At the 15th Meeting of the 3rd Board of Directors, held on 25 Nov 2008, the following proposals were examined and approved:

1. to establish a wholly-owned subsidiary, tentatively named Hubei New Chutian Ebei Expressway Co., Ltd., for administration and construction of the road between Dawu and Suizhou, a section of the Macheng-Zhuxi Expressway

2. to apply for a up to RMB 200 mln working capital loan

3. to apply for a up to RMB 500 mln bank loan for the expressway construction, following the establishment of aforesaid subsidiary

4. to provide a guarantee on the loan above for the expressway construction project

5. to provide an investor performance bond/guarantee on the expressway construction project. Pursuant to an investment agreement and the resolution approved at the 3rd 2008 Extraordinary General Meeting of Shareholders, the company will submit an investor performance bond letter to the People's Government of Suizhou City, within thirty working days after a concession agreement signed by the company.
If the newly-estabilished subsidiary defaults, the company will guarantee on up to RMB 120 mln.

6. to convene the 4th 2008 Extraordinary General Meeting of Shareholders on 16 Dec 2008 to examine the aforementioned proposals

Board of Directors
25 Nov 2008


Source: Shanghai Stock Exchange

Date: 26 Nov 2008

CN01/BJ/JL/VW/JW