This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

The following is the text of a letter, summary of values and valuation certificate, prepared for inclusion in this document, received from Savills Valuation and Professional Services Limited, an independent property valuer, in connection with their valuations as of 31 March 2008 of the properties of the Group.

Savills Valuation and Professional Services Limited

23/F Two Exchange Square Central, Hong Kong

T: (852) 2801 6100 F: (852) 2530 0756

23/F Two Exchange Square Central, Hong Kong

EA LICENCE: C-023750 savills.com

[Š], 2008

The Directors Central China Real Estate Limited Room 1008, Concordia Plaza 1 Science Museum Road Tsimshatsui East Kowloon Hong Kong

Dear Sirs

In accordance with your instructions for us to value the properties situated in the People’s Republic of China (the “PRC”) and Hong Kong in which Central China Real Estate Limited (the “Company”) and its subsidiaries (hereinafter referred to as the “Group”) have interests, we confirm that we have carried out inspections, made relevant enquiries and obtained such further information as we consider necessary for the purpose of providing you with our opinion of values of such properties as of 31 March 2008 (“Valuation Date”) for the purpose of incorporation in this document.

Our valuation of each of the properties is our opinion of its market value which we would define as intended to mean “the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion”.

The market value is the best price reasonably obtainable in the market by the seller and the most advantageous price reasonably obtainable in the market by the buyer. This estimate specifically

IV-1 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION excludes an estimated price inflated or deflated by special terms or circumstances such as atypical financing, leaseback arrangements, joint ventures, management agreements, special considerations or concessions granted by anyone associated with the sale, or any element of special value. The market value of a property is also estimated without regard to costs of sale and purchase, and without offset for any associated taxes.

In the course of our valuation of the properties in the PRC, unless otherwise stated, we have assumed that transferable land use rights of the properties for their respective specific terms at nominal annual land use fees have been granted and that any land grant premium payable has already been fully paid. We have relied on the information regarding the title to each of the properties. In valuing the properties, unless otherwise stated, we have assumed that the Group has enforceable titles to the properties and has free and uninterrupted right to use, occupy or assign the properties for the whole of the respective unexpired terms as granted.

In valuing the properties in Group I which are held by the Group for owner occupation and Group II which are held for sale, we have adopted the “Direct Comparison Approach” by making reference to the comparable market transactions assuming sale of each of these property interests in its existing state with the benefit of vacant possession.

In valuing the properties in Group III which are held for investment by the Group, we have valued the properties by making reference to comparable market transactions and where appropriate, on the basis of capitalization of the net income shown on the schedules handed to us. We have allowed for outgoings and, in appropriate cases, made provision of reversionary income potential.

For properties in Groups IV, V and VI, which are held under development, held for future development and contracted to be acquired by the Group, respectively, we have valued the properties on the basis that they will be developed and completed in accordance with the Group’s latest development proposals provided to us. We have assumed that all consents, approvals and licenses from relevant government authorities for these proposals have been obtained. In arriving at our opinion of values, we have adopted the “Direct Comparison Approach” by making reference to the comparable sales transactions as available in the market and where appropriate, have taken into account the construction costs that will be expended to complete the development to reflect the quality of the completed development.

For the property in Group VII which is leased by the Group in Hong Kong, we have assigned no commercial value to such property due to prohibition against assignment or sub-letting or otherwise due to lack of substantial profit rent.

We have been provided with extracts of documents in relation to the titles to the properties, such as State-owned Land Use Certificates, Building Ownership Certificates and Real Estate Title Certificates, ect. However, we have not inspected the original documents to ascertain any amendments which may not appear on the copies handed to us. In the course of our valuation, we have relied to a very considerable extent on the information given by the Group and their legal advisers, Hylands Law Firm, regarding the titles to the properties. We have also accepted advice given to us on such matters as planning approvals or statutory notices, easements, tenure, particulars of occupancy, development proposals, estimated construction costs, estimated completion dates, site and floor areas and all other

IV-2 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION relevant matters. Dimensions, measurements and areas included in the valuation certificate are based on the information provided to us and are therefore only approximations. No on-site measurements have been taken. We have no reason to doubt the truth and accuracy of the information provided to us by the Group which is material to our valuation. We were also advised by the Group that no material facts have been omitted from the information provided. We consider that we have been provided with sufficient information to reach an informed view.

We have inspected the exterior and, where possible the interior of the properties. During the course of our inspection, we did not note any serious defects. However, no structural survey has been made and we are therefore unable to report whether the properties are free from rot, infestation or any other defects. No tests were carried out on any of the services. We have also not carried out investigations on site to determine the suitability of the ground conditions and the services etc., for any future development. Our valuation is prepared on the assumption that these aspects are satisfactory and no extraordinary expenses or delay will be incurred during the development period.

No allowance has been made in our valuation for any charges, mortgages or amounts owing on any properties or for any expenses or taxation which may be incurred in effecting a sale. Unless otherwise stated, it is assumed that the properties are free from encumbrances, restrictions and outgoings of an onerous nature which could affect their values.

In valuing the properties, we have complied with the requirements set forth in Chapter 5 and Practice Note 12 of the Rules Governing the Listing of Securities issued by The Hong Kong Stock Exchange of Hong Kong Limited and Valuation Standards on Properties (First Edition 2005) published by the Hong Kong Institute of Surveyors.

Unless otherwise stated, all money amounts are stated in Renminbi (RMB).

We enclose herewith our summary of values and valuation certificate.

Yours faithfully For and on behalf of Savills Valuation and Professional Services Limited Charles C K Chan MSc FRICS FHKIS MCIArb RPS(GP) Managing Director

Note: Charles C K Chan, MSc, FRICS, FHKIS, MCIArb, RPS (GP), is a qualified valuer and has about 24 years’ experience in the valuation of properties in Hong Kong and has about 19 years’ experience in the valuation of properties in the PRC.

IV-3 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

SUMMARY OF VALUES

Group I — Properties held by the Group for owner-occupation in the PRC

Capital value in Interest Capital value existing state attributable attributable to the as of to the Group as of No. Property 31 March 2008 Group 31 March 2008 (RMB) (%) (RMB) 1. The clubhouse of Jianye City Garden (Zhengzhou), 46,500,000 100 46,500,000 Jianye Road, Jinshui District, Zhengzhou, Henan Province, PRC 2. Ancillary facilities of Jinshui Garden No commercial 100 Nil (Zhengzhou), value East of Weisi Road, Jinshui District, Zhengzhou, Henan Province, PRC 3. Staff Training Center located at 106,900,000 100 106,900,000 North of Longhai Railway, Zhongmou County, Henan Province, PRC Sub-total 153,400,000 153,400,000

Group II — Properties held by the Group for sale in the PRC

4. Unsold Portions of Home Universe 102,800,000 100 102,800,000 (Zhengzhou), 90 Jianye Road, Jinshui District, Zhengzhou, Henan Province, PRC 5. Unsold Portions of Jianye City 26,000,000 100 26,000,000 Garden (Zhengzhou), Jianye Road, Jinshui District, Zhengzhou, Henan Province, PRC 6. Unsold Portions of Phase I of Jianye Square 1,200,000 100 1,200,000 (Zhengzhou), East of Weisi Road, Jinshui District, Zhengzhou, Henan Province, PRC

IV-4 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in Interest Capital value existing state attributable attributable to the as of to the Group as of No. Property 31 March 2008 Group 31 March 2008 (RMB) (%) (RMB) 7. Unsold Portions of Jinshui Garden (Zhengzhou), 5,600,000 100 5,600,000 East of Weisi Road, Jinshui District, Zhengzhou, Henan Province, PRC 8. Unsold Portions of Phases I, II and III, 186,900,000 100 186,900,000 U-Town (Zhengzhou), Dongfeng East Road South, Zhengdongxin District, Zhengzhou, Henan Province, PRC 9. Unsold Portions of Phase I of 35,400,000 100 35,400,000 Forest Peninsula (Luohe), Intersection of Songshan Road and Huaihe Road, Luohe, Henan Province, PRC 10. Unsold Portions of Green Garden (Zhumadian) (Phase I) 20,700,000 100 20,700,000 and Forest Peninsula (Zhumadian) (Phases II and III), East of Jinshan Road and North of Huaihe Avenue, Zhumadian, Henan Province, PRC 11. Facilities and Unsold Portions of Phase I, Phase II and Part 77,300,000 100 77,300,000 of Phase III, Forest Peninsula (Luoyang), Intersection of Beiyuan Yi Road and Yingcai Road, Luonan New District, Luoyang, Henan Province, PRC 12. Unsold Portions of 8,300,000 100 8,300,000 Phase I and part of Phase II, Forest Peninsula (Pingdingshan), South of Jing’er Road, Xincheng District, Pingdingshan, Henan Province, PRC 13. Unsold Portions of Phase I 125,500,000 100 125,500,000 (Palladio Luxurious House) and Phase II (Main Lake) of a residential development, Intersection of Jian’an Avenue and Weiwen Road, Xuchang, Henan Province, PRC

IV-5 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in Interest Capital value existing state attributable attributable to the as of to the Group as of No. Property 31 March 2008 Group 31 March 2008 (RMB) (%) (RMB) 14. A retail unit, 2,600,000 100 2,600,000 Taohua Island (Nanyang), North of the Intersection of Funiu Road and Changjiang Road, Nanyang, Henan Province, PRC 15. Unsold Portions of Sanmenxia SOHO, 1,500,000 100 1,500,000 Intersection of Liufeng Road and Huanghe Road, Sanmenxia, Henan Province, PRC 16. Unsold Portions of Phase I, 10,300,000 100 10,300,000 Green Garden (Sanmenxia), Intersection of Shanzhou Road and Qinhan Road, Sanmenxia, Henan Province, PRC 17. Unsold Portions of 23,500,000 100 23,500,000 Phase I and Phase II of Forest Peninsula (Jiyuan), No. 2 Qinyuan Bei Road, Jiyuan, Henan Province, PRC 18. Unsold Portions of 22,900,000 100 22,900,000 Forest Peninsula (Shangqiu), East of Wenhua Road, Shangqiu, Henan Province, PRC 19. A clubhouse of 7,300,000 100 7,300,000 Green Garden (Shangqiu), East of Wenhua Road, Shangqiu, Henan Province, PRC 20. Unsold Portions of Phase I and Phase II of 42,200,000 100 42,200,000 Sweet-Scented Osmanthus Garden, East of Nanjing Road, Shangqiu, Henan Province, PRC

