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Following management prepared remarks we’ll open the call to questions. During the Q&A session, Mr. Zhang will speak in Mandarin, and I will translate his comments into English. Please note that unless otherwise stated, all figures mentioned during this conference call are in U.S. dollars.I will now turn the call over to Xinyuan’s Chairman and CEO, Mr. Yong Zhang. Please go ahead, sir. Yong Zhang – Chairman and Chief Executive Officer Hello, everyone and thank you for attending us today. Our first quarter performance was below our expectations as sales were impacted by the new government measures to curb housing prices and speculation, which caused buyers to become more cautious. At the end of January, the government issued new restrictions, which do not allow local residents to have more than two houses or apartments and are even more strict for non-local residents. While many of our apartment and home purchase (indiscernible) are first time buyers, the new regulation has resulted in purchasing delays by buyers hoping that the new restriction will cause prices to decline in the near future. As we have seen with past regulation impacting home purchasing demand, we believe that the consumers will learn to cope with these policies. In fact, we have seen the trend improve in April. We cannot predict or control what the government will do, but we do believe our strategy and we’ll continue to focus on affordable developments in Tier II and III cities. Speculation has been lower in these cities and migrations to these cities continue to increase. According to research of the Development Center of the State Council, the urbanization rate in China will grow at 0.9% annually during 2007 to 2020 and expected to reach 75% in 2017. We believe that urbanization and migration patterns will be the growth driver for the long-term development of the company. Overall, Xinyuan has strong financial position and ample cash presence, low debt ratio, and sizable land bank.
Our Shandong project will start pre-sales in the second quarter. As a result, we continue to be positive about our prospects for the future.I will now turn the call over to Tom Gurnee, our Chief Financial Officer. Tom Gurnee – Chief Financial Officer Thank you. As noted by the Chairman, our sales results in the first quarter were less than expected due to the short-term effects of government policy pronouncements. But, as I will try to show you later in this call, margin and profit numbers were solid. After a drop in February, contract sales have sequentially increased in March and April and we look forward to a very strong May particularly with Jinan Splendid being launched this month. In short, our outlook for the year remains positive with sales and revenue guidance just slightly lower than our previous guidance, but with net income unchanged. Let me talk about contract sales first. In the first quarter 2011, we recorded contract sales of 98 million which was 32% below the last year’s previous quarter, first quarter and 50% below last quarter and 15% below the company guidance provided last quarter. GFA sales comparisons are similar with virtually no price movement in the quarter. It should be noted again here that we have not lowered prices of any apartment category of any project. Anyway, it would be unfair to point the contract sales short fall versus guidance on Chinese New Year, although seasonality is definitely a key factor when comparing sequential quarters. In other words, we did factor Chinese New Year into our previous guidance. The primary reason we fell short of the first quarter contract sales expectations was the impact of additional mortgage and purchase restrictions imposed by central, regional and municipal governments. Read the rest of this transcript for free on seekingalpha.com