At the 8th Meeting of the Board of Directors, held on 25 Aug 2008, the following proposals were examined and approved:

1. to revise certain items in the Articles of Association
2. to dissolve and liquidate Beiya Property Management LLC as well as close down the company's Beijing branch
3. the 2008 Semiannual Report and its Abstract
4. to convene its 2nd 2008 Extraordinary General Meeting of Shareholders on 10 Sept 2008, at which Proposals 1 and 2 will be examined and considered for approval.

Board of Directors
26 Aug 2008


Source: Shanghai Stock Exchange

Date: 26 Aug 2008

CN01/IS/JL/BT/MM