The Expectations for Beijing's R&B Package

The actual format or channels through which Beijing gets funding does not really that matter. We expect a package of from 1.5 to 2.5 trillion R&B. This is not a small number, but it is also not that big if we take into account most of those extra funding will be used to fill the fiscal funding gap of local governments due to the slumping and man-sales revenue. On the property sector, we expect Beijing to allow local government to ease off the restrictions, especially in the tier 2 cities. But we see limited chance for Beijing to allow the tier 1 or the top tier cities to ease those restrictions. And we also do not expect Beijing to launch another