At the 12th Meeting of the 6th Board of Directors, held on 30 Oct 2008, the following proposals were examined and approved:

1. the 3Q 2008 Report
2. to provide a one-year RMB 60 mln entrusted loan to Shanghai West Group Company (West Group) via bank loans

Shanghai Kaiyue Investment and Development Co., Ltd. (KID), a joint venture established by the company and West Group in which the company holds a 35% stake, plans to undertake the loan from West Group. The interest rate will not be lower than the bank interest rate over the same period and relevant expenses and costs will be borne by KID. Meanwhile, West Group will pledge its entire stake in KID and RMB 182 mln of its initial capital contribution to the company as collateral for the loan.

Board of Directors
31 Oct 2008


Source: Shanghai Stock Exchange

Date: 31 Oct 2008

CN01/NQ/VW/DM/NK/KM