At the 4th Meeting of the 4th Board of Directors, held on 29 Oct 2008, the following proposals were examined and approved:

1. the 3Q 2008 Report
2. to sign a contract and a supplementary contract on the Zhongbu Huatiancheng project with the Ningxiang County People's Government of Hunan Province
The company will be responsible for drafting the contract and the supplementary contract.

3. to sign a transfer agreement on the development and operating rights of the Huitang Hotspring International Tourism Zone with Ningxiang County People's Government of Hunan Province and Hunan Changhua Huishao Tourism Road Construction Investment Co., Ltd.
The company will be responsible for drafting the transfer agreement.

4. to jointly establish an affiliate tentatively named 'Hunan Zhongbu Huatiancheng Co., Ltd.' with First China Technology Limited, Hunan Changhua Huishao Tourism Road Construction Investment Co., Ltd.
The affiliate is formed to develop and construct the Zhongbu Huatiancheng project, located in Huitang hotspring, Ningxiang County, Hunan Province.
The company will be responsible for drafting the agreement.

5. to provide a guarantee on another RMB 50 mln working capital loan with Changsha City Commercial Bank for Hunan Huatian Photoelectron & INS Technology Co., Ltd.
6. to convene its 9th 2008 Extraordinary General Meeting of Shareholders on 17 Nov 2008, at which proposals 2, 3, 4 and 5 will be examined and considered for approval

Board of Directors
30 Oct 2008


Source: Securities Times

Date: 30 Oct 2008

CN01/FL/JL/NK/KM