IV-6 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in Interest Capital value existing state attributable attributable to the as of to the Group as of No. Property 31 March 2008 Group 31 March 2008 (RMB) (%) (RMB) 21. Unsold Portions of 24,900,000 100 24,900,000 Jianye Green Garden (Xinxiang), 21 Jiefang Road, Development Zone, Xinxiang, Henan Province, PRC 22. Unsold Portions of 12,900,000 100 12,900,000 Guihua House Construction (Anyang), No. 32 Huanghe Avenue, Development Zone, Anyang, Henan Province, PRC 23. Lakeside Square (Sanmenxia), 148,300,000 100 148,300,000 South of Huanghe Road Middle Section, Sanmenxia, Henan Province, PRC 24. Unsold Portions of Phase I, 66,000,000 100 66,000,000 Phase II and Phase III of Forest Peninsula (Zhengzhou), Intersection of Tianming Road and Dongfeng Road, Zhengzhou, Henan Province, PRC 25. Unsold Portions of Phase I of Forest Peninsula (Jiaozuo), 34,600,000 100 34,600,000 North of Longyuan Road, Shanyang District, Jiaozuo, Henan Province, PRC 26. Phase I of 41,100,000 100 41,100,000 Gentlest Lake (Luoyang), North of Nanyuan Yi Road, Luonan New District, Luoyang, Henan Province, PRC 27. Unsold Portions of part of Phase I, 43,700,000 50 21,850,000 Forest Peninsula (Xinyang), 182 Nanwan Street, Nanwan Administration District, Xinyang, Henan Province, PRC

IV-7 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in Interest Capital value existing state attributable attributable to the as of to the Group as of No. Property 31 March 2008 Group 31 March 2008 (RMB) (%) (RMB) 28. The Clubhouse and Kindergarten of 11,100,000 100 11,100,000 Green Garden (Nanyang), East of Hanhuaguan, Nanyang, Henan Province, PRC 29. Phases I and II of Jianye City (Puyang), 63,300,000 100 63,300,000 Jiefang Avenue, North Section Road West, Puyang Country, Henan Province, PRC 30. Portion of the Landmark (Jiyuan), 76,400,000 100 76,400,000 North of Xuanhua Street in Jiyuan, Henan Province, PRC 31. Portion of Landmark (Zhengzhou), 288,900,000 100 288,900,000 Intersection of Zhengbian Road and Zhongzhou Avenue, Zhengzhou, Henan Province, PRC Sub-total 1,511,200,000 1,489,350,000

Group III — Properties held by the Group for investment in the PRC

32. Foreign Language School (Zhengzhou), 86,300,000 100 86,300,000 Jianye City Garden, Jianye Road, Jinshui District, Zhengzhou, Henan Province, PRC 33. The Small Harvard Primary School, 90,900,000 100 90,900,000 Dormitory, Composite Building and Kindergarten, East of Weisi Road, Jinshui District, Zhengzhou, Henan Province, PRC 34. A Kindergarten, 10,000,000 100 10,000,000 Green Garden (Zhumadian), East of Jinshan Road and North of Huaihe Avenue, Zhumadian, Henan Province, PRC

IV-8 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in Interest Capital value existing state attributable attributable to the as of to the Group as of No. Property 31 March 2008 Group 31 March 2008 (RMB) (%) (RMB) 35. The Clubhouse, 20,000,000 100 20,000,000 Forest Peninsula (Luoyang), Intersection of Beiyuan Yi Road and Yingcai Road, Luonan New District, Luoyang, Henan Province, PRC 36. A Kindergarten, 6,500,000 100 6,500,000 Forest Peninsula (Jiyuan), No. 2 Qinyuan Bei Road, Jiyuan, Henan Province, PRC 37. A Kindergarten of 6,300,000 100 6,300,000 Jianye Green Garden (Puyang), Renqiu Road West Section, Green Garden Hualong District, Puyang, Henan Province, PRC 38. A Kindergarten of 6,800,000 100 6,800,000 Jianye Green Garden (Xinxiang), 21 Jiefang Road, Development Zone, Xinxiang, Henan Province, PRC 39. A Kindergarten of 4,800,000 100 4,800,000 Green Garden (Shangqiu), East of Wenhua Road, Shangqiu, Henan Province, PRC 40. A Kindergarten, 20,200,000 100 20,200,000 U-Town (Zhengzhou), Dongfeng East Road South, Zhengdongxin District, Zhengzhou, Henan Province, PRC Sub-total 251,800,000 251,800,000

IV-9 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in Interest Capital value existing state attributable attributable to the as of to the Group as of No. Property 31 March 2008 Group 31 March 2008 (RMB) (%) (RMB)

Group IV — Properties held by the Group under development in the PRC 41. Portion of 700,000,000 100 700,000,000 Landmark (Zhengzhou), Intersection of Zhengbian Road and Zhongzhou Avenue, Zhengzhou, Henan Province, PRC 42. Part of Phase I of 56,800,000 50 28,400,000 Forest Peninsula (Xinyang), 182 Nanwan Street, Nanwan Administration District, Xinyang, Henan Province, PRC 43. Phase II, 109,700,000 100 109,700,000 Forest Peninsula (Luohe), Intersection of Songshan Road and Huaihe Road, Luohe, Henan Province, PRC 44. Phase IV of 91,200,000 100 91,200,000 Forest Peninsula (Zhumadian), East of Jinshan Road and North of Huaihe Avenue, Zhumadian, Henan Province, PRC 45. Part of Phase II of 88,500,000 100 88,500,000 Forest Peninsula (Pingdingshan), South of Jing’er Road, Xincheng District, Pingdingshan, Henan Province, PRC 46. Part of Phase III, 56,500,000 100 56,500,000 Forest Peninsula (Luoyang), Intersection of Beiyuan Yi Road and Yingcai Road, Luonan New District, Luoyang, Henan Province, PRC 47. Phase II, 150,700,000 100 150,700,000 Forest Peninsula (Jiaozuo), North of Longyuan Road, Shanyang District, Jiaozuo, Henan Province, PRC

IV-10 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in Interest Capital value existing state attributable attributable to the as of to the Group as of No. Property 31 March 2008 Group 31 March 2008 (RMB) (%) (RMB) 48. Portion of the property of Landmark (Jiyuan), 18,600,000 100 18,600,000 North of Xuanhua Street, Jiyuan, Henan Province, PRC 49. Phase I of 180,100,000 60 108,060,000 Jianye Dahong City Garden, Intersection of Huanghe Avenue and Jinyao Road, Kaifeng, Henan Province, PRC 50. Phase III of 38,000,000 100 38,000,000 Forest Peninsula (Jiyuan), No.2 Qinyuan Bei Road, Jiyuan, Henan Province, PRC Sub-total 1,490,100,000 1,389,660,000

Group V — Properties held by the Group for future development in the PRC

51. Jianye Champagne Garden (Zhengzhou), 182,100,000 100 182,100,000 East of Huozhan Street, Zhengzhou, Henan Province, PRC 52. Phase IV of 86,300,000 100 86,300,000 Forest Peninsula (Zhengzhou), Intersection of Tianming Road and Dongfeng Road, Zhengzhou, Henan Province, PRC 53. Jianye One City (Zhengzhou), 289,700,000 100 289,700,000 East of Nanyang Road and West of Fengle Road, Zhengzhou, Henan Province, PRC 54. Phase IV of U-Town (Zhengzhou), 165,200,000 100 165,200,000 Dongfeng East Road South, Zhengdongxin District, Zhengzhou, Henan Province, PRC 55. Jianye Code International Garden (Zhengzhou), 88,400,000 100 88,400,000 East of Songshan Road and North of Mianfang Road, Zhengzhou, Henan Province, PRC

IV-11 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in Interest Capital value existing state attributable attributable to the as of to the Group as of No. Property 31 March 2008 Group 31 March 2008 (RMB) (%) (RMB) 56. Phase II of Jianye Dahong City Garden, 20,800,000 60 12,480,000 Intersection of Huanghe Avenue and Jinyao Road, Kaifeng, Henan Province, PRC 57. Phases II-IV of 177,100,000 50 88,550,000 Forest Peninsula (Xinyang), 182 Nanwan Street, Nanwan Administration District, Xinyang, Henan Province, PRC 58. Xinyang Nanwan Yanwei Island Project situated at 40,900,000 50 20,450,000 Xianshan Village, Nanwan Administration District, Xinyang, Henan Province, PRC 59. Xinyang Nanwan Fish Farm Project situated at 146,400,000 50 73,200,000 Shangba Road, Nanwan Administration District, Xinyang, Henan Province, PRC 60. Phases III and IV of 106,100,000 100 106,100,000 Forest Peninsula (Luohe), Intersection of Songshan Road and Huaihe Road, Luohe, Henan Province, PRC 61. Phase V of 107,000,000 100 107,000,000 Forest Peninsula (Zhumadian), East of Jinshan Road and North of Huaihe Avenue, Zhumadian, Henan Province, PRC 62. Jianye One City (Luoyang), 194,600,000 96.68 188,139,280 6 Nanchang Road, Luoyang, Henan Province, PRC 63. Phases II, III and IV of 529,700,000 100 529,700,000 Gentlest Lake (Luoyang), North of Nanyuan Yi Road, Luonan New District, Luoyang, Henan Province, PRC

IV-12 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in Interest Capital value existing state attributable attributable to the as of to the Group as of No. Property 31 March 2008 Group 31 March 2008 (RMB) (%) (RMB) 64. Forest Peninsula (Sanmenxia), 119,000,000 100 119,000,000 East of Gantang Road and West of Shangguan Road, Sanmenxia, Henan Province, PRC 65. Phase II of 74,600,000 100 74,600,000 Green Garden (Sammenxia), Intersection of Shanzhou Road and Qinhan Road, Sanmenxia, Henan Province, PRC 66. Phase III of 87,000,000 100 87,000,000 Forest Peninsula (Jiaozuo), North of Longyuan Road, Shanyang District, Jiaozuo, Henan Province, PRC 67. Phases III, IV and V of 283,400,000 100 283,400,000 Jianye City (Puyang), Jiefang Avenue North Section Road West, Puyang County, Henan Province, PRC 68. Xinxiang Golden Dragon Project, 53,600,000 60 32,160,000 North of Nanerhuan and West of Fenghua Street, Development Zone, Xinxiang, Henan Province, PRC 69. Phases III and IV of 105,500,000 100 105,500,000 Sweet-Scented Osmanthus Garden, East of Nanjing Road, Shangqiu, Henan Province, PRC 70. Phases VII-VIII, 222,700,000 60 133,620,000 Kaifeng Zhengkai Forest Peninsula, North of Hanxing Road, Kaifeng, Henan Province, PRC

