At present, the Company has two land development projects: Guilong Project and Meilin Checkpoint Renewal Project. Since 2012, the Group has auctioned a total of 3,005 mu of land for the project in Longli, including 2,770 mu for the Guilong Project and 235 mu for the Duohua Bridge Project. As at the end of 2018, about 800 mu of land in the Guilong Project has been sold and transferred, and the funds recovered totaled about RMB330 million. In May 2019, another 810 mu of land was sold. About 1,045 mu of land in the Guilong Project is independently developed by the Group. The development of 300 mu in Phase I has been completed, and about 316 villas have been basically delivered, with a recognized revenue of RMB679 million. The Phase II covers an area of 389 mu, in which 238 villas of Stage I Phase II have been sold and have been delivered at the end of 2018. The Stage II of Phase II of the project is mainly for commercial supporting properties, in which 71 commercial properties were planned to be released. As at April 2019, 40 commercial properties have been sold and payments have been collected, which are expected to be completed and delivered in the first half of 2019. The Phase III covers approximately 229 mu, in which 271 villas of Stage I Phase III were opened for sale in July 2018. As at April 2019, 169 villas of Stage I Phase III have been sold and payments have been collected, and are expected to be completed and delivered by the end of 2020. It is expected that the subsequent selling price will increase year on year, the cost will decline, and the gross margin will further increase. In the future, depending on the overall market situation and development opportunities, the Company will timely realize the market value of the land held by means of market transfer, cooperation or independent development. The Meilin Checkpoint Renewal Project is divided into three phases including "Hefengxuan, Heyaxuan and Hesongxuan" for development, which will constitute a complex of approximately 486,400 square meters, covering residential, office, apartment and commercial buildings. Phase I "Hefengxuan" covers a land area of about 117,000 square meters, including 75,000 square meters of saleable houses, which were officially open for sale on 15 December 2018. As at May 2019, the cumulative removal rate of Phase I was around 80%. The project site is in a superior location. The land development projects that the Company is currently involved in are all related to toll highway. Participating in these projects is conducive to realizing the value of the Company's existing resources.