29, the Hong Kong financial news rival real estate investment Kuogu 6 billion U.S. dollars. With three months to rival the real estate market of the doubt, the dialogue this morning, this reporter has just returned to Hong Kong from Guangzhou's real estate rival Chairman of the Board Mr. Xu Jiayin.

I doubt: to sell shares of funds to solve the problem?

Yangcheng Evening News: There are reports that rival real estate investment scheme Kuogu 6 billion U.S. dollars as of 62 on, have been receiving 5.06 million.IP rival postponed, it can be said that in the first half of this year, China's most iconic real estate industry. Over the past three months, on speculation that rival the interruption has been, and the rival has not been any positive response.IP from the capital to Kuogu, why has there been such a choice?

Xu Jiayin: this yearIP carry on, we encountered several decades in the international market once the stock market crash and had to be postponed can be said that theIP. Planned 100 million -150IP billion in financing failed to achieve, the company operating the operation had brought about some difficulties, it is an undeniable fact. At that time, the rival, not according to planIP, there is another way of the three. The first started last year rival, is building the3 projects, is expected to be on sale this year, with a total area of 10,000 square meters75, in the month, nearly 400 10,000 square meters of property in the building on the progress Reached the pre-sale conditions. Sales of buildings to immediately return the funds; Second, take a large number of cooperation projects; Third Kuogu capital.

Yangcheng Evening News: sounds, building a direct sales is the most simple and direct way, and will not reduce your personal stake. Why not choose this way? People say, do not sell the floor, only the Mai Budong price.

Xu Jiayin: We have also been carefully weigh the pros and cons before making such a decision. In 2004, we determine the country's development strategy, set to create a quality, brand name items, the company branded the "double fall". Specifically, we ask that rival those in the city "appeared" to be quasi-flats, the environment, clubs, to build public support to do a good job, and so on were put on sale only through the guarantee product quality, value-added products to enhance the way, reflects the company Brand in the high starting point, to ensure that the company's expansion in the volume at the same time to achieve a qualitative improvement. If you choose a site or on the sale of the product will not be able to embody the brand, dual-brand the company on the ground can not be achieved, in terms of value not reflected in the company's long-term loss is enormous.

Yangcheng Evening News: The company is said to you at that time that many people engage in more cooperation projects. It seems that "Brokeback Monty" approach could be more fundamental way to better share diluted, especially for you personally.

Xu Jiayin:IP In fact, we rejected the first option, but the other two options are indeed some difficult choices. Wefro the year 2004 began to expand into these new cities of market research and development projects, the occupation is a certain advantage of. Over three years, has accumulated nearly 0004 high-quality projects. If full cooperation on the project, which is selling items that need to 30% -50% of the project to address the company's cash flow, which is the basis for future development of space and is not willing. Therefore, only the choice of capital Kuogu manner. The additional directed nearly 16% of thene, the original shareholders, including my own, is a diluted share, but not to sell the company to maintain the project development objectives and does not change, according to the original sale of the company's standards for sale To ensure that the company's dual-brand strategy for landing, I think it is very worthwhile, and I firmly believe to be correct.

Second question: the source of mysterious large investment?

Yangcheng Evening News: Kuogu in the capital, Merrill Lynch, Deutsche Bank is the200 in the first batch of investment in shares of rival three shareholders of the two. Merrill Lynch Investment in200 1.3 billion U.S. dollars of investment in200 1.3 billion U.S. dollars cooperation projects, together with the accumulated investment 3.1 million; Deutsche Bank to invest in200 1.33 billion in the United States Yuan, the investment600 million, with an accumulated investment 1.93 million. Merrill Lynch and Deutsche Bank are to invest giants in the world, Cheng Yu-tung Hong Kong is one of the richest of the three major international real estate giant is also one of the current domestic and international capital markets are depressed real estate market, users have questioned what you are "Means" to obtain their favor.

Xu Jiayin: Merrill Lynch and Deutsche are the three original shareholders of the two,200 from the beginning of the year, they sent rival as the Deputy Director of Finance, I would like to make the original shareholders of the two rival re-investment, "Means" not as good as they are well aware of the situation of the company.

Yangcheng Evening News: Guangdong readers Mr. Zheng Yutong special attention to investment. Mr Cheng's investment in shares 1.5 billion U.S. dollars, but also investment 7.8 billion yuan in cooperation with the two rival projects. Rival co-operation with a total amount of1 billion yuan. You say something like this it?

Xu Jiayin: Before we move on the second-line cities, many cities in the New World also has real estate projects. They are on our team, management, assets, quality of products and projects are well aware. At the same time, I am also grateful to Cheng Yu-tung, Henry Cheng and his son's trust. Cheng and his son in Hong Kong and mainland China get involved in real estate for many years, they and other foreign intervention, I believe that our business management and project management will help to enhance. Chinese real estate industry and real estate development enterprises is not a relatively long period of time, I believe a more open attitude towards the development of cooperation will be even better.

Three questions: Xu Jiayin of Kanmai over it?

Yangcheng Evening News: There is another problem. Before you not willing to carry out cooperation projects and financing, but the news in Hong Kong also revealed that rival has been going on for three projects of cooperation, but also plans to plant Juanma Guangzhou, Chongqing Institute of Science and Technology, Shanghai, and other items projects For project financing.

Xu Jiayin:4's projects have been co-operation projects, you are asked about the three projects we plan to carry out project financing. You may have noticed, we are ready to carry out project financing of projects with a total construction area is only15 more than 10,000 square meters, accounting for one-thirtieth of a land bank rival, but with a total land premiums8 Billion, accounting for rival plansIP About two-thirds of the amount of financing.

Yangcheng Evening News: I would like to liability ratio is a three-month public reference to rival the largest number of topics. The debt ratio of capital Kuogu like a great impact.

Xu Jiayin: This should be divided into two aspects. On the one hand, before the95 of the debt ratio that is last month Hong Kong in accordance with international accounting standards, the200 three-year strategic investors Merrill Lynch, Deutsche Bank, Temasek holdings 4 million of preferred equity and debt payments included in the draw. This year on the three shareholders of the preference shares to ordinary shares after the capital increase together with the Kuogu 6 billion U.S. dollars, an increase of capital of rival1 billion U.S. dollars, a substantial decline in debt ratio.

Four doubt: there is a low-cost or selling price without the city?

Yangcheng Evening News: It is reported that Guangzhou rival Peninsula Scenic sell large discount?

Xu Jiayin: Scenic rival Peninsula opened higher than the average price of the properties for sale around 25% of about the past six months, the overall decline in the Guangzhou real estate should be about 30%, according to market conditions we do launched 30 Concessions, but we discount the price of high prices than the surrounding more than 30%. The price adjustment is purely market behavior. At present, the peninsula can be sold according to size of the current sales price of dollars is also3 billion, to sell, a lower 15% -20% I think the week will be short-selling. But we can not do not need to do so.

Yangcheng Evening News: an interview with you, we have about the Internet search rival in the circumstances around the closing. The recent opening of several properties for sale and the sale prices than some of the properties for sale aroundhig for more than 15%, and even some high more than 50%. In such a market environment, such a strategy if prices are too optimistic?

Xu Jiayin: the price reflects the market's acceptance of the degree of optimism and pessimism of the initiative are in the hands of consumers. I think that our sales volume and sales price reflects our implementation of the "two-touch" strategy is successful.