IV-13 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in Interest Capital value existing state attributable attributable to the as of to the Group as of No. Property 31 March 2008 Group 31 March 2008 (RMB) (%) (RMB) 71. Zhengzhou Xiangsheng Garden, 65,800,000 100 65,800,000 East of Dongfeng East Road and South of Xiangsheng Street, Zhengzhou, Henan Province, PRC 72. Phase II of Jianye Square, 47,600,000 100 47,600,000 East of Weisi Road, Jinshui District of Zhengzhou, Henan Province, PRC 73. Phases I-V of Luohe Songshan Road Project, 432,300,000 51 220,473,000 West of Songshan Road and East of Qishan Road, Luohe, Henan Province, PRC 74. Phases I-IV of Forest Peninsula (Shangjie), 242,700,000 100 242,700,000 North of Xuchang Road and West of Jinhua Road, Zhengzhou, Henan Province, PRC 75. Zhongmou St. Andrews Project situated at 1,168,000,000 60 700,800,000 Yanming Lake, Zhongmou Country, Henan Province, PRC Sub-total 5,036,500,000 4,049,972,280

Group VI — Properties contracted to be acquired by the Group in the PRC

76. Jianye Maple Garden (Zhengzhou), 128,500,000 100 128,500,000 Intersection of Wenhua Road and Xinliu Road, Zhengzhou, Henan Province, PRC 77. A parcel of land for No commercial 60 Nil Xinxiang Golden Dragon Project located at value the North of Nanerhuan and the West of Fenghua Street of Development Zone, Xinxiang, Henan Province, PRC

IV-14 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in Attributable Capital value existing state interest attributable to the as of to the Group as of No. Property 31 March 2008 Group 31 March 2008 (RMB) (%) (RMB) 78. Kaifeng Water System Development Project, No commercial 80 Nil Kaifeng, value Henan Province, PRC 79. Phase V of U-Town (Zhengzhou), 331,500,000 100 331,500,000 Dongfeng East Road South, Zhengdongxin District, Zhengzhou, Henan Province, PRC 80. A site for No commercial 60 Nil Kaifeng Zhengkai Forest Peninsula, value North of Hanxing Road, Kaifeng, Henan Province, PRC 81. A site located at No commercial 100 Nil the intersection of value Jiudu Road and Yan’an Road Luoyang, Henan Province, PRC Sub-total 460,000,000 460,000,000

Group VII — Property leased by the Group in Hong Kong

82. Room 1008, No commercial — Nil Concordia Plaza, value 1 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong Sub-total Nil Nil Grand Total 8,903,000,000 7,794,182,280

IV-15 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE Group I — Properties held by the Group for owner-occupation in the PRC

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 1. The clubhouse of The property comprises a 3-storey The property is RMB46,500,000 Jianye City Garden clubhouse in Jianye City Garden (the occupied by the (100% interest (Zhengzhou), “Development”). The property was Group for office use. attributable to Jianye Road, completed in 2000. the Group: Jinshui District, The gross floor area of the property is RMB46,500,000) Zhengzhou, approximately 9,888.88 sq.m. (106,444 Henan Province, sq. ft.). PRC The land use rights of the property have been granted for a term of 70 years expiring on 7 March 2067 for composite and residential uses. Notes: (1) Pursuant to three State-owned Land Use Certificates all issued by the People’s Government of Zhengzhou, the land use rights of the Development with a total site area of approximately 187,061.04 sq.m. have been granted to CCRE China and the details of such certificates are shown as follows:

Site Area Certificate No. (sq.m.) Uses Expiry Date i. Zheng Guo Yong (2007) No. 0826 46,837.10 Composite 7 March 2067 ii. Zheng Guo Yong (2007) No. 0825 2,269.30 Composite 7 March 2067 iii. Zheng Guo Yong (2007) No. 0948 137,954.64 Residential 7 March 2067 Total 187,061.04

(2) Pursuant to three Building Ownership Certificates Zheng Fang Quan Zheng Nos. 0101006336, 0101006337 and 0101006338 all issued by Zhengzhou Real Estate Administration Bureau on 9 March 2001, the building ownership of the property with a gross floor area of 9,888.88 sq.m. is held by CCRE China. (3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information: i) the land grant premium of the property has been fully settled; ii) CCRE China has obtained State-owned Land Use Certificates for the Development and has the rights to transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; iii) CCRE China has obtained Building Ownership Certificates for the property and has the rights to transfer, lease, mortgage or dispose of by other legal means of the property under PRC laws; and iv) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-16 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 2. Ancillary facilities The property comprises a boiler room The property is No commercial of Jinshui Garden and a storage in Jinshui Garden (the currently occupied by value (Zhengzhou), “Development”). The property was the Group for ancillary (100% interest East of Weisi Road, completed in 1997. and office uses. attributable to Jinshui District, the Group: The total gross floor area of the Zhengzhou, Nil) property is approximately 6,067.80 Henan Province, sq.m. (65,314 sq. ft.). PRC The land use rights of the property have been granted for various terms expiring on 5 November 2064 and 7 June 2065 for residential use and expiring on 25 December 2050 for educational use. Notes: (1) Pursuant to three State-owned Land Use Certificates all issued by Zhengzhou Bureau of Land Management or Zhengzhou Land and Resources Bureau, the land use rights of the property with a total site area of approximately 120,899.50 sq.m. have been granted to CCRE China, and the details of such certificates are shown as follows:

Certificate No. Site Area (sq.m.) Use Expiry Date i Zheng Guo Yong 2002 Zi No. 0203 71,964.60 Residential 7 June 2065 ii Zheng Guo Yong 2002 Zi No. 1568 46,040.30 Residential 5 November 2064 iii Zheng Guo Yong 2000 Zi No. 0693 2,894.60 Educational 25 December 2050 Total 120,899.50

(2) Pursuant to five Building Ownership Certificates Zheng Fang Quan Zheng Nos.0001031441 to 0001031445 all issued by Zhengzhou Real Estate Administration Bureau on 14 July 2000, the building ownership of the property with a total gross floor area of 6,067.80 sq.m. is held by CCRE China.

(3) We have ascribed no commercial value to the property since it is categorized as ancillary facilities in the Building Ownership Certificates of the property and thus the disposal rights are restricted.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE China has obtained State-owned Land Use Certificates for the Development and has the rights to transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE China has obtained Building Ownership Certificates for the property and has the rights to use and lease the property, however the disposal of the property is restricted as it is categorized as ancillary facilities;

iv) CCRE China has obtained all the necessary permits / approvals for the design and construction works of the whole development, and ancillary facilities such as clubhouses, schools and kindergartens provided within the development are also approved by the relevant authorities. Therefore, the property, being the ancillary facilities of the whole development, can be used legally; and

v) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

IV-17 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-18 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 3. Staff Training The property comprises nine single or The property is RMB106,900,000 Center located at two-storey residential buildings occupied by the Group (100% interest North of Longhai erected on two parcels of land with a as a staff training attributable to Railway, total site area of approximately center. the Group: Zhongmou County, 407,911.668 sq.m. (4,390,761 sq.ft.). RMB106,900,000) Henan Province, The buildings were completed in PRC 1999.

The total gross floor area of the property is approximately 5,431.97 sq.m. (58,470 sq ft). The land use rights of the property have been granted for respective terms expiring on 2 May 2038 and 9 December 2055 for composite, entertainment and agricultural uses. Notes: (1) Pursuant to two State-owned Land Use Certificates both issued by Zhongmou Land and Resources Bureau, the land use rights of the property with a total site area of approximately 407,911.668 sq.m. have been granted to CCRE China and the details of such certificates are shown as follows:

Certificate No. Site Area (sq.m.) Uses Expiry Date i. Mou Guo Yong 2003 Zi No. 069 335,326.700 Composite, 2 May 2038 Entertainment and Agricultural ii. Mou Guo Yong 2005 Zi No. 265 72,584.968 Composite 9 December 2055 Total 407,911.668

(2) Pursuant to a Building Ownership Certificate Mou Fang Quan Zheng No. 07236, the building ownership of the property with a gross floor area of 5,431.97 sq.m. is held by CCRE Henan.

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE China has obtained State-owned Land Use Certificates for the Staff Training Center and has the rights to transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use terms under PRC laws;

iii) CCRE China has obtained Building Ownership Certificate for the property and has the rights to transfer, lease, mortgage or dispose of by other legal means under PRC laws of the property; and

iv) the land use rights of the property with a site area of approximately 407,911.67 sq.m. have been mortgaged to China Communication Bank, Zhengzhou Branch, CCRE China is not entitled to transfer, lease, further mortgage or dispose of the mortgaged portion by other legal means without prior approval from the mortgagee.

