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Cover

    Cover

SUMM[ARY

    ;;鱼!坠;!?;旦

    ;Afterfiveyear’slapse.

    ;theChinesestockmarketem

    ;bracedanotherboom.

    ;Somecommentariesmaintainthatitisthebeginningof ;thefourthbullmarketafterthefirstoneduring1990to1993. ;thesecondonefromthebeginningof1996toMayof1997. ;andthethirdonefrOm1999to2001.Manyofthecomments ;comefrOmprofessionalstockanaIystsandownersofstock ;companies,buttheirviewareofthemajorityinthemarket. ;Buttheydisagreeonthereasonsleadingtothisconclusion. ;Somethinkthatitistheresultofgovernmentsupportprovided ;tothemarket,

    ;somehoIdthatitisduetothefIuxof

    ;unidentifiedfunds,

    ;othersmaintainthatitistheoverflow

    ;effectofthesystem.

    ;witheffortsputonthesystemrefOrm

;finallyyieldingsomefruits,

    ;andstiIIothersthinkthatitisthe

    ;consequenceofthecombinationoftheabovementionsforces. ;InthecoverstoryoftheFebruaryissuewiththetitleof ;“theyearof2006,

    ;anewbullyear?’’LegalPersonmentioned

    ;thatChinesestockmarketwasundergoingaseriesofsignifi-

    ;cantreformssuchasthereformofequitydistribution ;,

    ;the

    ;regulationofpubliccompanies,

    ;thecapitalinputintostock

    ;companiesandtheamendmentofCorporationLawandSecurity ;Law,whichwouldbegreatlyfruitfu1.

    ;However,theprocess

    ;maytakealongtime.

    ;WewiIInotchangeourconclusionjustbecauseofthe ;enthusiasmrefueledintheAsharemarket.

    ;West.1Imaintain

    ;thattheperfectionofChinesecapitalmarkethasalongway ;togoandtoremaincautiousandoptimisticisimportforevery ;playerinthecapitalmarket.

    ;Specialreport:themysteryoftheequityofDsngds ;DepartmentStore.Beiiino

    ;OnaSundayofMay,

    ;2006,apieceofshockingnews

    ;Ieakedout.

    ;Thestorycameoutofa”Ietterofaccusation”received

    ;bythismagazine,

    ;ananonymousaccuserclaimedthat”Dangdai

    ;DepartmentStore,Beijinghasbeenevadinghugeamountof ;incometaxesbywayoffraudsince2005.Theaccusationgoes ;asthefollows:during2005,thecompanyhandedinRMB50, ;112法人-2006~M6M

    ;200.000asthesOcalled

    ;

    ;capitaIutiIizationfee”

    ;toshareholdersbeforetax.

    ;evadingincometax

    ;amountingtoRMB16,

    ;566,

    ;000.Thesocalled

    ;

    ;capitalutiIizationfee”is

;paidmonthlyandcontin--

    ;uestiIInow.Uptothe

    ;endofAprilof2006,

    ;its

    ;accumuIatedamounthas

    ;e_l量曼iiIti…ll…Ill;一

    ;法人一一

    ;reachedRMB16,

    ;000,000.”i

    ;This”Ietterof

    ;accusation’’senttotheTax

    ;BureauofChinaandrelevantnewsmediawasastonishing. ;If

    ;theanonymousaccusationwasconfirmedthatthedepartment ;storepaidthedividendstoshareholdersbeforetax. ;doessuch

    ;practiceconstitutetheiIlegalactivityofevasionofbusiness

    ;incometax?Uponreceivingtheletter,

    ;LegalReportsetout

    ;Investngatmnpromptly.

    ;Policy.

    ;a——

;uide=thefateofr.

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    ;k

    ;sixnationslreoulstions. ;er.the

    ;Thereisalwayssomesignsbeforeacrisis.Facedwith

    ;theincreasinglyhighpriceofhousing,

    ;anewboutofmacro

    ;adjustmentpolicycomesoutwhichiscalled”thesixnationaI ;regulation”bythoseintheindustry.

    ;Whilewaitingforthe

;appearanceoftheconcertedpoliciesandregulationsbyde-

    ;partmentsconcerned,somepredictedoptimistically,

    ;butothers ;preachedotherwise.Themarketw…testal1.

    ;.

    ;Industrialleader:the———— ;s——

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    ;t———

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    ;h

    ;e

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;e.

    ;n

    ;InthecircleofChinesereaIestate.theprof_leofWu ;Zhenjin,presidentoftheOlympicGarden

    ;GroupunderZhongtiisnosohigh.

    ;Heislow-keyedbutnotconservative.Underhisleadership, ;sincethetakeoffofthefirstOlympicGardeninGuangzhouin ;1999,withinonlysevenyears,

    ;41programsoftheOlympic

    ;GardenunderWu’scommandhavebeenspreadin16provinces,

    ;4citiesofdirectcentralgovernmentand34citiesthroughout ;thecountry.

    ;Takingadvantageofitsownresourcesandcombining ;sportswithrealestate,

    ;itisthesuccessofthepopularization

    ;oftheOlympicspiritandtheentrepreneurefficiency. ;Itiswhy

    ;theGardenisabletothriveandexpandinthestiffcompetition ;inthereaIestatemarket.

    ;

    ;

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