Commitment of Decrease in Holding by Controlling Shareholder

On 28 Jul 2008 the company received a commitment letter from Ningbo Urban Construction Investment Holdings Co., Ltd. (NUCIH), the controlling shareholder of the company, stating that, following the approval of the company's application for an asset swap or asset purchase via a private placement, as of the date of the commitment letter, the selling price of the company's shares sold by NUCIH (including increased shares after reorganization) via the trading system of the Shanghai Stock Exchange should be no less than RMB 15.00 per share (adjustment in selling price may be made in compliance with ex-dividend and ex-right of the shares).

The commitment letter has been approved by the State-owned Assets Supervision Administration Commission of the Ningbo Municipal Government.

Board of Directors
29 Jul 2008


Source: Shanghai Stock Exchange

Date: 29 Jul 2008

CN01/FL/DM/BT/KM