Completion of Acquisition of Entire Equity Interests in Shenzhen Poly Investments Co., Limited

Poly (Hong Kong) Investments Limited ( PIL or the Group ) (Stock Code:119), a property development and investment company in China, completed the acquisition of entire equity interests in Shenzhen Poly Investments Co., Limited on 30 April 2008. Shenzhen Poly is an investment holding company in the business of property development, investment and management in China. It owns several pieces of land and properties in 8 cities in China, namely, Shenzhen, Guangzhou, Guiyang, Nanning, Harbin, Kunming, Huizhou and Jinan, in which the gross floor area of Shenzhen Poly s land bank has more than 4.24 million sq.m. The total consideration of RMB1,390 million was satisfied by the Group issuing and allotting approximately 254 million new shares of HK$0.50 each to Poly Southern Group Limited ( Poly Southern ), a wholly owned subsidiary of China Poly. Mr. Wang Xu, Managing Director of PIL, stated, The completion of transaction opened a new era of development for Poly HK. Riding on the continuous strong support from the parent company in which the injection of Shenzhen Poly this time and Poly Shanghai earlier, the Group is confident to further expand property development to different cities and provinces in China and is optimistic about the prospect of the injected property development projects in achieving rapid growth in the coming years.