Successfully Launched Kunming Sunny Lake & Splendid Life - Sales Revenue Exceeded RMB80 Million

The Group is pleased to announce the official launch of 275 units of its Sunny Lake & Splendid Life project located in Anning of Kunming, Yunnan, on 18 April 2009. A total of 181 units were sold on its first day of launch. The subscription rate reached 65%, generating an aggregate sales revenue of more than RMB80 million. Sunny Lake & Splendid Life is the Group s first development project in Yunnan. Located in the central administrative area of Anning City, the project is only a few hundred meters away from the centre of Anning City, and is opposite to Anning Secondary School, city police station, prosecutor's office, court office building and Anning City Youth Centre. It has a convenient transportation network with only few minutes walk to Ning Lake. The project has a site area of over 160,000 square meters and an aggregate gross floor area of approximately 280,000 square meters. It will be developed into a mid-end residential area comprising of villas, condominiums and high-rise residential blocks with South California architectural style. With the lake in the center, the project has an exquisite scenic view with creeks throughout the area. The area is also equipped with a shopping street which provides comprehensive living facilities for the residents. The project will be developed in 2 phases. Phase 1 has a gross floor area of approximately 63,000 square meters and is scheduled to be completed in late-2009. Mr. Wang Xu, Managing Director of the Group said, The overwhelming sales response of the Group s first product in Yunnan is encouraging. The Group will continue to provide quality brand products with reasonable pricing, so as to generate favorable returns for the Group and to maximize the shareholder returns.