Century 21 China Real Estate (CTC) Q2 2011 Earnings Conference Call August 16, 2011 8:00 AM EST Executives Josh Gartner – Brunswick Group Donald Zhang – Chairman of the Board Harry Lu – Vice Chairman of the Board Kevin Cheng Wei – CFO Analysts Liping Cai – William Blair Ella Ji – Oppenheimer Question-and-Answer SessionOperator (Operator Instructions). Your first question comes from the line of Liping Cai with William Blair. Please proceed. Liping Cai – William Blair
Hi, good evening. I have a few questions. The first one is regarding your third quarter guidance. Based on what you have guided to it seems like you’re expecting essentially a flat revenue growth from the second quarter to the third quarter, so you’re not expecting any seasonal uptick? Harry Lu Usually [ph] the market will have seasonal uptick, but due to the current market environment, I think we probably shouldn’t expect a big jump on transaction widening in cities like Beijing, Shanghai and Tianjin. And also [inaudible] some of the primary project has been delayed to another month or so, so we kind of expect that revenue has to come – come in probably at the last quarter of this year and that’s the reason why we have this forecast here, Liping. Liping Cai – William Blair Okay. And so, Harry, you mentioned you don’t expect the market to recover up probably until the second half 2012, so you’re saying the revenue level in the second quarter is something we should model out for the next few quarters?