IV-19 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract No iii. Construction Land Planning Permit No iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate Yes

IV-20 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Group II — Properties held by the Group for sale in the PRC Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 4. Unsold Portions of The property comprises 3 retail The retail units and RMB102,800,000 Home Universe units, a residential unit and 65 residential unit are (100% interest (Zhengzhou), underground carparks of Home vacant whilst the attributable to the 90 Jianye Road, Universe (the “Development”) underground carpark Group: Jinshui District, erected on a parcel of land with a site are occupied by the RMB102,800,000) Zhengzhou, area of approximately Group. Henan Province, 46,335.90 sq.m. (498,760 sq.ft.). The PRC property was completed in 2005. The total gross floor area of the property is approximately 18,129.83 sq.m. (195,149 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Retail 9,520.01 102,473 Residential 814.25 8,764 Underground carpark 7,795.57 83,912 Total 18,129.83 195,149

The land use rights of the property have been granted for a term expiring on 26 July 2065 for residential uses. Notes: (1) Pursuant to a State-owned Land Use Certificate Zheng Guo Yong 2003 No. 0249 issued by Zhengzhou Land and Resources Bureau on 25 July 2003, the land use rights of the Development with a site area of 46,335.90 sq.m. have been granted to CCRE China for a term expiring on 26 July 2065 for residential uses. (2) Pursuant to various Completed Construction Works Certified Reports issued by Zhengzhou Construction Committee, construction works of the Development with a total gross floor area of 123,468.73 sq.m. were completed and the details of such reports are shown as follows:

Completion Permit No. scale (sq.m) Issuance Date i. 20050220 7,513.50 19 April 2005 ii. 20050221 3,310.21 19 April 2005 iii. 20050222 15,218.26 19 April 2005 iv. 20050223 10,932.51 19 April 2005 v. 20050224 12,117.25 19 April 2005 vi. 20050225 11,638.60 19 April 2005 vii. 20050847 12,100.38 30 December 2005 viii. 20050848 11,382.00 30 December 2005 ix. 20050849 20,980.42 30 December 2005 x. 20050855 4,613.00 30 December 2005 xi. 20050856 4,812.00 31 December 2005 xii. 20050850 8,850.60 30 December 2005 Total 123,468.73

IV-21 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(3) Pursuant to ten Commodity Building Ownership Registration Certificates all issued by Zhengzhou Real Estate Authority, the building ownership of portions of the Development with a total gross floor area of approximately 112,953.02 sq.m. are held by CCRE China, the details of such certificates are shown as follows:

Gross floor Certificate No. area (sq.m.) Issuance date i. Zheng Fang Jian Zi No. (2005) 0504000350 11,559.64 23 June 2005 ii. Zheng Fang Jian Zi No. (2005) 0504000349 12,008.25 23 June 2005 iii. Zheng Fang Jian Zi No. 0604000704 10,877.56 10 August 2006 iv. Zheng Fang Jian Zi No. 0604000703 15,086.14 10 August 2006 v. Zheng Fang Jian Zi (2005) No. 504000382 3,301.79 18 July 2005 vi. Zheng Fang Jian Zi (2005) No. 504000381 6,994.34 11 July 2005 vii. Zheng Fang Quan Bei An Zi No. 0604000189 8,823.60 27 March 2006 viii. Zheng Fang Quan Bei An Zi No. 0704000645 20,910.52 17 September 2007 ix. Zheng Fang Quan Bei An Zi No. 060000188 11,304.07 27 March 2006 x. Zheng Fang Quan Bei An Zi No. 0604000191 12,087.11 27 March 2006 112,953.02

(4) As advised by the Group, portions of the Development with a total gross floor area of approximately 104,248.19 sq.m. were sold and thus have been excluded from our valuation.

(5) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alias, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE China has obtained the State-owned Land Use Certificate for the Development and has the rights to transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE China has obtained the Completed Construction Works Certified Reports for the property and has the rights to transfer, lease, mortgage, or dispose of the property under PRC laws. There will be no material legal impediment for CCRE China to obtain Building Ownership Certificates for the unsold portions of the property; and

iv) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(6) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate No

IV-22 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 5. Unsold Portion of The property comprises 17 The property is vacant. RMB26,000,000 Jianye City Garden residential units and the basement of (100% interest (Zhengzhou), Jianye City Garden (the attributable to the Jianye Road, “Development”) erected on three Group: Jinshui District, parcels of land completed in various RMB26,000,000) Zhengzhou, stages between 2000 and 2003. Henan Province, PRC The total gross floor area of the property is approximately 10,303.94 sq.m. (110,912 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Residential 8,985.68 96,722 Basement 1,318.26 14,190 Total 10,303.94 110,912 The land use rights of the property have been granted for terms expiring on 7 March 2067 for composite and residential uses. Notes:

(1) Pursuant to three State-owned Land Use Certificates all issued by the People’s Government of Zhengzhou, the land use rights of the Development with a total site area of 187,061.04 sq.m. have been granted to CCRE China and the details of such certificates are shown as follows:

Site Area Certificate No. (sq.m.) Use Expiry Date i. Zheng Guo Yong (2007) No. 0826 46,837.10 Composite 7 March 2067 ii. Zheng Guo Yong (2007) No. 0825 2,269.30 Composite 7 March 2067 iii. Zheng Guo Yong (2007) No. 0948 137,954.64 Residential 7 March 2067 Total 187,061.04

(2) Pursuant to a Completed Construction Works Certified Report Zheng Zong Yan Zi No. (0322) issued by Zhengzhou City Real Estate Development Projects Completed Comprehensive Inspection Office, the construction works of the Development with a total gross floor area of 303,903.68 sq.m. were completed.

(3) Pursuant to 68 Commodity Building Ownership Registration Certificates all issued by Real Estate Title Administration of Zhengzhou, the building ownership of portion of the Development with a total gross floor area of 276,268.41 sq.m. are held by CCRE China.

(4) We have ascribed no commercial value to the basement as it is categorized as ancillary facilities and thus the disposal rights are restricted.

(5) As advised by the Group, portions of the Development with a total gross floor area of approximately 243,678.31 sq.m. were sold and thus have been excluded from our valuation.

(6) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

IV-23 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

ii) CCRE China has obtained State-owned Land Use Certificates for the Development and has the rights to transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE China has obtained Building Ownership Certificates for the clubhouse and the schools of portions of the development with a total gross floor area of 30,677.76 sq.m. (refers to property 1 and property 32) and has the rights to transfer, lease, mortgage or dispose of by other legal means of the property during its residual land use term under PRC laws;

iv) CCRE China has obtained the Completed Construction Work Certified Reports for the property and has the rights to transfer, lease, mortgage or dispose of such portions of the property under PRC laws. There will be no material legal impediment for CCRE China to obtain Building Ownership Certificate of the property; and

v) except for portion of the property which has been mortgaged to Bank of China, Hong Kong Branch, the remaining portion of the property is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE China is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(7) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes(part)

IV-24 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state No. Property Description and tenure Particulars of occupancy as of 31 March 2008 6. Unsold Portions of The property comprises two The property is vacant. RMB1,200,000 Phase I of Jianye residential units in Jianye Square (the (100% interest Square (Zhengzhou), “Development”) completed in 2000. attributable to East of Weisi Road, the Group: Jinshui District The total gross floor area of the RMB1,200,000) Zhengzhou, property is approximately 291.08 Henan Province, sq.m. (3,133 sq ft). PRC The land use rights of the property have been granted for a term of 70 years expiring on 5 November 2064 for residential use. Notes: (1) Pursuant to the State-owned Land Use Certificate Zheng Guo Yong 2002 No. 0917 issued by the People’s Government of Zhengzhou on 16 December 2002, the land use rights of the Development with a site area of 24,977.80 sq.m. have been granted to CCRE China for a term expiring on 5 November 2064 for residential use.

(2) Pursuant to a Commodity Building Ownership Registration Certificate Zheng Fang Jian Zi (2001) No. 0104000197 issued by Zhengzhou Building Ownership Governing Office, the building ownership of the Development with a total gross floor area of 44,908.26 sq.m. are held by CCRE China.

(3) As advised by the Group, portions of the Development with a total gross floor area of approximately 44,617.18 sq.m. were sold and thus have been excluded from our valuation.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE China has obtained State-owned Land Use Certificate for the Development and has the rights to transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE China has obtained Commodity Building Ownership Registration Certificate for the property and has the rights to transfer, lease, mortgage or dispose of the property under PRC laws. There will be no material legal impediment for CCRE China to obtain Building Ownership Certificates for the property; and

iv) except for portion of the land use rights of the Development with a site area of approximately 8,981.50 sq.m. which have been mortgaged to Shanghai Pudong Development Bank, Zhengzhou Branch, the remaining portion of the Development is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE China is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(5) A summary of copies of major certificates / approvals inspected is shown as follows: i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate No

IV-25 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 7. Unsold Portions of The property comprises eight The property is vacant. RMB 5,600,000 Jinshui Garden residential units and various (100% interest (Zhengzhou), basements in Jinshui Garden (the attributable to the East of Weisi Road, “Development”) completed in 1999. Group: Jinshui District, RMB5,600,000) Zhengzhou, The total gross floor area of the Henan Province, property is approximately 4,006.26 PRC sq.m. (43,123 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 622.30 6,698 Basement 3,383.96 36,425 Total 4,006.26 43,123

The land use rights of the property have been granted for terms expiring on 5 November 2064 and 7 June 2065 for residential use and expiring on 25 December 2050 for educational use. Notes: (1) Pursuant to three State-owned Land Use Certificates issued by Zhengzhou Municipal Bureau of Land Management and Zhengzhou Municipal Land and Resources Bureau, the land use rights of the Development with a total site area of 120,899.50 sq.m. have been granted to CCRE China and the details of such certificates are shown as follows:

Site area Certificate No. (sq.m.) Use Expiry date i. Zheng Guo Yong (1996) Zi No.1568 46,040.30 Residential 5 November 2064 ii. Zheng Guo Yong (2002) Zi No.0203 71,964.60 Residential 7 June 2065 iii. Zheng Guo Yong (2000) Zi No.0693 2,894.60 Educational 25 December 2050 Total 120,899.50

(2) Pursuant to a Completed Construction Work Certified Report Zheng Zong Yan Zi No. 008 issued by Zhengzhou Real Estate Development Projects Completed Comprehensive Inspection Office on 3 November 2000, construction works of portions of the Development with a total gross floor area of 370,000.00 sq.m. were completed (including Phase I of the Jianye Square with a total gross floor 44,908.26 sq.m.).

(3) Pursuant to 66 Commodity Building Ownership Registration Certificates, the building ownership of portions of the Development with a total gross floor area of 108,980.82 sq.m. are held by CCRE China.

(4) Pursuant to 12 Building Ownership Certificates, the building ownership of portions of the Development with a total gross floor area of 28,548.08 sq.m. are held by CCRE China.

(5) As advised by the Group, portions of the Development with a total gross floor area of approximately 293,140.92 sq.m. were sold and thus have been excluded from our valuation.

