CONTENTS

Chapter One Analysis of relevant concepts and investment characteristic     1

Section One Definition of the real estate       1

First, definition of the real estate     1

Second, field which the real estate mainly contains     2

Third, characteristic of real estate trade 3

Section Two Investment characteristic analysis of real estate    8

First, market operation cycle analysis of real estate    8

Second, investment value analysis of real estate trade      16

Third, risk analysis of real estate investment 23

Chapter Two Current situation of the development of real estate trade of our country      32

Section One The operation analysis of real estate trade of our country in 2005   32

First, levels of the house of urban residents of 2005   36

Second, increase situation of real estate investment and development  38

Third, capital source structure of development of real estate    45

Fourth, the increase situation of construction area and completed floor space of commercial buildings  47

Fifth, house-purchase demand situation       47

Sixth, real estate price change 49

Seventh, the increase situation of idle area of commercial buildings       52

Section Two The main characteristic of situation changes of real estate market of 2005    52

Section Three The operation analysis of real estate trade of our country in 2006       70

First, the acceleration rate of investment and development of real estate is lowered greatly     70

Second, grant loan increase sharply at home, deposit and advance receipt continue negative growth   79

Third, the acceleration rate of construction area of commercial buildings is steady, the acceleration rate of completed floor space is accelerated  81

Fourth, house prices of 70 large and medium cities of the whole country go up in the first quarter of 2006   82

Fifth,the prosperous index of the real estate has gone up steadily since 2006     83

Section Four The existing problem and challenge of national real estate       85

First, the increasing degree of land supply is too big  85

Second, out-of-balance structure is the essential contradictory of real estate market  86

Third, the real estate have highly relative dependence degree to finance     87

Fourth, some foam spread       87

Fifth, supervision is not enough, the real estate merchant " without license " overflow 91

Chapter Three Current situation of the development of the real estate of Shanghai   93

Section One Development of the real estate of Shanghai  93

First, historical retrospect  93

Second, cycle analysis      97

Section Two Current situation of real estate of Shanghai   110

First, basic situation of market of real estate of Shanghai of 2005   110

Second, prosperous index analysis of enterprise of Shanghai of 2005   114

Third, basic situation of market of real estate of Shanghai of the first half of 2006      116

Fourth, real estate of Shanghai fade out the pillar industry       125

Section Three Current situation and prospect of talent of real estate of Shanghai      127

Chapter Four market analysis of Shanghai real estate     135

Section One Perspectivity of market of the real estate of Shanghai 135

Section Two The foreign capitals impact on real estate of Shanghai       144

First, the classification of the fund that overseas pour into 145

Second, background analysis that overseas fund enter Shanghai   148

Third, overseas fund impact on market of real estate of Shanghai   151

Fourth, need to take several countermeasure and measures   154

Section Three Comparison study of markets of Shenzhen and Hong Kong and Shanghai  159

First, Shanghai and Shenzhen compares with Hong Kong property firm 159

Second, the position and development prospect in economy of real estate   170

Third, the trade and market development prospect determine company's growth 178

Chapter Five Industrial policy analysis of the real estate 184

Section One Adjustment of the interest rate  184

First, background of interest adjustment       184

Second, main content of the interest adjustment  185

Third, the economic explain that interest increase influence market of real estate       185

Section Two Land policy analysis of Shanghai     195

Section three Current tax policy analysis of real estate      204

First, business tax, are collecting immediately in the link of advance from customers  205

Second, other little tax categories of relevant real estates 207

Third, corporate income tax      210

Fourth, land value-added tax    211

Section Four Analysis of" Six National Laws" 214

First, the land policy is thinning, attack the hoarding land perfectly  214

Second, the business tax is adjusted, point at speculating building for a short time     215

Third,adjust the structure of supplying, increase middle-sized and small-sized apartment  215

Fourth, tighten up credit, crowd the foam for the real estate market       216

Section Five Analysis and prediction of the real estate market of Shanghai under macro adjustments and controls at present  216

First, house market overview of Shanghai     217

Second, influence analysis that government policy impact on tendency of house price      218

