Express Project Information (1)

The Board announced on June 9 that the Company (Forte) has entered into the Cooperative Agreement and the Establishment Agreement with Nanjing Agriculture and Dahua to jointly establish a joint venture company in Nanjing of Jiangsu Province, namely (Nanjing Dahua Residential Forest Construction Development Co., Ltd.), to undertake the development of the Project in Nanjing.
The registered capital of the Joint Venture Company is proposed to be RMB 100,000,000, to be contributed in cash by Dahua, the Company and Nanjing Agriculture in proportion to their respective equity interests in the Joint Venture Company, in the amount of RMB 51,000,000, RMB 34,000,000 and RMB 15,000,000, respectively, representing 51%, 34% and 15%, respectively of the registered capital of the Joint Venture Company.