a relatively high level. I would like to share with you concerning gross margin. I think it is just the middle part of the profit and loss. I think we attach more importance to net profit margin because net profit margin can represent a company's operation capability, refined management capability, and overall ability. Well, there are many companies, enterprises with similar gross margin with us. But at the end of the day, the core net profit margin is very low for these companies. For us, our net profit margin is 17.8%. Core net profit margin attributable to shareholders was 15%. Now we are still leading the industry. We are at a very high level. In the process, we will perfect our precise investment. From the investment end, we look at the net profit margin as our goal for investment. In the future, when we do post assessment and also results assessment, we also focus on net profit level and net profit margin. By making precise investment, we can enhance return to shareholders in terms of net profit. As Mr. Zhang said, in the second half, we will continue to make investment. 50% of our land was acquired at base price or very low price, discounted price. This laid a very strong foundation for us. Besides, we have very strong operation capability. Our expenses and costs were such that we have enhanced our cost control work. Comparing with competitors, we are cheaper by 50-100 basis points per sq m. All along, we adhere to our cultural DNA. In terms of cost control, we started from small areas. In 2021, administrative expenses and selling expenses accounted for 2.9%. Last year, it was 3.3%, so we are down 0.4% this year. At the same time, we have very good financing advantage. In 2021, average financing cost is 3.55%, so we are down by 0.25 percentage point from 3.8. All these bits and pieces show the improvement of our core capability. Our net profit margin will continue to rise, and we also lead our competitors. This is our core competitiveness. Thank you. Next question, please. Thank you. Next question, Carl from Bank of America, please. Thank you. I have two questions. First, management. This year, what is your judgment about sales this year? When do you think we'll see the bottom and recovery? And then, Mr. Yan said that the market is now in the second half of development process, but some companies think that the total volume will still be going up. So what do you see will be future opportunities? Do you think you can go back to double-digit sales growth? Thank you. Okay. Thank you, Carl, for the question. I will ask Mr. Zhang, CEO, to take the question. Okay. In our chairman's remarks, he said that we have confidence in, number one, China's economic growth this year, and number two, confidence in the industry, and number three, confidence in our company. I think what I'm going to say is in line with the above points. This year, we think that the market will see the bottom. There will be gradual recovery. After restoration of confidence, I think we will go to a more stable level. This year, at the market's end in January and February, that was the low point. It is a continuation of last year's market sentiments. At the same time, there was also the Chinese New Year effect and the pandemic impact. In January and February, we believe that we have reached the bottom already. In terms of policies, I think that is also the situation. Last year, in November and December, we have seen the bottom in financial policies. The relevant government ministries and authorities, local governments in relation to loan, mortgage, loan amounts, interest rates, these have been relaxed. For property developers, regulation has been relaxed as well. In terms of policies and local policies, I think before and after Chinese New Year, there was some relaxation. Recently, you see that there are different policies formulated in different places in relation to standard of sales and presale, and also qualifications of subscription and so on. Things have been relaxed, so I think the demand has been stimulated. We think that in the process, consumers' confidence is being restored gradually. When we look at the transaction data of secondary properties in March, there is further relaxation. Now if you look at the number of customers visiting our sites, the level has gone back to the level in July last year. In July last year, the situation was pretty normal. In the process, we think that in March, we had already seen the bottom and things are recovering. Recently, where there are land acquired last year and sales was quite good. For example, Beijing Huilili, it was launched and there are three projects in Tianjin. Sell-through rate is 60% and then price has risen by RMB 4,000-RMB 5,000 per sq m. I think sales is good after launch. In Nanchang, recently a project was launched and all the units were sold out after launch. Looking at the performance of the market, I think confidence is being restored. Things have bottomed out and stabilizing. We think that the market is segmenting. There is further segmentation in terms of the industry, the market and enterprises. This year, it is possible that the total market volume will come down. In Tier one and strong Tier two cities, the total transaction volume will account for a rising share because they see rather stable transactions and turnover. We think that in terms of industry concentration level, market and different enterprises