Third, prediction of the overall trend of house price of Shanghai of the following 5 years   223

Chapter Six Price analysis of real estate in Shanghai       226

Section One Current situation of the price of real estate of Shanghai     226

First, buildings dive one after another in 2005     227

Second, the commercial residential building price of Shanghai is stable with a slight decline in June of 2006       234

Section Two The price index analysis of second-hand house in Shanghai     237

Section Three The influences factor analysis of real estate price in Shanghai      248

First, Influence factor in which real estate price are formed       248

Second, influence factor real example analysis of real estate price  251

Third, the conclusion and policy analysis      255

Chapter Seven House market analysis of Shanghai   258

Section One The whole analysis of house market of Shanghai 258

Section Two Typical house index analysis in Shanghai       276

First, house market survey in May of 2006    276

Second, house market by region     283

Third, Change trend of newest house price in Shanghai in 2006     296

Section Three Villa market analysis of Shanghai  311

First, supply and demand state of villa of Shanghai of 2005     311

Second, villa index analysis of Shanghai       315

Third, distribution and current situation of three classification villa of Shanghai    337

Fourth, the newest trend analysis of villa price in Shanghai in 2006       346

Chapter Eight Market analysis of commercial real estate 367

Section One Current situation of commercial real estate    367

First, commercial real estate of Shanghai intensify continuously      367

Second, office building rental of Shanghai will raise up      369

Section Two Office building market analysis of Shanghai   371

First, market conditions of office building of 2005 371

Second, market manifestation of office building of the first half of 2006  383

Third, area distribution of Shanghai office building appear many center trend      387

Fourth, current situation and development expectancy of market of selling type office building of A-grade of Shanghai       390

Fifth, market prospects analysis of office building of Shanghai 398

Section Three Market analysis of apartment of Shanghai  400

First, current situation of hotel type apartment     400

Second, thinking of marketing and advertising of the hotel apartment    418

Third, hotel type apartment investment crisis of Shanghai begin to show       421

Chapter Nine Analysis of main regional real estate market of Shanghai    434

Section One Pudong area 434

Section Two Jing'an District      443

Section Three Xuhui area  450

Section Four Changning District      456

Section Five Minhang District   456

Chapter Ten Demand analysis of real estate in Shanghai 463

Section One Analysis of house-purchase colony  463

First, the consider factor analysis of house purchaser       463

Second, characteristic analysis of purchasing house colony     464

Section Two Demand of real estate of Shanghai  468

First, demand influence factor  468

Second, requirement forecasting     471

Chapter Eleven Analysis of competition situation and preponderant enterprises 476

Section One Analysis of competition situation       476

First, brand competition pattern take shape tentatively      476

Second, trade concentration degree will be improved 478

Section Two Shanghai Lujiazui Finance & Trade Zone Development Co.,Ltd.       480

First, company's overview  480

Second, financial analysis 481

Third, company's prospect analysis 485

Section Three Shanghai Wanye Enterprises CO.,LTD       493

First, company's profile      493

Second, financial analysis 495

Third, company's management strategy analysis 499

Fourth, competitiveness analysis     501

Fifth, development prospect analysis     503

Section Four Shanghai Zhonghua Investment Development(Group)Co.,Ltd  504

First, company's overview  504

Second, financial analysis 506

Third, company's advantage and management strategy analysis    508

Section Five Shanghai New Huang Pu Real Estate CO.,LTD     510

First, company's overview  510

Second, financial analysis 512

Third, company's newest trends      515

Section Six Shanghai Wai Gaoqiao Free Trade Zone Development CO.,LTD       520

First, company's overview  520

Second, financial analysis 522

Section Seven Shanghai Zhangjiang Hi-tech Park Development CO.,LTD     525

First, company's overview  525

Second, financial analysis 529

Third, company's trends    532

Section Eight Shanghai Jinfeng Investment CO.,LTD. 536

First, company's overview  536

Second, financial analysis 537

Third, company's development analysis 540

Section Nine Shanghai Xingye Housing CO.,LTD.       543

First, company's overview  543

Second, financial analysis 545

Section Ten Shanghai Pudong Road & Bridge Construction CO.,LTD     548

First, company's overview  548

Second, financial analysis 550

Third, analysis of company's advantage and distant view  553

Section Eleven Shanghai Shimao CO.,LTD   560

First, company's overview  560

Second, financial analysis 561

Third, company's development analysis 565

Chapter Twelve Real estate of Shanghai under WTO background       570

Section One Development analysis of real estate of China under WTO background   570

