Shaliu Road Project Approved

At the 6th Meeting of the 6th Board of Directors and the 4th Meeting of the 6th Board of Supervisors, both held recently, the following proposals were examined and approved:

1. the 3Q 2008 Report
2. to make investments in a certain project located on Shaliu Road in Tianjin Municipality.
The project, covering a area of 217,000 square meters, provides housing for low-income urban residents.
The company plans to launch the project's first phase with an approximate total investment of RMB 510 mln and construction site preparation services valued at RMB 150 mln.
3. to accept Hang Tianmin's resignation from his position as staff supervisor

Board of Directors and Board of Supervisors
30 Oct 2008


Source: Shanghai Stock Exchange

Date: 30 Oct 2008

CN01/CJ/JL/JE/KM