Ella Ji – Oppenheimer
Got it. And given that the secondary market is still quite slow, I’m wondering if there is any change in the commission rates in the secondary brokerage market.
Yes, it depends on the competition which we do see in some cities. Especially in a city like Beijing we do see that effective commission rate is actually going down. But that’s not stable and that varies from month to month, and then for recent months we do see some big uptick on the commission ratio. So Shanghai is kind of a very stable for commission rate. So we consider and expect a big decrease I think before commission rate, especially effective commission rate.Read the rest of this transcript for free on seekingalpha.com