How to handle the instrument is controlled

Instrument control how the processor inside is land is not replicated, less a piece, there is a great appreciation of space, and in the future introduction of international strategic investors, existing shareholders will enjoy the benefits of a one-time value of the property. We expect the airport cargo area of ??land use rights will also be injected into the listed company, so the company will become the only complete "airport concept" stocks. The main assets of the airport's land use rights to its parent company are rented deadline June 30, 2006 the airport has a book value of land use rights for 226 million yuan, and its runways, taxiways, aprons and several parking lots accounted for about 5.09 million square meters of land use tenure Beijing Municipal Government, November 16, 1999 to sublease its parent company shares, annual rent for 5.59 million yuan and up 10% every three years (runways, taxiways and downtime Ping a term of 50 years, parking rent farm lease period of 40 years), the commercial value of leased land use rights is very low. Profitability is greater than the Beijing Capital International Airport, Pudong Airport since replacement of assets into the company since, ROE, ROA were maintained at over 15%, while Beijing Capital International Airport for many years in less than 10%, showing that the company's profitability than the Beijing Capital International Airport is strong. Pudong Airport, Beijing Capital International Airport profitability is stronger than reason analysis 1, international passengers and international (including Hong Kong and Macao) flights than the airport charges than domestic high: the company's international and Hong Kong and Macao flights ratio weighs about 57.5%, international and Hong Kong and Macao visitors accounted for more than about 59%, the airport the two proportions were 23% and 23%. 2, the same passenger capacity of the hardware construction costs are lower than the capital airport, lower depreciation: Pudong International Airport Phase fly zone and supporting facilities construction period 1995-1999 in November, the construction area of ??280,000 square meters, a capacity of 20 million acquisition of passengers, the company to assess the price of 2.55 billion yuan; Phase II airfield and facilities engineering 1.68 billion yuan, the future of the airport expansion project three main project will cost 15 billion. Beijing Capital International Airport Terminal II and its ancillary works the same in the period from 1995 to 1999 building, construction area of ??336,000 square meters, a capacity of 26.5 million passengers, a total investment of 9.184 billion yuan; plans to build a third flight Station House and a third runway design capacity 500,000 flight movements, 1.8 million tons of cargo and mail throughput and 20 million passengers, will consume 22 billion, significantly higher than the Pudong airport. 3, Pudong Airport, including land use rights, including the revaluation of fixed assets and intangible assets has never been, and the airport, including the runway, including fixed assets, respectively, at the end of 1999 and the end of 2004 revaluation twice, resulting in large-scale net assets , reducing the asset profitability. 4, the corporate income tax is 15%, while the airport is 33% instrument was how to control treatment