At the 3rd Meeting of the 4th Board of Directors, held on 23 Oct 2008, the following proposals were examined and approved:

1. to acquire a 100% stake in Changchun Huatian Great Hotel Management Co., Ltd.
The company plans to acquire a 100% stake in Changchun Huatian Great Hotel Management Co., Ltd. Following the acquisition, Changchun Huatian Great Hotel Management will be wholly owned by the company and its main asset, the Changchun Huatian Great Hotel, will be taken over by the company.

2. a report on a major asset purchase (draft)
The company plans to acquire a 100% stake in Changchun Huatian Great Hotel Management Co., Ltd. for RMB 400 mln from Changchun Ji'an Real Estate Development Co., Ltd. and Zhang Xiaoming, which hold 98.8% and 1.2% stakes respectively.
Following negotiation, the two parties reached an agreement over the transaction price based on the asset valuation reports issued by Beijing Pan-China Assets Appraisals Co., Ltd. and Carea Schinda Certified Public Accountants.
The company will solely be liable for gains and losses of Changchun Huatian Great Hotel Management during the period between the base date of 31 Aug 2008 and the transaction date.
Related procedures will be complete within the time period stipulated in the contract.

3. to sign a related agreement with Changchun Ji'an Real Estate Development Co., Ltd. and Zhang Xiaoming
The company will sign an equity transfer agreement with Changchun Ji'an Real Estate Development Co., Ltd. and Zhang Xiaoming. In addition, the company will sign an agreement with Changchun Ji'an Real Estate Development and Changchun Huatian Great Hotel Management on issues related to the arrangement of Huatian Great Hotel's gains and losses following the base date.

4. to petition a general meeting of shareholders to authorize the board of directors to address issues related to the major asset transaction
5. to convene the 8th 2008 Extraordinary General Meeting of Shareholders

The company plans to convene its 8th 2008 Extraordinary General Meeting of Shareholders on 10 Nov 2008 to examine the above-mentioned proposals.