We may during this call discuss our future outlook and performance, which are forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today.
A number of potential risks and uncertainties are outlined in Ctrip’s public filings with the Securities and Exchange Commission. Ctrip does not undertake on any obligation to update any forward-looking statements, except as required under applicable law.
Min, James and Jane will provide a business update, industry outlook and the financial highlights for the fourth quarter and full year 2011, as well as the outlook for the first quarter of 2012. We will also have a Q&A session toward the end of this call. With that I will turn to Min for our business update.
Min FanThanks Lin, and thank you to everyone for joining us on the call today. Despite our high 2010 comparison base, the Ctrip team delivered solid results in 2011. For the fourth quarter of 2011, our net revenues grew by 18% year-over-year and net income decreased by 16% year-over-year. For the full year of 2011, our net revenue grew by 21% year-over-year and net income grew by 3% year-over-year. We increased our sales marketing investment to further penetrate the leisure market during the fourth quarter, with a continuous focus on delivering the best product was the best service at the best price. We’ve diversified product offerings and elevated customer service to a higher level. The Ctrip team further expanded our hotel supply network to meet growing traveler demand, reaching approximately 25,000 hotels by the end of 2011 compared to 17,000 hotels at the same time in 2010. The number of our hotels with a guaranteed room allotment accounted for over 70% of the total hotel supply.
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