Liping Cai – William Blair
Okay, thanks a lot.
Thank you, Liping.Operator(Operator Instructions). Your next question comes from the line of Ella Ji with Oppenheimer. Please proceed.Ella Ji – OppenheimerHi, good evening, Donald, Harry, and Kevin. Relating to – regarding your primary and the commercial business you mentioned that you have 14 projects, how many of them are in the purchase restriction markets?Harry LuI think that luckily none of the project for that – latest acquired a company in Shanggu, are commercial properties. So even though there is – some of the projects are in the city of Beijing or some in the restricted city, but they are not referred to a restriction policy, because it’s a commercial properties.Ella Ji – OppenheimerGreat. And you said that the commission rate for those projects are on 3% or do you think that’s maintainable in the future?Kevin WeiWell, actually the current quarter 3% is obviously based on the 37,000-square meter – actual square GFA sold, and the range is from 1.4% from one particular to 600% in another project. So it’s totally a future weighted average of blended commission rate will be dependent on the product mix, if you will. So the more – there is a quite a bit of these 3 million GFA – are probably going to be in the bulk range of 1.5% and to 2% kind of range. So the more of those units got sold, the effective commission rate could potential come down. Like we said before, I mean some of our other project we earned more of a premium, if you will, when we achieve certain targets. So each quarter these effective commission rate could vary going forward, but we have been enjoying fairly a decent commission rate so far, although the volume are quite low. Going forward, we certainly expect the volume would be higher, but potentially the rates could come down.
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