Repayment source mainly comes from hotel service income of #1 and #3, rental income of #2, rental/sales income from car parks of block A, service income and mgt fee from other pledged AR. Per CFP based on moderate assumption (occupation rate at 45% and 60% of #1 and #3 in the first year respectively with gradually stepping up occupation rate in the following years), all the income can fully cover operating expenses and repayment of principal and interests in HACN under the base scenario. And there will be around RMB62.47M shortfall in ending cash under worse scenario (5% lowered occupation rate and nil growth in other pledged AR with interest rate hiked by 2%), which mainly relies on group support or refinancing. Considering the exit LTV is around 18.4%, the refinancing risk is regarded acceptable.