Let me now turn the call over to Harry, who will provide you with a further update on our business for the last quarter. Thank you.

Harry Lu

Thank you, Donald.

During the third quarter, we made clear progress in our strategy to reduce the impact of regulatory pressure in the secondary market on our overall business. In addition to diversifying our revenue base through the development of our primary and commercial business services that Donald mentioned, we have also taken significant steps to reduce our overall costs going forward.

I would like to update you on the progress that we have made in these two areas.

First, as Donald discussed earlier, our primary and commercial business service segment grew well in the third quarter, recording overall GFA of primary unit sales of approximately 95,000 square meters, up from approximately 37,000 in the previous quarter.

Our primary sales were particularly strong in Shanghai and Shenzhen, where developers have been more willing to reduce prices and to work with agencies like Century 21.

Notably – in Q3, our company owned brokerage units in Shanghai and Shenzhen contributed about 22% of overall company revenue through new home sales. This was up from 7.1% in Q2 2011. While our ability to sell primary units through our retail store network in Beijing has lagged behind Shanghai and Shenzhen, we have a strong pipeline and expect to see progress there as well.

This is a clear validation of our diversification strategy and demonstrates how our strong brand and established network enable us to adapt our business to market conditions.

Looking ahead, our primary and commercial business service pipeline remains strong, with a total GFA of 2.3 million square meters from 18 projects. We expect these to contribute significantly to revenue when they come online from the fourth quarter of 2011 through 2012.

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