Cross-guarantees for Guangsha Holding Venture

At the 2nd 2008 Extraordinary General Meeting of Shareholders, held on 6 Aug 2008, the following proposals were examined and approved:

1. a proposal related to cross-guarantees between the company and its subsidiary, Guangsha Holding Venture Investment Co., Ltd., as well as its subsidiaries
2. to provide guarantees for Zhejiang Wanfu Building Materials Co., Ltd.
In addition, procedures related to previous cross-guarantees between the company and Wanfu Building Materials, Guangsha Chongqing Construction Adornment Engineering Co., Ltd. (renamed Dongtai Huamei Construction Adornment Co., Ltd.) have been examined and approved.

The validity of the cross-guarantees will be determined in compliance with relevant resolutions made at the 4th Extraordinary General Meeting of Shareholders.

Board of Directors
7 Aug 2008


Source: Shanghai Stock Exchange

Date: 7 Aug 2008

CN01/SS/SW/BT/MM