For those of you unable to listen to the entire call at this time, a recording will be available via webcast until May 24 on our corporate website at www.century21cn.com/english.
At this point, I’d like to turn the call over to Mr. Donald Zhang.
Thank you. Good day to everyone and thank you for joining us on this call. We are encouraged to see that the signs of the modest market recovery that we saw in the Q4 of 2011 have continued into the first quarter. While policy restrictions (inaudible) remain in place. We see clear indications that underlying demand remains strong and that go better and now two things we re-enter market. Those signs have been particularly evident in the secondary market.January and February were relatively quite as expected, however, we saw our rebounding transaction volumes in March, following the Chinese New Year in Shanghai, for example, we saw more than 16,000 CENTURY transactions in March, which is more than in any other single month since January of 2011. It is important to note here that there were no policy changes, driving these activities during the quarter. In fact, we believe that buyers increase the fuel that the prices have bought and see this at this time to lead the actual market. At the end of the March, the central government made very clear that it tends to keep it’s [confident] restriction in place, in the medium term, while (inaudible) in the market sentiment a little. The impact of transaction volumes was not as near as the part of government announcement. Our initial data for April indicates, that the volumes declines somewhat in fact as still at relatively healthy levels, which project that the lack of the positive signals for the central government is trending less of inactive impact on buyer sentiment than before.
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