2007 Annual Report on Shanghai Real Estate Industry

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
Chart: Profit table of Shanghai Shimao CO., LTD of September
of 2005 - April of 2006 563