First, foreign commitment after joining WTO of building field     570

Second, foreign opening after joining WTO of intermediary trade of real estate   572

Third, Joining WTO, to profit and abuse of the real estate of our country      581

Section Two WTO impact on market of real estate of Shanghai       583

First, impact on investment enterprise    583

Second, impact on financial institution    584

Third, impact on intermediary's agency  586

Fourth, impact on estate management enterprise       587

Fifth, impact on construction work contractor       588

Sixth, impact on house purchaser    588

Section Three The tactics and measure that the real estate deals with WTO       590

First, comb the regulation policy of the real estate, integrate with WTO rule as soon as possible     590

Second, accelerate real estate enterprise's managing mechanism transform, strengthen one's own capability     590

Third, devote more efforts to reforming, set up operating mechanism of market of real estate which accords with the international practice  592

Fourth, foster and develop the intermediary service market of the real estate, standardized operation order       593

Fifth, implement scientific and technical innovation, promote the industrialization , modernization of the house    594

Sixth, market-oriented, change the management tactics, implement brand strategy    595

Seventh, reform the banking system, improve and develop finance of the real estate 596

Eighth, improve the fiscal and taxation system of the real estate, encourage the real estate to circulate and consume       598

Ninth, implement talent's strategy, accelerate personnel training     599

Tenth, improve the efficiency of management       600

Chapter Thirteen Marketing analysis of Shanghai real estate       602

Section One Mistaken idea of marketing of real estate of Shanghai 602

Section Two Choice of the marketing tactics of market of real estate of Shanghai under the new situation    604

Section Three Development tactics of Shanghai real estate agency marketing enterprises       610

Chapter Fourteen Development trend and countermeasure of Shanghai real estate market     619

Section One Development trend and policies and measures of the real estate of our country   619

First, the real estate of our country enter benign cycle progressively in 2006       619

Second, policy guidance of development of real estate of our country of 2006     625

Third, relevant policies and measures of development of real estates of some province and city of our country of 2006       628

Section Two Development trend of Shanghai real estate market      633

First, position of real estate of Shanghai in 'Eleventh Five-Year Plan' period 633

Second, Development trend of Shanghai real estate market     642

Third, the real estate of Shanghai has " hit changes persuing " in the following five years 647

Section Three Development strategy of real estate of Shanghai under the new situation   649

First, present real estate situation   649

Second, widen the capital source and financing channel   652

Third, link market pulse closely, do the real estate scheme well       653

Fourth, strengthen enterprise's meticulous management, take charge of investment control severely, improve products quality    653

Fifth, take the road to scientific and technical innovation   653

Sixth, develop jointly, take the way with cooperative stock right 654

Seventh, garrison in the national market       654

CHART CONTENTS

Chart: The relation between the increase of sales amount of commercial buildings with the increase in GDP of our country  4

Chart: The increase rate contrast of investment and sale of the real estate of 1992-2005 15

Chart: Prosperous index trend picture of national real estate development   34

Chart: Situation of urban floor area of per capita house in every area of 2005     37

Chart: The increasing range that foreign businessman's direct investment of some trades       39

Chart: Overall situation of the investment and development of real estate of 2005      41

Chart: The increase of investment and development of real estate and investment of the fixed assets   41

Chart: Regional structure of the investment and development of real estate of 2005  42

Chart: Capital cost and increase of development of real estate of every area of 2005       43

Chart: Investment and development structure of real estate of 2005      45

Chart: Capital source of development of real estate of 2005     46

Chart: The construction and sales situation of commercial buildings in 2005 and 47

