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At the threshold of the traditional Chinese New Year, I would like to, on behalf of the Management of Jinling Holdings Limited, express sincere greetings to our distinguished guests from home and abroad, to people from walks of life who have given us great support, to all our staff members. Thank you for your long-term cooperation and commitment and I wish all of you great happiness and prosperity in the New Year.
 
2004 marks another milestone in Jinling's rapid development. We have focused on deepening the reform, branding strategy for greater market share, and speeding up the chain development. Aiming at becoming a boutique hotel and getting listed in the stock market, the Jinling Hotels and Resorts, worked hard on improving its management system and upgrading its products for more benefits. Based on the successful operation of the flagship Jinling Hotel Nanjing, the group continued to expand vigorously in the domestic market by providing great support to its member hotels in sales and marketing, joint purchase, food development, training, and quality assurance. So far the number of member hotels has reached 21, 15 of which are named Jinling. With the brand new IT solution, Jinling became the first domestic hotel group to have its own central reservation system (CRS). Following an assets accounting and adjustment, Jinling Holdings has updated its business portfolio with 3 pillar sectors: Hotel Management, Real Estate, and Retailing, setting up a solid foundation for greater business scale and chain development.
 
In the coming 2005, hotel and hospitality industry will enjoy a bright future with more government support on the service industry. Faced with new opportunity and challenge, we will continue to work hard and make Jinling a famous brand in China's hotel industry.
 
Tang Wenjian
Chairman & President of Jinling Holdings Limited