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Walking Down the Open Road

As the Chinese year of the Tiger roared to a close, the year of the rabbit was upon us. A turbulent and bumpy 2010 left us with unforgettable memories – we witnessed the World Cup, the Shanghai Expo and the Asian Games. There were also the earthquakes of Haiti and Sichuan, revelations by Wiki Leaks, buzzwords like inflation and Hum Zula and conflict between North and South Korea. A string of new vocabulary entered our psyche and rapid change became a dominant feature of today’s society.

Looking back at the domestic property market in 2010, despite the introduction
of new policies such as the so-called “Ten National Measures” on April 17 and ”Five National Measures” on September 29, the real estate market still managed to scale historical highs, with total sales value of RMB5000 billion and one billion sq.m. in terms of area that can be developed. This reflected strong market demand. Developed countries have proven that when GDP per capita exceeds US$3000, urbanization will continuously stimulate development of the real estate market. Cities throughout China are experiencing this principle as urbanization makes headway.

We enjoyed a number of achievements in 2010. Sales in Zhengzhou city made new breakthroughs, U-Town in Shangqiu was sold out on the first day. Sales in Xinyang and Zhumadian reached around RMB200 million; sales in Zhoukou hit a historical peak of RMB100 million for the first time; sales in Jiyuan, Hebi and San Menxia, which all have small populations, breached RMB100 million; annual sales revenue in Luoyang exceeded RMB1 billion; momentum remained strong for Luohe and Jiaozuo; The basis was laid for development to begin at Kaifeng, Pingdingshan, Xinxiang, Nanyang, Puyang, Anyang and Xuchang. By the end of 2010, contracted sales at U-Town in Zhengbian had reached RMB1.5 billion, creating a legend in Central China. Meanwhile, our hotel and commercial subsidiaries came into their own, working with our property management and services companies and CCRE football club and education division to develop a competitive edge in keeping with our provincial strategy, making it hard for peers to follow.

It is worth remembering that we adjusted our strategy in a timely manner to keep up with the accelerating urbanization of county-level cities in Henan Province. We decided to selectively expand our coverage in certain key county-level cities. Today, in addition to Xiaxian, Puyang and Zhongmou, we also see the names of several county-level cities such as Wugang, Suiping, Xiuwu, Qinyang and Huaiyang in our strategic layout.

It was gratifying that the provincial strategy model that we have implemented over the past 9 years has been recognized not only by governments, experts, peers, customers and employees, but also by investors. We successfully completed a US$300 million high yield bond offering within just 3 months, reflecting our stable reputation in the international capital market.

Flanked by achievements, we have never gotten carried away with our victories in the past 18 years. Following an event dubbed "Jade Carving Action" in 2008, the company launched “18 years • 18 cities • CCRE is listening” to mark its 18th anniversary. We took nearly half a year to collect constructive criticism and suggestions from the public to remind ourselves of our mission, the gap between us and model peers, as well as shortfalls in our products and services. We have long been an industry leader and it would be too easy for us to revel in superiority. We are a company that always pursues excellence and should never be satisfied with our accomplishments.

Walking firmly on the path of strategic development, our management stands confident, plan in hand, while our employees all enjoy high morale. As the company grows each day, our wealth of experience and clear orientation will allow us to advance at a more solid pace——just as an old song goes:

High-spirited and vigorous, we are walking down an open road toward a bright future.

3 Jan 2011

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