Chart: Domestic deposits rate of our country of 2005 48

Chart: The increasing degree of land purchase area and finished development land area drop progressively     54

Chart: The increasing degree of floor space newly constructed of real estate development drop to the most low-level since 1999    55

Chart: The dropping speed of increase volumn of commercial buildings development and investment is far higher than completed investment of real estate development       57

Chart: selling / completion ratio of real estate market over the years      60

Chart: The content composing of selling area and  the conclusion area of the house is different   63

Chart: Selling / completion ratio drop fast      64

Chart: The increasing degree of deposit and advance receipt drop fast 65

Chart: Purchasing land area and finished area of land development state in January of  2005- March of 2006   70

Chart: Acceleration rate of monthly real estate investment since 2001    73

Chart: The overall situation of investment and development of real estate of the first quarter of 2006    73

Chart: Capital cost and increase of development of real estate of every area of the first quarter of 2006      75

Chart: Investment change of economic and functional house since 2000      78

Chart: Structure of investment and development of real estate of the first quarter of 2006 78

Chart: The growth situations of domestic loan and deposit and advance receipt since 2004     79

Chart: Capital source of development of real estate of the first quarter of 2006   81

Chart: The construction and sales situation of commercial buildings in the first quarter of 2006       82

Chart: Proportion of all kinds of cases of market of real estate of 2005  92

Chart: Commercial buildings construction of Shanghai in December of 2005 111

Chart: Contrast picture of enterprise's prosperous index and increase rate of GDP    114

Chart: The tendency picture of enterprise's prosperous index, confidence index of entrepreneurs  115

Chart: Commercial buildings construction of Shanghai in May of 2006   117

Chart: Trading volume of every property type of every area of Shanghai in June of 2006  119

Chart: Trading volume of every price in every area of Shanghai in June of 2006  119

Chart: Trading volume of every area range of every area of Shanghai in June of 2006      120

Chart: Tendency of trading volume of real estate market of Shanghai of January - June of 2006     121

Chart: The trading volume distribution in every district of Shanghai in June of 2006    122

Chart: The conclusion overview of ordinary commercial residential building of every district of Shanghai in May  123

Chart: The conclusion overview of newly-built ordinary commercial residential building of every loop line of Shanghai in May 124

Chart: Sales area rank of every building in May of 2006    124

Chart: The relevant company's achievements of market of Shanghai and Shenzhen compares with Hong Kong market       162

Chart: The assets scale and business scale of Hong Kong 27 real estate composition stocks compare with Vanke's       164

Chart: The average rate of increase of 27 companies in Hong Kong compares with Vanke       165

Chart: Income profit picture of Sun Hung Kai 166

Chart: Vanke's income, net profit picture       169

Chart: The H-share compares with Shanghai and Shenzhen    170

Chart: Urbanite's income situation   179

Chart: The property firm of Shanghai and Shenzhen exceed average level of Hong Kong 182

Chart: Curve graph of the supply and demand     186

Chart: The price change of trading volume of new house of Shanghai among adjustment and control period       219

Chart: Building price comparison of every district of 2001 - 2005     226

Chart: Building price in Pudong in 2005 230

Chart: Building price in Putuo in 2005    232

Chart: Building price in Yangpu in 2005  232

Chart: Building price in Minhang in 2005       232

Chart: Building price in Songjiang in 2005     232

Chart: Building price in Jing’an, Changning in 2005    233

Chart: The price index of second-hand house in Shanghai       237

Chart: Every large urban price index tendency of second-hand house of December of 2004 - May of 2006  238

Chart: Every urban price index tendency of second-hand house of Shanghai      239

Chart: Price index contrast of second-hand house of every May of urban area in Shanghai     241

Chart: Price index chain rate change of second-hand house of every May of urban area of Shanghai   242

Chart: The price index contrast of second-hand house of inner Loop of every urban area in March,April,May      243

Chart: The price index contrast of second-hand house of middle and outer Loop of every urban area in March,April,May       244

