At the 29th Meeting of the 5th Board of Directors, held on 29 Aug 2008, the following proposals were examined and approved:

1. to increase the registered capital of Dongyang Lantian Baiyuan Real Estate Co., Ltd. (DLBRE), a wholly-owned subsidiary of the company, by RMB 80 mln to RMB 100 mln
2. to take out a one-year RMB 100 mln loan from Hangzhou Industrial & Commercial Trust Co., Ltd. (HICT) at an annual interest rate of 18%, by pledging the company's 70% stake in DLBRE

During the loan period, the ownership of the 70% stake in DLBRE will temporarily be transferred to HICT.

Board of Director
30 Aug 2008

Source: Shanghai Stock Exchange

Date: 1 Sept 2008

CN01/VL/LZ/BT/KM