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[] is another new initiative to explore the opportunities in the leisure accommodation market. It is a vacation rental business that offers customers a great choice of accommodations, with more flexibility and lower cost than traditional hotel. [] targets leisure customers traveling with families and friends. We believe the vacation rental business offers a brand-new travel experience for Chinese travels, and [] has the expertise and technology to lead growth in China for this new segment.

In order to offer full range of hotel accommodations, different travel needs, Ctrip invested in [], and hostel booking aggregate site. [] provides a high quality online booking service for the fragmented hostel market, with more than 5,000 hostel listings, including smaller budget hotel chains, [boutique] hotels and hostels in historic and scenic sites. As an independent brand, [] targets the young generation who want adventure but have limited spending power. We believe [] will help Ctrip further penetrate a younger demographic.

To accommodate fast-growing demand for international travel, we upgraded our international air ticketing channel in the first quarter. The upgrade channel provides users with more online searching and booking options, including complex multi-destination tickets. It also offers intelligent filter to help customers find the most suitable flight.

In addition, it provides for the most transparent and competitive prices. This upgrade of international ticketing platform is a revolutionary breakthrough in the international air ticketing market. We believe it will help us extend our leadership into international air ticketing.

Ctrip’s package tour business delivered another strong quarter with revenue from Mainland China to grow 51% year over year. The high-end travel is growing fast in China. The Chinese Luxury Consumer White Paper 2012, jointly published by the industry bank and (inaudible) indicates that there are nearly 3 million Chinese people who own over RMB6 million of personal assets.

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