The real estate M&A listed the second in the events of 12 major sectors in 2007 in China. The success of M&A transactions is not completed, but the value creation.

截止2007年，中国房地产业并购事件在12个主要行业中排名第二，而企业并购的成功与否并不在于交易是否完成，而在于是否有价值创造。

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So it is very important that we make a full research with the value creation of the real estate M&A.

因此，关于房地产企业并购及其价值创造的研究显得尤为迫切。

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