Chart: The price index change forms of second-hand house of Shanghai pieces of blocks of district in May 246

Chart: The floor area and fabrication cost of house of investment enterprise of the real estate in main years      248

Chart: Urban index of Shanghai       251

Chart: Return result  of influence factor at the price  253

Chart: Return result  of influence factor at the price (2)    254

Chart: Return result  of influence factor at the price (3)    255

Chart: Macroscopical economic indicator tabulation of January - February of 2006     259

Chart: The supply area of all administrative area in first quarter of 2006       260

Chart: The supply area tendency of second market of every regional commercial residential building of the first quarter of 2006  261

Chart: The supply area comparsion of Shanghai in the first quarter of 2006 262

Chart: The supply area tendency of second market of commercial residential building of the first quarter of 2006         262

Chart: The supply series of all administrative area in first quarter of 2006     262

Chart: The supply series tendency of second market of every regional commercial residential building of the first quarter of 2006    263

Chart: The supply series comparison of Shanghai in the first quarter of 2006      264

Chart: The supply area per family of every administrative area in the first quarter of 2006 264

Chart: The supply area per family tendency of second market of every regional commercial residential building of the first quarter of 2006    265

Chart: The supply information of every loop line in the first quarter of 2006  265

Chart: Demand area in every administrative area in the first quarter of 2006       266

Chart: The conclusion area tendency of second market of every regional commercial residential building of the first quarter of 2006    267

Chart: The conclusion area comparison of Shanghai in the first quarter of 2006  267

Chart: Demand series of every administrative division in the first quarter of 2006       268

Chart: Conclusion series tendency of secondary market of every regional house in the first quarter of 2006       269

Chart: The conclusion series comparison of Shanghai in the first quarter of 2006       269

Chart: Demand house style characteristic of every administrative area in the first quarter of 2006  269

Chart: Per family area tendency of secondary market of commercial residential building of every regional of the first quarter of 2006    270

Chart: Demand monitor of every administrative area in the first quarter of 2006   271

Chart: Demand price tendency of every administrative area of the first quarter of 2006     272

Chart: The price tendency of second market of commercial residential building of every region in the first quarter of 2006      273

Chart: The conclusion average price comparison of Shanghai in the first quarter of 2006 273

Chart: Demand contrast of every loop line of the first quarter of 2006    273

Chart: The absorbing rate and vacancy rate of whole city and every administrative area in the first quarter of 2006       274

Chart: The permeability coefficient of every administrative area in the first quarter of 2006      275

Chart: Typical house index tendency of Shanghai of 2006 277

Chart: The typical sample average price of every area of Shanghai in May of 2006    278

Chart: House conclusion area tendency of Shanghai in January of 2005 - May of 2006     279

Chart: Conclusion area of house of three districts of Shanghai Second Ring in January - May of 2006  279

Chart: House conclusion situation of three districts of Shanghai Second Ring in January - May of 2006 280

Chart: Conclusion area of house of Shanghai by region in May of 2006 281

Chart: House conclusion unit price structure of Shanghai in May of 2006      282

Chart: One set of conclusions area structure of house of Shanghai in May of 2006    282

Chart: The can selling area of house of every district of Shanghai by May 31, 2006   283

Chart: The conclusion structure of house of Baoshan District by plate in May of 2006       284

Chart: The conclusion structure of house of Changning District by plate in May of 2006    285

Chart: The conclusion structure of house of Pudong District by plate in May of 2006  286

Chart: The conclusion structure of house of Xuhui District by plate in May of 2006     288

Chart: The conclusion structure of house of Minhang District by plate in May of 2006 290

Chart: The conclusion structure of house of Putuo District by plate in May of 2006     291

Chart: The conclusion area of house of three districts in the north in May of 2006      292

Chart: The conclusion area of house of suburbs six district in May of 2006   293

Chart: The conclusion average price tendency of commercial residential building of Shanghai in January of 2005 - March of 2006     296

Chart: The related trading volume of commercial buildings and house average price of that month 298

