Yuexiu Property Acquires Lands in Lin-an, Hangzhou

The Lin-an Land Parcels are located in Qingshan Village, Qingshanhu Street, Lin-an Economic Development Zone, Hangzhou, Zhejiang Province and is approximately 30 kilometres from the urban area of Hangzhou and approximately 10 kilometres from the urban area of Lin-an. The five parcels of land are contiguous, with a planned road Jingshi Road passing through in the middle.

The Lin-an Land Parcels have a total site area of approximately 261,800 sq.m. and a total permissible gross floor area of approximately 818,000 sq.m. The acquisition consideration amounts to RMB589,100,000 representing an acquisition price of RMB720 per sq.m. The parcels of land are approved for residential, office and commercial (including retailing, accommodation and catering) uses, of which the area allocated for each of commercial, office and hotel uses shall not be less than 50,000 sq.

m.

Mr. Lu Zhifeng, Chairman of Yuexiu Property, said, With the implementation of the integration strategy for the Yangtze River Delta Region by the Chinese Government, the opening of the Shanghai-Nanjing and Shanghai-Hangzhou High-speed Railways and the upcoming opening of the Nanjing-Hangzhou High-speed Railway, places within the Yangtze River Delta Region will be more closely linked than ever, thereby creating good development prospects for the business operating environment and for the property market.

The acquisition of the Lin-an Land Parcels is an important step of the Company s strategy implementation in strengthening its property business.