Liping Cai – William Blair

Okay, thanks a lot.

Donald Zhang

Thank you, Liping.

Operator

(Operator Instructions). Your next question comes from the line of Ella Ji with Oppenheimer. Please proceed.

Ella Ji – Oppenheimer

Hi, good evening, Donald, Harry, and Kevin. Relating to – regarding your primary and the commercial business you mentioned that you have 14 projects, how many of them are in the purchase restriction markets?

Harry Lu

I think that luckily none of the project for that – latest acquired a company in Shanggu, are commercial properties. So even though there is – some of the projects are in the city of Beijing or some in the restricted city, but they are not referred to a restriction policy, because it’s a commercial properties.

Ella Ji – Oppenheimer

Great. And you said that the commission rate for those projects are on 3% or do you think that’s maintainable in the future?

Kevin Wei

Well, actually the current quarter 3% is obviously based on the 37,000-square meter – actual square GFA sold, and the range is from 1.4% from one particular to 600% in another project. So it’s totally a future weighted average of blended commission rate will be dependent on the product mix, if you will. So the more – there is a quite a bit of these 3 million GFA – are probably going to be in the bulk range of 1.5% and to 2% kind of range. So the more of those units got sold, the effective commission rate could potential come down.

Like we said before, I mean some of our other project we earned more of a premium, if you will, when we achieve certain targets. So each quarter these effective commission rate could vary going forward, but we have been enjoying fairly a decent commission rate so far, although the volume are quite low. Going forward, we certainly expect the volume would be higher, but potentially the rates could come down.

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