IV-26 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(6) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE China has obtained State-owned Land Use Certificates for the Development and has the rights to transfer, lease, mortgage or dispose of the land use rights of the Development under PRC laws;

iii) CCRE China has obtained the Completed Construction Work Certified Reports for the property and has the rights to transfer, lease, mortgage or dispose of the property under PRC laws. There will be no material legal impediment for CCRE China to obtain Building Ownership Certificates of the property; and

iv) except for portion of the property which have been mortgaged to China Construction Bank, Hong Kong Branch, the remaining portion of the property is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE China is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(7) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes(part)

IV-27 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 8. Unsold Portions of U-Town (the “Development”) is a The property is vacant. RMB186,900,000 Phases I, II and III, large scale residential development (100% interest U-Town erected on three parcels of land with attributable to the (Zhengzhou), a total site area of approximately Group: Dongfeng East 165,082.80 sq.m. (1,776,951 sq.ft.). RMB186,900,000) Road South, Zhengdongxin The property comprises 6 residential District, units, 62 commercial units, 5 villas, a Zhengzhou, clubhouse and underground carpark Henan Province, in Phases I, II and III of the PRC Development.

The property was completed in various stages between 2006 and 2007.

The total gross floor area of the property is approximately 37,395.21 sq.m. (402,522 sq.ft.), the details of which are shown as follows: Phase I Approximate Use gross floor area sq.m. sq.ft. Residential 5,077.84 54,658 Retail 4,139.10 44,553 Clubhouse 1,434.70 15,443 Sub-total 10,651.64 114,654

Phase II Approximate Use gross floor area sq.m. sq.ft. Retail 9,341.87 100,556 Residential 657.60 7,079 Underground Carpark 13,558.00 145,938 Sub-total 23,557.47 253,573

Phase III Approximate Use gross floor area sq.m. sq.ft. Residential 1,492.50 16,065 Retail 1,693.60 18,230 Sub-total 3,186.10 34,295 Total 37,395.21 402,522

The land use rights of the property have been granted for terms of 70 years expiring on 10 March 2074, 17 November 2074 and 26 May 2076 for residential uses.

IV-28 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Notes: (1) Pursuant to three State-owned Land Use Certificates all issued by Zhengzhou Municipal Land and Resources Bureau, the land use rights of the Development with a total site area of 165,082.80 sq.m. have been granted to Zhengzhou United New Town Real Estate Company Limited (“CCRE New Town”), a 100% indirect owned subsidiary of the Company. The details of such certificates are as follows:

Site area Certificate No. (sq.m.) Use Expiry date i. Zheng Guo Yong (2004) Zi No. 0451 53,417.50 Residential 10 March 2074 ii. Zheng Guo Yong (2004) Zi No. 1343 58,184.20 Residential 17 November 2074 iii.Zheng Guo Yong (2006) Zi No. 0419 53,481.10 Residential 26 May 2076 Total 165,082.80

(2) Pursuant to a State-owned Land Use Rights Grant Contract Zheng Zheng Dong Zhao Chu (2004) No. 001 entered between Zhengzhou Zheng Dong New District Management Committee (the “Grantor”) and CCRE New Town, the land use rights of the Development with a site area of 302,960.90 sq.m. have been granted to CCRE New Town at a land grant premium of RMB 200,000,000 for residential uses.

(3) Pursuant to a Supplementary Agreement to the aforesaid Contract entered into between Zhengzhou Zheng Dong New District Management Committee and Shanghai Centre City Housing-Net Investment Management Company Ltd, the land use rights of portions of the Development with a site area of 210,039.90 sq.m. have been granted to the latter at a land grant premium of RMB200,000,000 for residential uses (inclusive of Phases I to IV).

(4) Pursuant to 48 Completed Construction Works Certified Reports all issued by Zhengzhou Construction Committee, construction works of portions of the Development with a total gross floor area of 186,866.19 sq.m. were completed.

(5) Pursuant to various Commodity Building Ownership Registration Certificates all issued by Zhengzhou Real Estate Authority, the building ownership of portions of the Development with a total gross floor area of approximately 67,860.21 sq.m. are held by CCRE New Town.

(6) Pursuant to two Building Ownership Certificates Zheng Fang Guan Zheng No. 0701095591 and Zheng Fang Quan Bei An Zi No. 0804000263 both issued by Zhengzhou Real Estate Authority on 29 December 2007 and 4 April 2008 respectively the building ownership of portions of the property with a total gross floor area of approximately 6,150.64 sq.m. are held by CCRE New Town for educational use and residential & basement respectively. (refers to property 40)

(7) As advised by the Company, portions of the Development with a total gross floor area of 149,819.40 sq.m. were sold and thus have been excluded from our valuation.

(8) We have ascribed no commercial value to the underground Carpark of Phase II as the Group has not obtained the Building Ownership Certificates as at the Valuation Date.

(9) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE New Town has obtained State-owned Land Use Certificates for the Development and has the rights to transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use terms under PRC laws;

iii) CCRE New Town has obtained all necessary permits / approvals for the clubhouse, underground carparks and ancillary facilities of the property and has the rights to occupy, use or lease such portions of the property under PRC laws;

IV-29 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

iv) CCRE New Town has obtained the Completed Construction Work Certified Reports for the residential and commercial units of the property and has the rights to transfer, lease, mortgage or dispose of such portions of the property under PRC laws. There will be no material legal impediment for CCRE New Town to obtain Building Ownership Certificates for the said portions of the property; and

v) except for portion of the land use rights of the property with a site area of approximately 44,957.10 sq.m. which have been mortgaged to Shanghai Pudong Development Bank, Zhangzhou Branch, the remaining portion of the property is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE New Town is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(10) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes (part)

IV-30 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 9. Unsold Portions of The property comprises 11 The property is vacant. RMB35,400,000 Phase I of residential units and 11 retail units (100 % interest Forest Peninsula in Forest Peninsula (the attributable to the (Luohe), “Development”) completed in Group: Intersection of various stages between 2006 and RMB35,400,000) Songshan Road and 2007. Huaihe Road, Luohe, The total gross floor area of the Henan Province, property is approximately PRC 5,794.48 sq.m. (62,372 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 967.79 10,417 Retail 4,826.69 51,955 Total 5,794.48 62,372

The land use rights of the property have been granted for a term expiring on 21 December 2075 for residential use. Notes:

(1) Pursuant to a State-owned Land Use Rights Grant Contract Luo Di Chu Rang (He) Zi (2005) No. 59 entered into between Luohe Land and Resources Administration Bureau and Luohe Central China Real Estate Company Limited (“CCRE Luohe”), a 100% indirect owned subsidiary of CCRE China, on 21 December 2005, the land use rights of the Development with a site area of approximately 115,140.40 sq.m. have been granted to CCRE Luohe at a land grant premium of RMB92,000,000 for a term expiring on 21 December 2075 for residential use.

(2) Pursuant to a State-owned Land Use Certificate Luo Guo Yong (2006) No. 000196 issued by Luohe Land and Resources Bureau on 24 January 2006, the land use rights of the Development with a site area of 115,140.40 sq.m. have been granted to CCRE Luohe for a term expiring on 21 December 2075 for residential use.

(3) Pursuant to 15 Completed Construction Work Certified Reports issued by Luohe Construction Committee, construction works of Phase I of the Development with a total gross floor area of 75,282.45 sq.m. were completed.

(4) Pursuant to ten Commodity Building Ownership Registration Certificates all issued by Luohe Real Estate Title Transaction Administration, the building ownership of portions of the Development with a total gross floor area of approximately 37,095.64 sq.m. are held by CCRE Luohe.

(5) As advised by the Company, portion of the Development with a total gross floor area of approximately 66,936.30 sq.m. were sold and thus have been excluded from our valuation.

IV-31 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(6) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Luohe has obtained State-owned Land Use Certificate for the Development and has the rights to transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Luohe has obtained the Completed Construction Works Certified Reports for the property and has the rights to transfer, lease, mortgage, or dispose of the property under PRC laws. There will be no material legal impediment for CCRE Luohe to obtain Building Ownership Certificates for the unsold portion of the property; and

iv) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(7) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate No

IV-32 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state No. Property Description and tenure Particulars of occupancy as of 31 March 2008 10. Unsold Portions of The property comprises a The property is vacant. RMB20,700,000 Green Garden residential unit, 25 retail units, a (100% interest (Zhumadian) clubhouse and a swimming pool in attributable to the (Phase I) and Forest Forest Peninsula (the Group: Peninsula “Development”) and was RMB20,700,000) (Zhumadian) completed in various stages (Phases II and III), between 2005 and 2008. East of Jinshan Road and North of The total gross floor area of the Huaihe Avenue, property is approximately Zhumadian, 5,469.12 sq.m. (58,870 sq.ft.), the Henan Province, details of which are shown as PRC follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 441.91 4,757 Retail 2,944.85 31,698 Clubhouse 1,550.62 16,691 Swimming pool 531.74 5,724 Total 5,469.12 58,870

The land use rights of the property have been granted for respective terms commencing on 11 December 2006 and 21 October 2005 and 12 November 2004 and 4 June 2007 for residential uses. Notes: (1) Pursuant to five State-owned Land Use Certificates all issued by Zhumadian Land and Resources Bureau, the land use rights of the Development with a total site area of approximately 226,273.93 sq.m. have been granted to Zhumadian Central China Real Estate Company Limited (“CCRE Zhumadian”), an 100% indirect owned subsidiary of Company and the details of such certificates are shown as follows:

Site Area Certificate No. (sq.m.) Uses Commence Date i. Zhu Shi Guo Yong 2003 No. 1736-2 70,960.15 Residential 11 December 2006 ii. Zhu Shi Guo Yong 2003 No. 1736-3 3,719.67 Residential 11 December 2006 iii. Zhu Shi Guo Yong 2005 No. 7330 63,006.43 Residential 21 October 2005 iv. Zhu Shi Guo Yong 2004 No. 1996 83,333.51 Residential 12 November 2004 v. Zhu Shi Guo Yong 2007 No. 7999 5,254.17 Residential 4 June 2007 Total 226,273.93

(2) Pursuant to 30 Building Ownership Certificates Zhu Chan Quan Zheng Nos. 043029 to No. 043058, No. 074055 to No. 074073 and No. 080255 to No. 080258 all issued by Zhumadian Real Estate Bureau on 25 September 2005, 25 March 2007 and 11 July 2007 respectively, the building ownership of Phases I to II of the Development with a total gross floor area of approximately 126,920.03 sq.m. are held by CCRE Zhumadian.

(3) Pursuant to a Completed Construction Works Certified Reports, construction works of Phase III of the Development with a total gross floor area of approximately 40,468.40 sq.m. was completed.

IV-33 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(4) As advised by the Company, portions of the Development with a total gross floor area of approximately 158,503.48 sq.m. were sold and thus have been excluded from our valuation.

