Successfully Launched Jinan Poly Furong - Sales Revenue Amounted to RMB240 Million

The Group is pleased to announce the official launch of the Jinan Poly Furong project last weekend. A total of 402 units or a GFA of 37,000 sq. m. of the Jinan Poly Furong project were sold on its first day of launch. The subscription rate is more than 70%, generating an aggregate sales revenue of approximately RMB 240 million. The Jinan Poly Furong project is the Group s first development project in Jinan. It is situated in Li Xia district of Jinan and is adjacent to Da Ming Lake and Shandong University, connected by major highways of the city. The project possesses an excellent geographical advantage, well equipped facilities, and a scenic view. The Jinan Poly Furong project is a residential apartment project with a total construction area of approximately 84,000 sq. m. It provides various unit categories from 60 sq. m. to 160 sq. m., which satisfies the demand of a wide range of consumers. The project is expected to be completed in the first half of 2011. Mr. Wang Xu, Managing Director of the Group said, We are pleased with the sales performance of the Group s first project in Jinan. The successful launch once again evidenced that well-equipped projects with excellent geographical location is welcome by consumers. It also demonstrates the consumers confidence on the Group s brand equity. The Group will continue to launch projects located in first-tier cities and South-western China by taking into consideration the market demand, in order to generate favorable returns for the Group and to maximize the shareholder returns.