Chart: The conclusion billboard of house (excluding related room and villa) of Shanghai in March of 2006   300

Chart: House-purchase will of the residents in Shanghai    304

Chart: Confidence index tendency of entrepreneurs of Shanghai    304

Chart: The trading volume of house and average price of Shanghai of 1-4 quarter of 2005      305

Chart: The trading volume and turnover proportion of Shanghai house in 1-4 quarter of 2005 307

Chart: The price tendency prediction picture of commercial residential building is and pursued       308

Chart:The supply and demand tendency of Shanghai house in January - December of 2005   311

Chart: The index change forms of Shanghai villa in 2002 - 2005     315

Chart: The index variation tendency picture of Shanghai villa of 2002 - 2005       315

Chart: The conclusion series tendency of Shanghai independent villa    317

Chart: The schedule that real estate resource office of Shanghai sanction the villa itemized is sold in advance in July of 2005      319

Chart: The schedule that real estate resource office of Shanghai sanction the villa itemized is sold in advance in August of 2005  321

Chart: The current selling villa of Songjiang  323

Chart: The current selling villa of Pudong      326

Chart: The current selling villa of Minhang    329

Chart: The current selling villa of Qingpu      331

Chart: The current selling villa of Nanhui       334

Chart: The current selling villa of Fengxian   335

Chart: The current selling villa of Jiading       336

Chart: The current selling villa of Baoshan    337

Chart: Whole price tendency of market of villa of Shanghai      350

Chart: Tendency picture of the monthly trading volume of the villa of Shanghai in March of 2005 - March of 2006       351

Chart: The monthly trading volume tendency of the economy villa of Shanghai of March of 2005 - March of 2006       354

Chart: Distribution map of a set of area of conclusion villa of Shanghai of 2005   355

Chart: Regional distribution map of the conclusion villa of Shanghai of 2005 357

Chart: Tendency picture of conclusion price of villa of Songjiang in 2005      358

Chart: The tendency picture of conclusion price of villa in Minhang in 2005  360

Chart: Tendency picture of villa price in Pudong in 2005    362

Chart: Newly-increased office building project in Shanghai of 2005 373

Chart: The monthly supply and absorbing area of every area of 2005    376

Chart: The monthly supply and absorbing set of every area of 2005      377

Chart: Monthly selling price of every area of 2005      379

Chart: The accumulative total supply, absorbing of market of A-grade office building in October of 2005       381

Chart: The rental tendency picture of A-grade office building of every plate  382

Chart: Can leasing area and rental level actually 383

Chart: Conclusion situation of office building in January of 2005 - April of 2006    383

Chart: The distribution of conclusion area of office building of Shanghai in April of 2006    383

Chart: The lease conclusion case   386

Chart: Supply, absorbing amount, vacancy rate of A-grade office building of Shanghai      391

Chart: The average price and average rental trend of office building of A-grade of Shanghai   392

Chart: The building grade of hotel type apartment      408

Chart: The market share of hotel type apartment 409

Chart: The controlling shareholder of Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd.  481

Chart: Earning capacity analysis of Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. of September of 2005- April of 2006     481

Chart: Operating capacity analysis of Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. of September of 2005- April of 2006     482

Chart: Coverage capacity analysis of Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. of September of 2005- April of 2006     482

Chart: Capital structure analysis of Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. of September of 2005- April of 2006     482

Chart: Development capacity analysis of Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. of September of 2005- April of 2006 483

Chart: Analysis of cash flow of Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. of September of 2005- April of 2006 483

Chart: The profit flow table of Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. of September of 2005- April of 2006 483

Chart: Controlling shareholder of Shanghai Wanye Enterprises CO., LTD (Cosco development)     495

Chart: Earning capacity analysis of Shanghai Wanye Enterprises CO., LTD (Cosco development) of September of 2005- April of 2006     495

Chart: Operating capacity analysis of Shanghai Wanye Enterprises CO., LTD (Cosco development) of September of 2005- April of 2006     496

Chart: Coverage capacity analysis of Shanghai Wanye Enterprises CO., LTD (Cosco development) of September of 2005- April of 2006     496