operation, there will be clear segmentation. As such, there would be opportunities arising. Number three, last year, if you look at the market, well this year the market is actually recovering. In the future, for a long period of time, the market will be more healthy and orderly. This is something that the state would like to see. Based on our judgment now, in many cities, no matter whether you look at land supply and transaction, supply of new housing, and also secondary properties, demand and supply and price, I think there is a rebalance. Price is being redetermined and return is being redetermined. In some markets, in some of the environments, return rates may have some upside because that's what we have been feeling. On the whole, all players are more rational and they are going back to a more reasonable condition. There has been quite big change comparing with last year. Finally, we think that the real estate sector is still a pillar industry of our national economy, so it is still a good industry. It still has a huge market. Besides, overall return and level of return is very good. We are still positive about the industry. Thank you. Next question, please. Thank you. Next question is from J.P. Morgan. Karl Chan, please. Management, I am Karl of J.P. Morgan. I have two questions. First, net profits. In the past three years, looking at your net profit, it has been stable. In the future, in the coming few years, can you say something about your profit growth? Second question is about policies. In Q2, we will see more relaxation and recently, the purchase restriction has been relaxed, and in Shenzhen, secondhand property restrictions have been relaxed. Now it seems that the relaxation is not going to be of large scale, though. I want to ask, in the coming few months, what kind of relaxation will you see and what kind of such opportunities will arise in the market, please? Thank you. Thank you, Carl. First question about profits and profit margin. I will ask Mr. Guo to take the question. Okay, thank you for your question. You have been paying attention to our company for a long time. In 2021, our net profits attributable to shareholders, RMB 40.6 billion, and that attributable to shareholders, RMB 36.38 billion. For a number of years, we are over RMB 30 billion. For two consecutive years, more than RMB 35 billion net profit attributable to shareholders. This is a very high level. The management and the board, given such 2021 market conditions, had achieved such high level. We are very satisfied. I believe, we have delivered a satisfactory report card to investors. I want to make three points. First, concerning return to shareholders, we have not changed our original intention, so it's like climbing the Himalayas. We are at almost 300-meter high. Well, some people may still be doing well at 400 meter. Some may feel very exhausted at 600 meter. Then, at different heights, at different altitude, different sections, different base levels, the difficulty is different. We know that given such circumstances, it is difficult, even more difficult to maintain the same level. However, our company all along has been doing correct things even though they are difficult. We have not changed our original intent. We need to give the best return to shareholders, and we want to enrich our net profit. Besides, our strategy. First, we have confidence and capability. Where is our confidence? We think that the market is gradually going back to the rational condition. Steady, healthy development and virtual circulation, these are things that we have confidence in. At the beginning, our chairman already made a report, and we have confidence in ourselves. Our net profit margin is leading our competitors in the industry. In terms of improving net profit margin and our refined management capability, we are full of confidence in the second half of the industry's development. We are now in a smart management and refined development stage. We have confidence and ability. We have foundation and we have discipline. This year, we had a total of RMB 260 billion, excluding COGO, RMB 169 billion. That's our foundation. At the same time, as of now, we have another foundation. Last year, we invested to buy land. No matter whether you look at rhythm or investment amounts, we are very precise. In 2022, 2023 and 2024, some foundation has been laid for the results. We have foundation, and we are also disciplined. As we stated in our topic today, steadfast and marching. In our group, we have strong execution capability. We have strong management and control ability. Number three, we have resources and the room. Last year, when investment was at a high level, our net inflow of cash, RMB 21.5 billion, and we have RMB 131 billion cash in hand. Last year, we had made adjustment to the presale rhythm. We do not compete on sales value. We do not follow the crowd. We want to make sure that we are sound, we have adequate cash. Concerning the three red lines, now we are doing well, so this can lay a strong foundation for our future development and more room is open for us. We have not changed our original intent. We have done our preparation. With our investors and society, we want to work hard together so that you can witness our development and prospect in the real estate sector. Okay. Second question, our interpretation of the policies. I will ask our CEO, Mr. Zhang, to take the question. Okay. I think