RMB 180 Mln Guarantees Approved

At the 23rd Meeting of the 4th Board of Directors, held on 16 Oct 2008, a proposal was examined and approved to provide guarantees for the company's subsidiaries. Details are as follows:

The company will provide a joint liability guarantee on a two-year RMB 60 mln line of credit with Bank of China, Shangyu sub-branch, for Shangyu Wolong Tianxiang Huating Property Co., Ltd., in which the company holds a 69.84% stake. In addition, the company will provide a joint liability guarantee on a RMB 120 mln loan taken out by Qingyuan Wuzhou Industrial Investment Co., Ltd., in which the company holds a 50.1% stake, from the bank.

The board of directors plans to convene its 3rd Extraordinary General Meeting of Shareholders on 6 Nov 2008, at which the aforementioned proposals will be examined and considered for approval.

Board of Directors
16 Oct 2008


Source: Shanghai Stock Exchange

Date: 17 Oct 2008

CN01/IS/LZ/BT/KM