Chart: Capital structure analysis of Shanghai Wanye Enterprises CO., LTD (Cosco development) of September of 2005- April of 2006     496

Chart:Development capacity analysis of Shanghai Wanye Enterprises CO., LTD (Cosco development) of September of 2005- April of 2006     496

Chart: The profit flow table of Shanghai Wanye Enterprises CO., LTD (Cosco development) of September of 2005- April of 2006  497

Chart: The controlling shareholder of Shanghai Zhonghua Investment Development (Group) Co., Ltd   505

Chart: Earning capacity analysis of Shanghai Zhonghua Investment Development(Group)Co.,Ltd of September of 2005- April of 2006     506

Chart: Operating capacity analysis of Shanghai Zhonghua Investment Development(Group)Co.,Ltd of September of 2005- April of 2006     506

Chart: Coverage capacity analysis of Shanghai Zhonghua Investment Development(Group)Co.,Ltd of September of 2005- April of 2006     507

Chart: Capital structure analysis of Shanghai Zhonghua Investment Development(Group)Co.,Ltd of September of 2005- April of 2006     507

Chart: Development capacity analysis of Shanghai Zhonghua Investment Development(Group)Co.,Ltd of September of 2005- April of 2006     507

Chart: Analysis of cash flow of Shanghai Zhonghua Investment Development(Group)Co.,Ltd of September of 2005- April of 2006 508

Chart: Earning capacity analysis of Shanghai New Huang Pu Real Estate CO.,LTD of September of 2005- April of 2006       512

Chart: Operating capacity analysis of Shanghai New Huang Pu Real Estate CO.,LTD of September of 2005- April of 2006      512

Chart: Coverage capacity analysis of Shanghai New Huang Pu Real Estate CO.,LTD of September of 2005- April of 2006      512

Chart: Capital structure analysis of Shanghai New Huang Pu Real Estate CO.,LTD of September of 2005- April of 2006       513

Chart: Development capacity analysis of Shanghai New Huang Pu Real Estate CO.,LTD of September of 2005- April of 2006      513

Chart: Analysis of cash flow of Shanghai New Huang Pu Real Estate CO.,LTD of September of 2005- April of 2006       513

Chart: The profit flow table of Shanghai New Huang Pu Real Estate CO.,LTD of September of 2005- April of 2006       514

Chart: Earning capacity analysis of Shanghai Wai Gaoqiao Free Trade Zone Development CO.,LTD of September of 2005- April of 2006     522

Chart: Operating capacity analysis of Shanghai Wai Gaoqiao Free Trade Zone Development CO.,LTD of September of 2005- April of 2006     522

Chart: Coverage capacity analysis of Shanghai Wai Gaoqiao Free Trade Zone Development CO.,LTD of September of 2005- April of 2006     522

Chart: Capital structure analysis of Shanghai Wai Gaoqiao Free Trade Zone Development CO.,LTD of September of 2005- April of 2006     523

Chart: Development capacity analysis of Shanghai Wai Gaoqiao Free Trade Zone Development CO.,LTD of September of 2005- April of 2006 523

Chart: Analysis of cash flow of Shanghai Wai Gaoqiao Free Trade Zone Development CO.,LTD of September of 2005- April of 2006 523

Chart: The profit flow table of Shanghai Wai Gaoqiao Free Trade Zone Development CO.,LTD of September of 2005- April of 2006 524

Chart: Earning capacity analysis of Shanghai Zhangjiang Hi-tech Park Development CO.,LTD of September of 2005- April of 2006 529

Chart: Operating capacity analysis of Shanghai Zhangjiang Hi-tech Park Development CO.,LTD of September of 2005- April of 2006 529

Chart: Coverage capacity analysis of Shanghai Zhangjiang Hi-tech Park Development CO.,LTD of September of 2005- April of 2006 529

Chart: Capital structure analysis of Shanghai Zhangjiang Hi-tech Park Development CO.,LTD of September of 2005- April of 2006 530

