China Life (2628.HK) becomes Sino-Ocean Land s (3377.HK) largest shareholder

[Hong Kong, Jan 12, 2010] Sino-Ocean Land Holdings Limited ( Sino-Ocean Land /the Company , HKSE stock code: 3377), one of China s largest real estate developers in Beijing and the Pan-Bohai Rim, is pleased to announce that China Life Insurance Company Limited ( China Life , HKSE stock code: 2628), China s largest life insurance company, has purchased 423 million Sino-Ocean Land s existing shares from Sinochem International Corporation. Upon completion, China Life will hold 24.08% of stake in Sino-Ocean Land and become its largest shareholder.

China Life subscribed 934 million of Sino-Ocean Land s new shares on December 24, 2009. The subscription was completed on December 30. The subscription shares represented approximately 16.57% of the enlarged issued share capital.

Mr. LI Ming, the Company s CEO, says I am very happy that China Life has become Sino-Ocean Land s strategic investor. This is a breakthrough in our strategic development. The Company has already established a foothold in high economic growth areas such as the Pan Bohai Rim, the Pearl River Delta and the Yangtze River Delta. We are gradually expanding into other regions such as the inland area or Southwest of China.

China Life s becoming Sino-Ocean Land s largest shareholder will effectively improve our financial structure and corporate governance system. Both parties may look into the possibilities of strategic business collaborations in the future. I strongly believe that China Life s subscription is for the mutual benefit of the two companies and their shareholders.