(5) We have ascribed no commercial value to the swimming pool since it is categorized as ancillary facilities and thus the disposal rights are restricted.

(6) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Zhumadian has obtained State-owned Land Use Certificates for the Development and has the rights to transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Zhumadian has obtained all necessary permits / approvals for the underground carparks and ancillary facilities of the property and has the rights to occupy, use or lease such portions of the property under PRC laws;

iv) CCRE Zhumadian has obtain the Building Ownership Certificates for Phases I to II of portions of the property with a total gross floor area of approximately 5,269.17 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of such portion of the property;

v) CCRE Zhumadian has obtained the Completed Construction Work Certified Reports for the residential portion of Phase III of portion of the property with a total gross floor area of approximately 199.95 sq.m. and has the rights to transfer, lease, mortgage or dispose of such portions of the property under PRC laws. There will be no material legal impediment for CCRE Zhumadian to obtain Building Ownership Certificates for the said portions of the property; and

vi) except for portion of the land use rights of the Development with a site area of approximately 27,540.42 sq.m. which have been mortgaged to Bank of China Limited, Zhumadian Branch, the remaining portion of the Development is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE Zhumadian is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(7) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes(part)

IV-34 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 11. Facilities and The property comprises 18 retail The property is vacant. RMB77,300,000 Unsold Portions of units, 13 residential units and civil (100% interest Phase I, Phase II defense area in Forest Peninsula (the attributable to the and Part of “Development”) and was completed Group: Phase III, in various stages between 2005 and RMB77,300,000) Forest Peninsula 2007. (Luoyang), Intersection of The total gross floor area of the Beiyuan Yi Road property is approximately 19,433.15 and Yingcai Road, sq.m. (209,178 sq.ft.), the details of Lounan New which are shown as follows: District, Approximate Luoyang, Use gross floor area Henan Province, sq.m. sq.ft. PRC Retail 9,911.15 106,684 Residential 1,037.00 11,162 Civil defense area 8,485.00 91,332 Total 19,433.15 209,178

The land use rights of the property have been granted for a term expiring on 24 March 2074 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Luo Shi Guo Yong (2004) No. 05002485 issued by the Luoyang Land and Resources Bureau on 18 October 2004, the land use rights of the Development with a site area of 80,557.30 sq.m. have been granted to Central China Real Estate (Luoyang) Company Limited (“CCRE Luoyang”), a 100% owned subsidiary of CCRE China, for a term expiring on 24 March 2074 for residential use.

(2) Pursuant to 39 Building Ownership Certificates all issued by Luoyang Building Administration Bureau, the building ownership of Phases I and II of the Development with a total gross floor area of 44,828.98 sq.m. are held by CCRE Luoyang.

(3) Pursuant to various Completed Construction Work Certified Reports all issued by Completed Construction Works Examination, Filing and Management Office of Luoyang Construction Committee, construction works of Phase III of the Development with a total gross floor of 61,511.00 sq.m. were completed.

(4) As advised by the Company, portions of the Development with a total gross floor area of approximately 96,222.46 sq.m. were sold and thus have been excluded from our valuation.

(5) We have ascribed no commercial value to the civil defense area since it is categorized as ancillary facilities and thus the disposal rights are restricted.

(6) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

IV-35 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

ii) CCRE Luoyang has obtained State-owned Land Use Certificate for the Development and has the rights to transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; iii) CCRE Luoyang has obtained all necessary permits / approvals for the underground carparks of the property and has the rights to occupy, use or lease such portions of the property under PRC laws; iv) CCRE Luoyang has obtained the Building Ownership Certificate for portion of the property with a total gross floor area of 346.45 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of such portion of the property under PRC Laws; v) CCRE Luoyang has obtained the Completed Construction Work Certified Reports for the remaining portion of the property and has the rights to transfer, lease, mortgage or dispose of such portions of the property under PRC laws. There will be no material legal impediment for CCRE Luoyang to obtain Building Ownership Certificates for the said portions of the property; and vi) except for portion of the land use rights of the Development with a site area of approximately 33,125.435 sq.m. which have been mortgaged to China Construction Bank, Luoyang Branch, the remaining portion of the Development is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE Luoyang is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee. (7) A summary of copies of major certificates / approvals inspected is shown as follows: i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes(part)

IV-36 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state No. Property Description and tenure Particulars of occupancy as of 31 March 2008 12. Unsold Portions of The property comprises a clubhouse The property is vacant. RMB8,300,000 Phase I and Part of and various underground carparks of (100% interest Phase II, Forest Forest Peninsula (Pingdingshan) attributable to the Peninsula (the “Development”). The property Group: (Pingdingshan), was completed in 2007. RMB8,300,000) South of Jing’er Road, The total gross floor area of the Xincheng District, property is approximately Pingdingshan, 7,875.86 sq.m. (84,776 sq.ft.), the Henan Province, details of which are shown as PRC follows:

Approximate Use gross floor area sq.m. sq.ft. Clubhouse 1,666.90 17,943 Underground carpark 6,208.96 66,833 Total 7,875.86 84,776

The land use rights of the property have been granted for a term expiring on 4 March 2075 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Ping Guo Yong (2005) No. XQ003 issued by the People’s Government of Pingdingshan on 22 August 2005, the land use rights of the Development with a site area of approximately 129,027.90 sq.m. have been granted to Pingdingshan Central China Real Estate Company Limited (“CCRE Pingdingshan”), a 100% indirect owned subsidiary of the Company, for a term expiring on 4 March 2075 for residential use.

(2) Pursuant to a Building Ownership Certificate Ping Fang Quan Zheng Zi No. F20071100024 issued by Pingdingshan Real Estate Authority on 2 November 2007, the clubhouse of the property with a gross floor area of approximately 1,666.90 sq.m. is held by CCRE Pingdingshan.

(3) Pursuant to thirty-seven Completed Construction Works Certified Reports, construction works of the portions of the Development with a total gross floor area of approximately 147,489.65 sq.m. were completed.

(4) As advised by the Company, portions of the development with a total gross floor area of approximately 137,430.05 sq.m. were sold and thus have been excluded from our valuation.

(5) We have ascribed no commercial value to the underground carparks since they are categorized as ancillary facilities and thus their disposal rights are restricted.

(6) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Pingdingshan has obtained State-owned Land Use Certificate for the Development and has the rights to transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

IV-37 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

iii) CCRE Pingdingshan has obtained all necessary permits / approvals for the underground carparks of the property and has the rights to occupy, use or lease such portions of the property under PRC laws;

iv) CCRE Pingdingshan has obtained the Completed Construction Work Certified Reports for the residential and commercial units of the property and has the rights to transfer, lease, mortgage or dispose of such portions of the property under PRC laws. There will be no material legal impediment for CCRE Pingdingshan to obtain Building Ownership Certificates for the said portions of the property; and

v) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(7) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes (part)

IV-38 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 13. Unsold Portions of The property comprises 56 The property is vacant. RMB125,500,000 Phase I (Palladio residential units, 28 retail units, 121 (100% interest Luxurious House) basement rooms and a clubhouse in attributable to the and Phase II (Main Phase I (Palladio Luxurious House) Group: Lake) of a and Phase II (Main Lake) of a RMB125,500,000) residential residential development (the development, “Development”) situated at Intersection of Xuchang. The property was Jian’an Avenue and completed in various stages between Weiwen Road, 2006 and 2007. Xuchang, Henan Province, The total gross floor area of the PRC property is approximately 35,224.63 sq.m. (379,158 sq.ft.), the details of which are shown as follows:

Palladio Luxurious House (Phase I) Approximate Use gross floor area sq.m. sq.ft. Residential 7,791.66 83,869 Retail 9,090.25 97,847 Clubhouse 1,171.18 12,607 Basement 5,788.04 62,303 Sub-total 23,841.13 256,626

Main Lake (Phase II) Approximate Use gross floor area sq.m. sq.ft. Residential 4,898.68 52,729 Retail 1,766.93 19,019 Basement 4,717.89 50,784 Sub-total 11,383.50 122,532 .. Total 35,224.63 379,158 .. The land use rights of the property have been granted for a term expiring on 8 May 2044 for commercial use and 8 May 2074 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Xu Shi Guo Yong (2004) No. 008000021 issued by the People’s Government of Xuchang on 30 November 2004, the land use rights of the Development with a site area of 41,374.00 sq.m. have been granted to Xuchang Central China Real Estate Company Limited (“CCRE Xuchang”), a 100% indirect owned subsidiary of the Company, for terms expiring on 8 May 2044 for commercial use and 8 May 2074 for residential use, respectively.

(2) Pursuant to a State-owned Land Use Rights Grant Contract No. 2004-2 and its Supplementary Agreement entered into between Xuchang Land and Resources Administration Bureau and CCRE Xuchang, the land use rights of the Development with a site area of approximately 41,374.00 sq.m. have been granted to CCRE Xuchang at a land grant premium of RMB 42,410,000 for residential and commercial uses.

IV-39 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(3) Pursuant to four Completed Construction Works Certified Reports Yu Xu Chang 200712-009 to 200712-012 all issued by Xuchang Construction Committee, the construction work of Main Lake (Phase II) with a total gross floor area of approximately 40,217.94 sq.m. was completed.

(4) Pursuant to ten Building Ownership Certificates all issued by Xuchang Building Administration Bureau, the building ownership of Palladio Luxurious House (Phase I) with a total gross floor area of approximately 64,953.49 sq.m. are held by CCRE Xuchang. Details of such permits are shown as follows:

Completed Scale Permit No. (sq.m.) Issuance Date i. Xu Fang Quan Zheng Shi No. 0701003393 1,171.18 25 October 2007 ii. Xu Fang Quan Zheng Shi No. 0701002323 17,999.20 2 August 2007 iii. Xu Fang Quan Zheng Shi No. 0701002324 3,906.62 2 August 2007 iv. Xu Fang Quan Zheng Shi No. 0701002325 4,087.81 2 August 2007 v. Xu Fang Quan Zheng Shi No. 0701002326 11,575.67 2 August 2007 vi. Xu Fang Quan Zheng Shi No. 0701002327 12,412.57 2 August 2007 vii. Xu Fang Quan Zheng Shi No. 0701002328 5,768.55 2 August 2007 viii. Xu Fang Quan Zheng Shi No. 0701002329 5,768.55 2 August 2007 ix. Xu Fang Quan Zheng Shi No. 0701004365 1,107.84 29 December 2007 x. Xu Fang Quan Zheng Shi No. 0701004364 1,155.50 29 December 2007 Total 64,953.49

(5) As advised by the Company, portions of the Development with a total gross floor area of 69,897.75 sq.m. were sold and thus have been excluded from our valuation.

