ICBC Signed Financial Consultancy Agreement with China National Real Estate Development Group

Recently, Industrial and Commercial Bank of China Limited and China National Real Estate Development Group (hereinafter referred as "China Real Estate Group") signed Financial Consultancy Agreement in Beijing. Mr. Yang Kaisheng, President of ICBC Mr. Yi Huiman President of ICBC Beijing Branch, Mr. Zhen Shaohua Chairman of Board of China Real Estate Group and Mr.

Xu Lipeng, General Manager of China Real Estate Group, attended the ceremony. Mr. Yang Kaisheng and Mr. Zhen Shaohua delivered speeches respectively. Mr. Li Yong, General Manger of ICBC Investment Banking Department, and Ms. Gong Ping, Vice President of ICBC Beijing Branch signed on behalf of ICBC and ICBC Beijing Branch the Framework Agreement and Special Financial Consultancy Agreement with China Real Estate Group.

Mr. Yang Kaisheng, ICBC President, stated that ICBC and China Real Estate Group wish to seize the opportunities in real estate restructuring of central corporate and business development of National Real Estate Trust Investment Fund to foster a double-win relationship through strategic cooperation between the two parties. According to the agreement, ICBC Beijing Branch will provide financial consultancy services for China Real Estate Group in taking over the real estate assets in services assurance category of China Network Communications Group. Such services include assistance in due diligence investigation of intermediary organization, design of related take-over proposal, financing structure and plan.

Under the policy background of restructuring real estate resources of central corporate from State-owned Assets Supervision and Administration Commission of State Council (SASAC), signing of this agreement showed a significant step forward for ICBC to provide financial consultancy services for China Real Estate Group to restructure real estate resources of central corporate. This will also produce positive impacts on the cooperation method between ICBC and China Real Estate Group in the restructuring of real estate resources of central corporate.

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China National Real Estate Development Group Company ("China Real Estate Group") is the earliest real estate company established under the approval of State Council in 1981. It is a specialized operation company directly under SASAC. Currently, China Real Estate Group has over 200 direct subsidiaries, holding and shareholding companies in 31 provinces, cities and autonomous regions in China.