Local inflation rate reached 6.3% in February, up sharply from 4.3% in January, according to the latest government statistics. The stronger inflation was a reflection of the trend of sustained property rental increases. Average rents of major housing estates rose to $18 per square foot a month in February, comparable to the average rates achieved at the end of 1997. Current residential rents were about 26% higher than those in early 2007 while property prices grew by about 30% during the period. We believe the property market has strong growth momentum to drive another post-Easter rally. After a consolidation period in February and March, the market is expected to regain its upward trend.