At the 1st 2008 Extraordinary General Meeting of Shareholders, a proposal was examined and approved to acquire a 945.67 mln square meter plot of land and associated buildings thereupon, located at Shenda Road, Yuhong District, Shenyang. The plot of land and related buildings are currently owned by Baike Industry Group Co., Ltd., the controlling shareholder of the company.

However, due to ongoing construction on the the land, related procedures for the acquisition may not be completed by the deadline of 30 Sept 2008. Subsequently, Baike Industry Group pledges that the construction on and procedures for the acquisition of the target land will both be completed prior to 31 Mar 2009.

In addition, the company will urge Baike Industry Group to fulfill its commitment to transacting the relevant procedures.

Board of Directors
21 Oct 2008


Source: Shanghai Stock Exchange

Date: 21 Oct 2008

CN01/RP/JL/JE/KM