At the 6th Meeting of the 5th Board of Directors, held on 12 Oct 2008, the following proposals were examined and approved:

1. to raise up to RMB 1.8 bln by issuing bonds with maturities ranging from three to five years
2. the 3Q 2008 Report
3. to guarantee bank loans for Huizhou Celebrities Industrial Investment Co., Ltd., a subsidiary of the company, in which the company holds an 83.33% stake

The subsidiary plans to apply for a RMB 80 mln loan with Industrial and Commercial Bank of China, Huizhou Jiangnan sub-branch, to facilitate normal operation of the Huizhou Celebrities Impression project. The company will provide a two-year joint liability guarantee on the loan.
In addition to the aforementioned guarantee, the company and its subsidiaries have provided external guarantees totaling RMB 802 mln (excluding the staged guarantees for house buyers), accounting for 17.38% of the audited net asset value as of 30 Jun 2008. The company has provided a total of RMB 470 mln worth guarantees for subsidiaries
4. to convene the 4th 2008 Extraordinary General Meeting of Shareholders

Board of Directors
12 Oct 2008


Source: Shanghai Stock Exchange

Date: 14 Oct 2008

CN01/FL/JL/JE/KM