At the 2007 General Meeting of Shareholders held on 15 May 2008, the following proposals were examined and approved:

1. the 2007 Working Report of the Board of Directors
2. the 2007 Final Accounting Report
3. the 2007 Profit Distribution Scheme
4. the 2007 Annual Report and its Abstract
5. to continue to engage the company’s accounting firm and make a decision on its audit fee
6. to revise the Articles of Association of the company
7. to change the registered address of the company
8. to invest an additional RMB 69.90 mln in the company's subsidiary, Xiamen Gulf Investment Management Co. Ltd, to be used in the renovation and redecoration of the Gulf Hotel
9. to write off assets of RMB 27,370,195.06
10. provisions for write-downs on fixed assets and the impairment of goodwill
11. the Working Report of the Board of Supervisors

Board of Directors
16 May 2008

CN01/DM/KM/GB