(6) We have ascribed no commercial value to the basement rooms of Main Lake since they are categorized as ancillary facilities and thus their disposed rights are restricted.

(7) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Xuchang has obtained State-owned Land Use Certificate for the Development and has the rights to transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Xuchang has obtained all necessary permits / approvals for the underground carparks of the property and has the rights to occupy, use or lease such portions of the property under PRC laws;

iv) CCRE Xuchang has obtain the Building Ownership Certificates of portions of the property with a total gross floor area of 23,841.13 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of such portion of the Development;

v) CCRE Xuchang has obtained the Completed Construction Work Certified Reports for the residential and commercial units of portions of the property with a total gross floor area of 11,383.50 sq.m. and has the rights to transfer, lease, mortgage or dispose of such portions of the property under PRC laws. There will be no material legal impediment for CCRE Xuchang to obtain Building Ownership Certificates for the said portions of the property; and

vi) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

IV-40 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(8) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes(part)

IV-41 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 14. A retail unit, The property comprises a retail unit in The property is RMB2,600,000 Taohua Island Taohua Island (the “Development”) currently occupied by (100% interest (Nanyang), North completed in 2006. the Group for attributable to of the Intersection commercial use. the Group: of Funiu Road and The gross floor area of the property is RMB2,600,000) Changjiang Road, approximately 572.55 sq.m. (6,163 Nanyang, sq.ft.). Henan Province, PRC The land use rights of the property have been granted for a term commencing in 2003 for residential use.

Notes: (1) Pursuant to a State-owned Land Use Certificate Yuan Shi Tu Guo Yong 2002 Zi No. 02181 issued by Nanyang Land and Resources Bureau in 2003, the land use rights of the Development with a site area of approximately 22,666.70 sq.m. have been granted to Nanyang Central China Real Estate Company Limited (“CCRE Nanyang”), a 100% indirect owned subsidiary of the Company, for a term commencing in 2003 for residential use.

(2) Pursuant to a Building Ownership Certificate Yuan Shi Fang Quan Zheng Zi No. 407190 issued by Nanyang Building Administration Bureau on 5 November 2007, the building ownership of the property with a gross floor area of approximately 572.55 sq.m. is held by CCRE Nanyang.

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Nanyang has obtained State-owned Land Use Certificate for the Development and has the rights to transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Nanyang has obtained the Building Ownership Certificate for the property and has the rights to transfer, lease, mortgage or dispose of the property; and

iv) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(4) A summary of copies of major certificates/approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-42 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state No. Property Description and tenure Particulars of occupancy as of 31 March 2008 15. Unsold Portion of The property comprises a retail unit in The property is RMB1,500,000 Sanmenxia SOHO, Sanmenxia SOHO vacant. (100% interest Intersection of (the “Development”) and was attributable to Liufeng Road and completed in 2006. the Group: Huanghe Road, RMB1,500,000) Sanmenxia, The total gross floor area of the Henan Province, property is approximately 135.77 sq.m. PRC (1,461 sq.ft.) . The land use rights of the property have been granted for terms expiring on 25 July 2045 for commercial use and 25 July 2075 for residential use respectively. Notes: (1) Pursuant to a State-owned Land Use Certificate San Guo Yong (2005) No. 3009 issued by the People’s Government of Sanmenxia on 2 December 2005, the land use rights of the Development with a site area of approximately 12,285.00 sq.m. have been granted to Sanmenxia Central China Real Estate Company Limited (“CCRE Sanmenxia”), a 100% indirect owned subsidiary of the Company, for terms expiring on 25 July 2045 for commercial use and on 25 July 2075 for residential use, respectively. (2) Pursuant to a Completed Construction Works Certified Report issued by Sanmenxia Construction Committee, the construction works of the Development with a total gross floor area of approximately 26,775.00 sq.m. were completed. (3) As advised by the Group, portions of the Development with a total gross floor area of 22,022.29 sq.m. were sold and thus have been excluded from our valuation. (4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i) the land grant premium of the property has been fully settled; ii) CCRE Sanmenxia has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; iii) CCRE Sanmenxia has obtained all the necessary permits / approvals for the construction works of the property; iv) CCRE Sanmenxia has obtained the Completed Construction Works Certified Report for the property and has the rights to transfer, lease, mortgage or dispose of property under PRC laws. There will be no material legal impediment for CCRE Sanmenxia to obtain Building Ownership Certificates for the property; and v) the property is not subject to any mortgages, third party’s interest and restriction on other rights. (5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate No

IV-43 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 16. Unsold Portions of The property comprises 9 The property is vacant. RMB10,300,000 Phase I, residential units, a 2-storey (100% interest Green Garden clubhouse and an indoor attributable to the (Sanmenxia), swimming pool of Green Garden Group: Intersection of (Sanmenxia) (the “Development”) RMB10,300,000) Shanzhou Road and completed in 2005. Qinhan Road, Sanmenxia, The total gross floor area of the Henan Province, property is approximately PRC 4,191.71 sq.m. (45,120 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 2,035.91 21,915 Clubhouse 1,216.36 13,093 Swimming pool 939.44 10,112 Total 4,191.71 45,120

The land use rights of the property have been granted for a term expiring on 12 March 2073 for residential use.

Notes: (1) Pursuant to a State-owned Land Use Certificate Shan Guo Yong (2003) No. 01120 issued by Sanmenxia Land and Resources Bureau on 25 April 2003, the land use rights of the Development with a site area of approximately 73,585.33 sq.m. have been granted to Sanmenxia Central China Real Estate Company Limited (“CCRE Sanmenxia”), a 100% indirect owned subsidiary of the Company, for a term expiring on 12 March 2073 for residential use.

(2) Pursuant to 14 Completed Construction Works Certified Reports all issued by Shanxian Building Quality Supervision Dingezhan, the construction works of the Development with a total gross floor area of approximately 35,088.94 sq.m. were completed.

(3) Pursuant to two Building Ownership Certificates Shan Fang Quan Zheng Zi No. Gong No. 04741 and No. 04854 both issued by the People’s Government of Shanxian on 11 April 2006 and 14 November 2007 respectively, the building ownership of the property with a total gross floor area of approximately 2,155.80 sq.m. (including 1,216.36 sq.m. for clubhouse and 939.44 sq.m. for swimming pool) are held by CCRE Sanmenxia.

(4) As advised by the Group, portions of the Development with a total gross floor area of 30,815.28 sq.m. were sold and thus have been excluded from our valuation.

(5) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

IV-44 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

ii) CCRE Sanmenxia has obtained the State-owned Land Use Certificates for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Sanmenxia has obtained all the necessary permits / approvals for the construction works of the property;

iv) CCRE Sanmenxia has obtained the Building Ownership Certificates for portions of the property with a total gross floor area of approximately 2,155.80 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of this portion of the property;

v) CCRE Sanmenxia has obtained the Completed Construction Work Certified Reports for the residential units of the property and has the rights to transfer, lease, mortgage or dispose of such portions of the property under PRC Laws. There will be no material legal impediment for CCRE Sanmenxia to obtain Building Ownership Certificates for the said portions of the property; and

vi) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(6) A summary of copies of major certificates / approvals inspection is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes (part)

IV-45 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 17. Unsold Portions of The property comprises 6 The property is vacant. RMB23,500,000 Phase I and residential units, 21 retail units and (100% interest Phase II of a clubhouse in Forest Peninsula attributable to the Forest Peninsula (the “Development”) and was Group: (Jiyuan), completed in 2006. RMB23,500,000) No. 2 Qinyuan Bei Road, The total gross floor area of the Jiyuan, property is approximately Henan Province, 6,479.37 sq.m. (69,744 sq.ft.), the PRC details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Retail 4,309.87 46,392 Residential 1,486.92 16,005 Clubhouse 682.58 7,347 Total 6,479.37 69,744

The land use rights of the property have been granted for a term expiring on 20 June 2074 for residential use. Notes: (1) Pursuant to a State-owned Land Use Rights Grant Contract Ji Di Rang He (2004) Zi No. 61 and its Supplementary Agreement entered into between Jiyuan Land and Resources Administration Bureau and CCRE Jiyuan dated 21 May 2004, the land use rights of the Development with a site area of 95,100.00 sq.m. have been granted to Jiyuan Central China Real Estate (China) Company Limited (“CCRE Jiyuan”) a 100% indirect owned subsidiary of the Company, at a land grant premium of RMB25,677,000.

(2) Pursuant to two State-owned Land Use Certificates Ji Guo Yong (2005) No. 017 and Ji Guo Yong (2005) No. 175 both issued by Jiyuan Municipal Land and Resources Bureau on 1 February 2005 and 24 April 2006 respectively, the land use rights of the Development with a total site area of 95,100.00 sq.m. have been granted to CCRE Jiyuan for a term of 70 years expiring on 20 June 2074 for residential uses.

(3) Pursuant to 26 Completed Construction Works Certified Reports issued by Jiyuan Construction Committee, construction works of portions of the Development with a total gross floor area of approximately 81,456.48 sq.m. were completed.

(4) Pursuant to 32 Building Ownership Certificates all issued by the People’s Government of Jiyuan, the building ownership of portions of the Development with a total gross floor area of approximately 79,862.06 sq.m. are held by CCRE Jiyuan.

(5) As advised by the Company, portions of the Development with a total gross floor area of the approximately 71,124.69 sq.m. were sold and thus have been excluded from our valuation.