Chart: Development capacity analysis of Shanghai Zhangjiang Hi-tech Park Development CO.,LTD of September of 2005- April of 2006     530

Chart: Analysis of cash flow of Shanghai Zhangjiang Hi-tech Park Development CO.,LTD of September of 2005- April of 2006      530

Chart: The profit flow table of Shanghai Zhangjiang Hi-tech Park Development CO.,LTD of September of 2005- April of 2006      530

Chart: Earning capacity analysis of Shanghai Jinfeng Investment CO.,LTD. of September of 2005- April of 2006 537

Chart: Operating capacity analysis of Shanghai Jinfeng Investment CO.,LTD. of September of 2005- April of 2006       537

Chart: Coverage capacity analysis of Shanghai Jinfeng Investment CO.,LTD. of September of 2005- April of 2006       537

Chart: Capital structure analysis of Shanghai Jinfeng Investment CO.,LTD. of September of 2005- April of 2006 538

Chart: Development capacity analysis of Shanghai Jinfeng Investment CO.,LTD. of September of 2005- April of 2006       538

Chart: Analysis of cash flow of Shanghai Jinfeng Investment CO.,LTD. of September of 2005- April of 2006  538

Chart: The profit flow table of Shanghai Jinfeng Investment CO.,LTD. of September of 2005- April of 2006   538

Chart: The controlling shareholder of Shanghai Xingye Housing CO.,LTD.    544

Chart: Earning capacity analysis of Shanghai Xingye Housing CO.,LTD. of September of 2005- April of 2006      545

Chart: Operating capacity analysis of Shanghai Xingye Housing CO.,LTD. of September of 2005- April of 2006   545

Chart: Coverage capacity analysis of Shanghai Xingye Housing CO.,LTD. of September of 2005- April of 2006   545

Chart: Capital structure analysis of Shanghai Xingye Housing CO.,LTD. of September of 2005- April of 2006      546

Chart: Development capacity analysis of Shanghai Xingye Housing CO.,LTD. of September of 2005- April of 2006       546

Chart: Analysis of cash flow of Shanghai Xingye Housing CO.,LTD. of September of 2005- April of 2006       546

Chart: The profit flow table of Shanghai Xingye Housing CO.,LTD. of September of 2005- April of 2006 546

Chart: The controlling shareholder of Shanghai Pudong Road & Bridge Construction CO.,LTD       550

Chart: Earning capacity analysis of Shanghai Pudong Road & Bridge Construction CO.,LTD of September of 2005- April of 2006 550

Chart: Operating capacity analysis of Shanghai Pudong Road & Bridge Construction CO.,LTD of September of 2005 - April of 2006 551

Chart: Coverage capacity analysis of of Shanghai Pudong Road & Bridge Construction CO.,LTD of September of 2005 - April of 2006      551

Chart: Capital structure analysis of Shanghai Pudong Road & Bridge Construction CO.,LTD of September of 2005 - April of 2006 551

Chart: Development capacity analysis of Shanghai Pudong Road & Bridge Construction CO.,LTD of September of 2005 - April of 2006    551

Chart: Analysis of cash flow of Shanghai Pudong Road & Bridge Construction CO.,LTD of September of 2005 - April of 2006      552

Chart: The profit flow table of Shanghai Pudong Road & Bridge Construction CO.,LTD of September of 2005 - April of 2006      552

Chart: Controlling shareholder of Shanghai Shimao CO., LTD  561

Chart: Earning capacity analysis of Shanghai Shimao CO., LTD of September of 2005 - April of 2006    561

Chart: Operating capacity analysis of Shanghai Shimao CO., LTD of September of 2005 - April of 2006       562

Chart: Coverage capacity analysis of Shanghai Shimao CO., LTD of September of 2005 - April of 2006       562

Chart: Capital structure analysis of Shanghai Shimao CO., LTD of September of 2005 - April of 2006    562

Chart: Development capacity analysis of Shanghai Shimao CO., LTD of September of 2005 - April of 2006  563

Chart: Analysis of cash flow of Shanghai Shimao CO., LTD of September of 2005 - April of 2006    563