you all understand that policies in our industry play a very important role, especially concerning confidence and direction. In the past few years, national policies are getting clearer. Housing is for accommodation, not speculation. Land price, housing price, and expectations should be stable. In the two congresses, it is said that reasonable housing demand must be protected. Recently, you can see that the policies have already led to a lot of change. From the sales side and also in the market, you can see all these effects. The most critical thing is that in different districts and regions, we have to look at the supply and demand relationship. As such, our judgment, our view is in Tier one and strong Tier two cities, they will recover first and they will go back to a more normal level first. In Tier one and some good Tier two cities, actually in March, if you look at the transaction volume, you can see that already. Industries, population are healthy. If you look at macro trends in our country, again, I have to mention the three segmentations. In terms of urbanization rates, there is still some room. Now we are at around 67%. In advanced countries, they are at perhaps 70% or even higher. I think there is still some room here. Besides, among cities, there is movement of population, and in the past few years, this was very apparent. In the last census, you can see that in some provinces and cities, the population grew significantly. In those cities, demand and supply relationship will be healthier. In future, there may be increase in transactions because in the past, transaction was limited by supply. We think that segmentation will be accentuated and a lot of opportunities will be brought to us. Besides cities, there will be a normal city renewal and renovation. For example, shantytown redevelopments and so on. There would be demand as a result of these. Besides, in China, there is mobility of household and change or shrinkage of household size. All these will lead to an increase in the market, and there are also upgrading demand. Our overall judgment is right now, last year under the policies, there was consumption confidence and capital problem. In terms of secondhand properties and also mortgage loan for new properties, there was much difficulty last year. Normal demand was suppressed. Now when financial policies and also property policies in different places have resumed normal, then our view is that this year in the first half, we will be able to see stability and we will go back to a better condition, especially in better cities. I think they will go back to a good level. Okay. Thank you. Let me supplement. For our company, we have been listed for 30 years already. We have gone through different types of policy environments. For these policies, our understanding is that they actually facilitate healthy and long-term development of the real estate sector. No matter how the policy environment is, we will strive to do the best. We will strive for progress amid stability and long-term development. Thank you. Thank you. Next question. Tian Ping from Credit Suisse. Please start. Thank you management. First question is commercial property segment. What is your target for the medium to long term? When do you think revenue contribution can go up from this segment? In terms of funding allocation, just now you mentioned high single digit funding allocation. If you look at office and commercial segment, what is the breakdown? Another question is, in terms of M&A, this year you have done two very good acquisitions. Concerning target for acquisition, what is your criteria in terms of profit? If you acquire land in the open market, comparing with M&A, are you going to raise the profit criteria higher for M&A? Right. I will ask Mr. Wang, Head of the Commercial Property Division, to take the question. Thank you very much for your question. For investment properties, well, it is an important part of our sustainable high quality development strategy. Our goal is to build a structure, a business structure with more resilience. For commercial property, our goal is that it can become an important growth driver for the future. We dig deep into different cities, and we have very diversified ability in different types of properties. Our track is very stable. In 2021, for this segment, we achieved revenue of RMB 5.17 billion, up 17.4% year-on-year. Besides looking into the past five years, we achieved a 20% CAGR. In 2021 for commercial segment, it achieved high growth for the whole year. 18 projects were launched, and at the end of the period, there were 109 operating projects, 2.6 million sq m in management. Beijing, Shanghai, Shenzhen, Suzhou, Tier one, and also high Tier two cities, we will replenish with some very good projects. Now, there are 68 projects in hand, 5.21 million square meters of area. During the 14th Five-Year Plan, they will be launched. In terms of our overall scale and also business structure, there would be further enhancement. Besides, in terms of our development pace, it will be more stable. Our team has been working hard, so our overall asset management capability has become mature. We insist on our capital management logic. We strengthen different projects and strengthen our service capability in the verticals. We have perfected our full industry asset management service system. Our core capability is being enhanced as well as such as