1. Nanhai Du Shi Ming Hui Real Estate Development Co., Ltd. of Foshan City, a company under an investment of ￥130,000,000.00, started sale of the finished buildings in December 2005 and has sold 85% of the total finished buildings by June 2006.

2. Nanhai Ming Jie Real Estate Development Co., Ltd. of Foshan City, its building project initiated in the middle of June 2006, with an investment of about ￥300,000,000.00, and it is expected to start the sale of buildings before the spring festival of 2007.

3. Under an investment of about ￥100,000,000.00, Nanhai Metropolis Harbour Hotel of Foshan City comes to the end of overall decoration. The hotel is rated 4 stars and going to start trial operation in July 2006.

4. Honghu Realty Development Co., Ltd. of Foshan City newly bought factory building premises of an area of 48 mu from the urban area of Foshan Municipality with ￥25,000,000.00, which is proposed to develop commodity housing.