On 25 Mar 2008 the company completed a scheme to issue a stock dividend of 10 shares from its capital reserve for every 10 share held. On 20 May 2008 relevant industrial and commercial re-registration procedures regarding the scheme were completed. The total registered capital of the company has been increased from RMB 200 mln to RMB 400 mln and Luo Shaoying has been appointed as chairman of the company.

The company has been informed by Chongqing Dowell Real Estate Development Co. Ltd, a subsidiary of the company, that on 16 May 2008 Chongqing Dowell pledged its four land use right certificates for a 3-year term loan of RMB 400 mln taken from China Minsheng Banking Co. Ltd, Chongqing branch.

Board of Directors
22 May 2008


Source: Shanghai Stock Exchange

Date: 23 May 2008

CN01/JC/KM