According to relevant agreements approved at the 4th Meeting of the 4th Board of Directors, the company, First China Technology Limited and Hunan Changhua Huishao Tourism Road Construction Investment Co., Ltd. will jointly establish an affiliate tentatively named 'Hunan Zhongbu Huatiancheng Co., Ltd.' to develop and construct the Zhongbu Huatiancheng project located in Huitang Hot Spring, Ningxiang County, Hunan Province.

The affiliate's registered capital will be RMB 100 mln, of which the company will contribute RMB 62 mln in return for a 62% stake. First China will contribute RMB 20 mln in return for a 20% stake and Hunan Changhua will contribute RMB 18 mln in return for an 18% stake. All contributions will be paid in cash.

Board of Directors
30 Oct 2008


Source: Securities Times

Date: 30 Oct 2008

CN01/FL/JL/NK/KM