The origin of the company In the early 2005, Nie Meisheng who is the president of the Real Estate Chamber of Commerce once pointed out that the industry of real estate should not overly rely on the indirectly financing from the bank any longer but make more efforts to develop indirect financing such as the investment trust. And the social fund can not only enhance the development of the stock market, but also divert itself into the real estate so as to become a stable force in the market. At the end of the year 2005, he also noted that China’s real estate enterprise was currently going through a transition from a comprehensive developer into a single mode such as investment, development and marketing. After hearing her remark, an idea just occurred to me that I should motivate myself to become the pioneer that will do his part to contribute to the reform in China’s real estate industry and investment fund. What makes it even better is that the partnership enterprise law that came into effect on June 1, 2007 also provided a basis of law to make this cause even more promising. In June, 2008, I attended a senior class about private equity fund held in Peking University that also gave me an even deeper understanding about this. One month later, I started to engage myself in setting up a management center of the investment in real estate and also made the best of our core technologies such as the selection, judgment, investment, execution, supervision and withdrawal in foreign-investment project. That is how the Grand China Fund comes into being and becomes what it is right now. We also cherish four wishes in developing the Grand China Fund. Firstly, we want to offer a new development mode, from the comprehensive Hong Kong style to a more professional American style, so as to achieve the professional operation, mutual interest and risk sharing. Secondly, we want to provide a new financing channel, also a transition from a single mode of bank and non-financial institution to a multiple choices featured by equity cooperation, equity financing and equity acquisition. Thirdly, we also come up with a new hedging tool. It is in essence a mixture of equity and debt as well as the internal equity supervision and external debt supervision. Fourthly, we want to provide social investors with a safe and reliable investment platform that is quite different from real estate speculator. That is, we want the public investors to engage in maintaining this investment platform and also get a share in the original share they deserve. We have built up three core competitive strengths. Firstly, five fund promoters led by Yinxin Guaranty are all most outstanding ones in the circle of real estate. They have been equipped with a most professional judgment of the potential value in the market as well as unmatched capability in managing the business operation. All of these advantages are the most precious asset to the Grand China Fund. Secondly, some of our shareholders are listed or to be listed companies, many of them having accumulated a lot of experience in managing the investment fund and owned excellent financing operation skills so as to combine the real estate with the financial industry. Thirdly, we can put up to 15 percent of partnership fund into the special fund so as to work side by side with other investors for our mutual interest. We also highly value two types of strategic partners. The first one is our partner in the financial cooperation, such as Minsheng Bank, China Merchants Bank, Bank of Beijing, China Credit Trust and many foreign institutions. We also look to sign up strategic agreement with them in the fields of fund raising, fund trust and mixture of equity and debt so as to achieve a win-win outcome. The second one is our partner is the financial development. We will try our best to establish steady partnership with some famous developers and those in need of fund for their quality project. We will also choose from those projects and invest in them so as to enlarge our business and reduce business risk. We also feel so proud for the great staff we have owned. After many years of preparation and hard work, we have developed a competent staff, from our shareholders to employees, that is strongly experienced and never hesitates to make innovation and rises to the challenge at any time needed so as to fight for our common goal and bright prospect. It is what makes our company keep growing and thus becomes an asset more value than others. We will continue to make our company bigger and better. So far, our company has invested in 12 projects. We have made three successful exit with a total value exceeding 1 billion Yuan. Investors received satisfactory returns. Besides a total business scale up to 5 billion Yuan, we have also received a lot of awards from the Ministry of Science and Technology as well as many professional institutions due to the great support from our investors and the massive effort of our staff. We also look forward to working with our investors in the future to make more brilliant achievements.