At the 39th Meeting of the 3rd Board of Directors, held on 10 Nov 2008, the following proposals were examined and approved:

1. to redirect raised funds to other uses
2. to temporarily supplement the company's working capital with RMB 200 mln in idle raised funds for a period of less than six months
Of the aforementioned figure, RMB 120 mln will finance the Nanjing B5 Plot Land Investment Project and RMB 80 mln will finance the Nanjing Shangcheng Landscaping Investment Project in Phase II.

3. to revise certain items in the Articles of Association

The company will convene its 5th 2008 Extraordinary General Meeting of Shareholders on 28 Nov 2008, at which the above-mentioned proposals will be examined and considered for approval.

Both conventional and online voting will be adopted for the meeting. Shareholders can vote via the trading system of the Shanghai Stock Exchange on the same day from 9:30 am to 11:30 am and from 1:00 pm to 3:00 pm. The on-line voting code is '738533' and the abbreviation is 'Xixia Voting'.

Board of Directors
13 Nov 2008


Source: Shanghai Stock Exchange

Date: 13 Nov 2008

CN01/NS/MR/JE/KM