Beiya Mansion Sold to Repay Debts

Pursuant to the company's bankruptcy reorganization scheme, the company recently signed a housing repurchase contract with the Heilongjiang Provincial Organ Affairs Administration (HPOAA) and the General Office of the Standing Committee of the Heilongjiang Provincial People's Congress, according to which, the company will sell the Beiya Mansion, covering an area of 15,532.07 sq. meters and its affiliated facilities located on 16 Red Army Street, Nangang District, Harbin City to the HPOAA at a predetermined price to recoup the company's debts.

Following the sale, the company's headquarters was relocated to the Xinji Fortune Mansion at 111 Youyi Road, Daoli District, Harbin City on 9 Sept 2008.

New contact information:
Postal code: 150001
Tel: 0451-84878661
Fax: 0451-84878660

Board of Directors
11 Sept 2008


Source: Shanghai Stock Exchange

Date: 11 Sept 2008

CN01/BJ/JL/BT/KM