Subsidiary Approved to Establish Project Company

At the 6th Meeting of the 4th Board of Directors, convened on 13 Aug 2008, the following proposals were examined and approved:

1. the 2008 Semiannual Report and its Abstract
2. to approve Zhejiang CYTS Lucheng Investment Real Estate Co., Ltd., a subsidiary of the company to establish a project company, with a registered capital of RMB 100 mln, for the construction of a residential project located in Cixi, Zhejiang Province
The project has a planned construction area of 191,000 sq. meters and a total floor area of 122,000 sq. meters.
3. to elect Li Jing as deputy president of the company

Board of Directors
15 Aug 2008


Source: Shanghai Stock Exchange

Date: 15 Aug 2008

CN01/SS/DM/BT/KM