now. Our confidence comes from, first of all, we need to do a good job. We must be outstanding. Secondly, we will create more favorable conditions for commercial property development so that there will be good growth prospect in revenue. In 2022, there will be 22 projects to be launched. There is 11 million sq m of scale, so it is there to support our 14th Five-Year Plan target. We will follow our 14th Five-Year Plan target. I think you know that during the 14th Five-Year Plan, there is only that operation target. In the market cycle, we will also seize opportunities in order to optimize our land bank structure. During this period, we will do in-depth research as to where to invest, how to invest. We will deepen our layouts in core cities. Besides, during transformation, in terms of efficiency, we will maintain vigilant and adaptive. In terms of sustainable and high-quality developments, we will strictly adhere to this strategy so that our sales and investment business will form the best combination. We can see our competitive advantage in this regard. Thank you. Concerning M&A, I will ask Mr. Zhang, our CEO, to take the question. Thank you for your question. It is true that at the beginning of the year, there were two M&As with quite big transaction value. Actually, in the industry, some stimulus has been formed. Last year, starting last year, we did a lot of work in this area. Our Chairman and our whole senior management team look into that, and we have a professional team specializing in that work. On the group level, we want to start more of such work. There are some projects in the pipeline, and there are 300 projects that we are assessing. There are some that we are still deliberating. Recently, there will be one or two deals that may be closed. In the process, I think we will focus on three main things, the three main streams, and then we need to guard against risk. We need to pay attention to the uniqueness of each project. No matter whether you talk about large M&A or project M&A, we have rich experience. Besides, we have sound financial resources, so we can do the work with an ease of mind. In the process, if you look at our group and our total scale, we need to have richer investment channels. In the process, non-corporate projects, well, there is some risk and uncertainty. After ironing out those, sometimes, we require a higher rate of return. For non-corporate project, usually comparing with open public projects, we need a higher rate of return. Thank you. Next question from Haitong Securities, please. Thank you, management, for giving the presentation. I am very excited after listening to your presentation. Now I have more confidence in your future. I have one question. If you look at your cost and expenses, of course, there has been some increase, and you are talking about a full process management and so on. Can you give some elaboration about the full chain operation model, cost control, and also in terms of management, is there some synergy? What is the closed loop full chain management, so that in the future, there would be better supply chain assurance and better cost control capability? Thank you. Thank you. You have asked a very wide question. Mr. Zhang, our CEO, will take your question. Okay, thank you for your question. For the real estate industry, if we need to do a good job and maintain high profit margin, we need to look at the overall. Just now, Mr. Guo talked about profit margin. Our financing cost, our administrative expenses, and selling expenses in the industry are better than our peers. We have an advantage here. Comparing with other peers, we are better by three or even five basis points. Besides, we also have some cost advantage. We think that these are our core competitiveness. Besides, we are able to grasp the rhythm of the market and investment rhythm. I think that also is a differentiator of profit margin. You mentioned cost management. That is an overall piece of work, and Mr. Luo had already given some elaboration. In terms of our strategies and business, we need to be focused. Besides, our management is also focused because for the whole year, we acquired a number of projects, around 60. We are very focused in terms of our control and management model. There are three platforms, the group, the region, and also district. On these three platforms we focus on critical business. We need to do a good job there. We have an operation center, and it is managed by Mr. Luo. In terms of our plans, strategic plan, and also many details, a lot of costs are involved, so we can showcase a lot of our professional competency from plans and also customer name, list, allocation, and so on. All these have strong impact on cost, other supporting facilities and measures, business model management and control. On all these fronts, I think cost control is such that after we are focused in terms of management then, everything will be managed by the group, and then we manage both the strategies and also operation. Our management is very refined. We have very outstanding working partners and suppliers. In the procurement area, we have formed a very good strategic cooperation supplier team. In terms of cost, quality of our product, and progress, we need to be a benchmark in the industry. We are willing to work with quality, outstanding suppliers to win together. If you look at our customer satisfaction, our cost, our turnover, our conversion