Question-and-Answer Session

Operator

Yes sir.

Herman Yu

Yes. Can we turn…

Operator

Okay. Ladies and gentlemen, if you have the question, please press star followed by one on your phone. If your question has been answered or you like to withdraw your question, please press star followed by two. Question would be taken in order receive, please press star one to begin.

Looks like your first question comes from Richard Ji. Please proceed.

Richard Ji - Morgan Stanley

Hi, Charles, Herman. And congrats on a very strong performance for the quarter.

Charles Chao

Thank you, Richard.

Richard Ji - Morgan Stanley

Thank you. Hi. First, starting with 4Q advertising outlook and obviously, and you're guiding for another strong reacceleration of advertising sales in 4Q. And can you share with us, what are the non real estate factors that we continue to see strength?
And also, given that the advertising budgeting process is going to kick off pretty soon near the year end and so far what are the feedback have you heard from your advertising customer, especially given the advertising average spending were kept down this year and should we expect a significant step-up from your multinational customer and would they also allocate more budget to online? And also you can also comment on [their proceed, their perception] about the potential price increase across the board next year? Thank you.

Charles Chao

Hello, Richard.

Richard Ji - Morgan Stanley

Hi.

Charles Chao

Okay. I will take your question here. For the fourth quarter, obviously, I mean, we got a pretty strong sequential growth for the first quarter compared to the third quarter and this is stronger than the average growth rate we've typically seen between the third and fourth quarter in the years prior to Olympic Games.