rates, all these can showcase our capability. Last year, we established a supply chain company. We expanded its scope, so we do bulk centralized procurement. We are able to lower our cost. Even though for some materials cost has risen, but then by means of bulk centralized procurement on different types of materials, we're able to save costs. For our supply chain procurement, it is our future direction. For this business, it is open to other peers and other companies. It is going to be our future growth driver and core competency. Okay, let me supplement. In recent years, in terms of management, informatization, and digitalization, we have done a lot of things, and we have achieved quite good results in the industry. Our cost and also time, operating efficiency have been enhanced significantly. Last year, among our projects, in some of the projects, they have been much advanced a lot earlier than the scheduled time. For some projects, after land acquisition, in only three months or so, we started sale. Last year, if you look at operating speed of projects, there has been big improvement, and we lead the industry a lot. As a result, return on project has risen. Thank you. Thank you, Mr. Luo. Because of time, we will take the last question now. Secretary, can you now take the last question, please? Thank you. Thank you. Last question from Guangfa, Guo Zheng, please. Thank you, management. I'm Guo Zheng from Guangfa Securities. I'm honored to have this chance to ask question. I'm happy to see this good results and your company's value is being widely recognized. I have two questions. First, about direction. Last year, we saw that in the Chinese real estate sector, there's the need for a new model. However, concerning this new model, so far there is not a very clear saying in terms of direction. So how do you interpret this new model? So how are you going to face up to this new model? And besides concerning your own development in the land market, we have seen competition. Of course, your company focuses on core cities as your development strategy. In 2022, we saw many centrally operated enterprises making a lot of investment and choice of land is very consistent and very consolidated. In terms of market concentration, will there be some problems? In terms of the market distribution and so on between private companies and SOEs, how are you going to enhance your scale of development, given that some cities you may not want to enter? Thank you. Mr. Zhang, CEO, will take these two questions. Let's discuss the second question first about investment. Right now in some cities, in some markets, we see some nationwide peers, but overall speaking, the degree of duplication and competition is quite normal. It's rational. Large enterprises, overall speaking, in terms of their direction and strategies, are very stable and sound and normal. In terms of duplication and overlapping, there is some degree, this is normal, but not very high. In some cases, there are some nationwide peers, and in some cases, there are some regional or district-based local enterprises, including some platform style companies. Overall speaking, things are normal because right now we are focused in 18 cities. Besides, there are some other opportunities in other cities that we will pay attention to. Supply of land in these places is big. In the market, I think, there is not much pressure to satisfy our investment plan. With the existing supply and demand and competition on the investment end, we will be able to achieve quite good results. We are now in this stage. Your first question is about the new model. I think that in China, if you look at the economy and China's development, well, they will be moving towards this direction. China is heading for high quality development and green and dual carbon goals. These are future trends. For our country and for our industry, it is possible that in terms of scale, we will be moving towards high quality and refined direction. You can see that for low carbon and green building and care and concern for customers' health and safety, we have done a lot of work. On standardization, industrialization, we have done some work to push forth such directions and also standardization of decorated, furnished units. We hope to do more overall speaking. For our supply chain company, it is related to upstream, downstream working partners and design work and so on. All these are connected. In the future, when the industry needs to satisfy the need for green and healthy development, then we can also better satisfy future development goal. That's one thing. Secondly, the central government also has some other thoughts. In some core areas and products, we will launch some long-term rental properties in Shanghai and Shenzhen. We have made some good investment in Suzhou. Some projects are being operated well. In the future, in terms of sales operation business, I think, the businesses will be more balanced between, properties for sale and for rental. I think we are also exploring further into this direction. Okay, thank you for joining our 2021 annual results presentation of China Overseas Land and Investment Limited. Thank you, analysts and investors for your interest and support for the company all along. On the coming few days, there will be road shows for further in-depth communication. Results announcement presentation is concluded here. Thank you for your time.