(6) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

IV-46 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

ii) CCRE Jiyuan has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Jiyuan has obtained all the necessary permits / approvals for the construction works of the property;

iv) CCRE Jiyuan has obtained the Building Ownership Certificates of the clubhouse and portions of the retail units of the property with a total gross floor area of 3,040.56 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of such portions of the property under PRC laws;

v) CCRE Jiyuan has obtained the Completed Construction Work Certified Reports for the remaining portions of the property and has the rights to transfer, lease, mortgage or dispose of such portions of the property under PRC laws. There will be no material legal impediment for CCRE Jiyuan to obtain Building Ownership Certificates for the said portions of the property; and

vi) except for portion of the Development with a site area of approximately 46,667.00 sq.m. which have been mortgaged to Bank of China Limited, Jiyuan Branch, the remaining portion of the property is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE Jiyuan is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(7) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-47 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 18. Unsold Portions of The property comprises 24 residential The property is vacant. RMB22,900,000 Forest Peninsula units in Forest Peninsula (the (100% interest (Shangqiu), “Development”) completed in 2006. attributable to East of Wenhua the Group: Road, The total gross floor area of the RMB22,900,000) Shangqiu, property is approximately Henan Province, 6,201.90 sq.m. (66,757 sq.ft.). PRC The land use rights of the property have been granted for a term expiring on 16 January 2003 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Shang Guo Yong (2003) No. 0520 issued by the People’s Government of Shangqiu on 1 January 2003, the land use rights of the Development with a site area of approximately 40,140.70 sq.m. have been granted to Shangqiu Central China Real Estate Company Limited (“CCRE Shangqiu”), a 100% indirect owned subsidiary of the Company, for a term expiring on 16 January 2073 for residential use.

(2) Pursuant to a Building Ownership Certificate Shang Qiu Shi Fang Quan Zheng 2006 No. 0010765 issued by Shangqiu Real Estate Administration Bureau on 22 December 2006, the building ownership of the Development with a gross floor area of approximately 29,346.54 sq.m. is held by CCRE Shangqiu.

(3) As advised by the Company, portions of the Development with a total gross floor area of 23,144.64 sq.m. were sold and thus have been excluded from our valuation.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Shangqiu has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Shangqiu has obtained all the necessary permits / approvals for the construction works of the property;

iv) CCRE Shangqiu has obtained the Building Ownership Certificate for the property and has the rights to freely transfer, lease, mortgage or dispose of the property; and

v) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-48 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 19. A clubhouse of The property comprises a clubhouse in The property is vacant. RMB7,300,000 Green Garden Green Garden (the “Development”) (100 % interest (Shangqiu), completed in 2004. attributable to East of Wenhua the Group: Road, The gross floor area of the property is RMB7,300,000) Shangqiu, Henan Province, approximately 2,440.94 sq.m. PRC (26,274 sq.ft.).

The land use rights of the property have been granted for a term expiring on 16 January 2073 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Shang Guo Yong (2003) No. 0519 issued by Shangqiu Land and Resources Bureau on 18 January 2003, the land use rights of the Development with a site area of 44,550.80 sq.m. have been granted to Shangqiu Central China Real Estate Company Limited (“CCRE Shangqiu”), a 100% indirect owned subsidiary of the Company, for a term expiring on 16 January 2073 for residential use.

(2) Pursuant to a Building Ownership Certificate Shang Qiu Shi Fang Quan Zheng 2007 No. 0025300 issued by Shangqiu Real Estate Administration Bureau on 31 October 2007, the building ownership of the property with a gross floor area of approximately 2,440.94 sq.m. is held by CCRE Shangqiu.

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i the land grant premium of the property has been fully settled;

ii CCRE Shangqiu has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii CCRE Shangqiu has obtained all the necessary permits / approvals for the construction works of the property;

iv CCRE Shangqiu has obtained the Building Ownership Certificate for the property and has the rights to freely transfer, lease, mortgage or dispose of the property; and

v the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-49 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 20. Unsold Portions of The property comprises 56 The property is vacant. RMB42,200,000 Phase I and residential units and 9 retail units of (100% interest Phase II of Phase I and Phase II of Sweet- attributable to the Sweet-Scented Scented Osmanthus Garden (the Group: Osmanthus Garden, “Development”) completed in 2007. RMB42,200,000) East of Nanjing Road, The total gross floor area of the Shangqiu, property is approximately Henan Province, 12,135.70 sq.m. (130,629 sq.ft.), the PRC details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Retail 3,206.08 34,510 Residential 8,929.62 96,119 Total 12,135.70 130,629

The land use rights of the property have been granted for terms expiring in July 2046 for commercial use and in July 2076 for residential use respectively. Notes: (1) Pursuant to two State-owned Land Use Certificates Shang Guo Yong (2006) No. 3067 and Shang Guo Yong (2006) No. 3066 both issued by the Peoples’ Government of Shangqiu on 16 August 2006, the land use rights of the Development with a site area of 92,386.777 sq.m. have been granted to Shangqiu Central China Real Estate Company Limited (“CCRE Shangqiu”), a 100% indirect owned subsidiary of the Company, for terms expiring in July 2046 and in July 2076 for commercial and residential uses, respectively.

(2) Pursuant to four Completed Construction Works Certified Reports all issued by Luohe Construction Committee, construction works of the Development with a total gross floor area of 58,825.20 sq.m. were completed.

IV-50 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(3) Pursuant to 17 Building Ownership Certificates all issued by Shangqiu Real Estate Authority and Shangqiu Real Estate Transaction Administration, the building ownership of portions of the Development with a total gross floor area of approximately 58,754.71 sq.m. are held by CCRE Shangqiu. The details of the said certificates are shown as follows:

Phase I:

Construction Certificate No. Scale (sq.m.) Issuance date i Shang Qiu Shi Fang Quan Zheng 2007 No.0019162 2,542.01 2 July 2007 ii Shang Qiu Shi Fang Quan Zheng 2007 No.0019161 2,539.02 2 July 2007 iii Shang Qiu Shi Fang Quan Zheng 2007 No.0019167 2,340.60 2 July 2007 iv Shang Qiu Shi Fang Quan Zheng 2007 No.0019165 4,828.83 2 July 2007 v Shang Qiu Shi Fang Quan Zheng 2007 No.0019160 5,821.13 2 July 2007 vi Shang Qiu Shi Fang Quan Zheng 2007 No.0019163 3,548.88 2 July 2007 vii Shang Qiu Shi Fang Quan Zheng 2007 No.0019166 4,616.45 2 July 2007 viii Shang Qiu Shi Fang Quan Zheng 2007 No.0019164 5,752.51 2 July 2007 ix Shang Qiu Shi Fang Quan Zheng 2008 No.0029819 692.56 31 January 2008 x Shang Qiu Shi Fang Quan Zheng 2008 No.0029820 1,131.79 31 January 2008 xi Shang Qiu Shi Fang Quan Zheng 2008 No.0029822 1,641.73 31 January 2008 Total 35,455.51

Phase II:

Construction Certificate No. Scale (sq.m.) Issuance date i Shang Qiu Shi Fang Quan Zheng 2007 No.0027386 3,484.04 2 July 2007 ii Shang Qiu Shi Fang Quan Zheng 2007 No.0027383 4,794.60 2 July 2007 iii Shang Qiu Shi Fang Quan Zheng 2007 No.0027382 3,484.04 2 July 2007 iv Shang Qiu Shi Fang Quan Zheng 2007 No.0027384 4,789.72 2 July 2007 v Shang Qiu Shi Fang Quan Zheng 2007 No.0027385 2,997.46 2 July 2007 vi Shang Qiu Shi Fang Quan Zheng 2007 No.0027387 3,749.34 2 July 2007 Total 23,299.20

(4) As advised by the Company, portions of the Development with a total gross floor area of approximately 46,619.01 sq.m. were sold and thus have been excluded from our valuation.

(5) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Shangqiu has obtained the State-owned Land Use Certificates for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Shangqiu has obtained the Building Ownership Certificates for the property with a total gross floor area of 16,580.06 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of such portions of the property; and

iv) except for portion of the property which has been mortgaged to Bank of China Limited, Shangqiu Guide Branch, the remaining portion is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE Shangqiu is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

IV-51 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(6) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-52 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 21. Unsold Portions of The property comprises 5 residential The property is vacant. RMB 24,900,000 Jianye Green units and 6 retail units in Jianye (100% interest Garden (Xinxiang), Green Garden (the “Development”). attributable to the 21 Jiefang Road, The property was completed in Group: Development Zone, various stages between 2005 and RMB24,900,000) Xinxiang, 2007. Henan Province, PRC The total gross floor area of the property is approximately 4,869.11 sq.m. (52,411 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Residential 1,654.69 17,811 Retail 3,214.42 34,600 Total 4,869.11 52,411

The land use rights of the property have been granted for a term expiring on 10 October 2072 for residential use. Notes: (1) Pursuant to two State-owned Land Use Certificates both issued by Xinxiang Land and Resources Bureau, the land use rights of the Development with a total site area of 101,677.35 sq.m. have been granted to Xinxiang Central China Real Estate Company Limited (“CCRE Xinxiang”), a 100% indirect owned subsidiary of the Company, for a term expiring on 10 October 2072 for residential use. The details of such certificates are shown as follows:

Site area Certificate No. (sq.m.) Uses i. Xin Guo Yong (2002) 04019 50,330.00 Residential ii. Xin Guo Yong (2003) 04057 51,347.35 Residential Total 101,677.35

(2) Pursuant to a State-owned Land Use Rights Grant Contract Xin Kai Rang (2002) No. 019 entered into between Xinxiang New High-tech Industrial Development District Land Administration Bureau and CCRE Xinxiang, the land use rights of the Development with a site area of 101,677.35 sq.m. have been granted to CCRE Xinxiang at a land grant premium of RMB 37,444,613 for residential use.

(3) Pursuant to a Completed Construction Works Certified Reports issued by Urban Construction Bureau of Xinxiang High and New Technology Industry Developing Zone, construction works of the Development with a total gross floor area of 140,355.07 sq.m. were completed.

(4) As advised by the Company, portions of the Development with a total gross floor area of approximately 130,271.48 sq.m. were sold and thus have been excluded from our valuation.

(5) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

IV-53 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

ii) CCRE Xinxiang has obtained the State-owned Land Use Certificates for the Development and has the rights to freely transfer, lease, mortgage and dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Xinxiang has obtained all the necessary permits / approvals for the construction works of the property;

iv) CCRE Xinxiang has obtained the Completed Construction Work Certified Reports for the property and has the rights to freely transfer, lease, mortgage or dispose of such portions of the property under PRC laws. There will be no material legal impediment for CCRE Xinxiang to obtain Building Ownership Certificates for the said portions of the property; and

v) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(6) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate No

IV-54 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 22. Unsold Portions of The property comprises a 4-storey The property is vacant. RMB12,900,000 Guihua House commercial building and a clubhouse (100% interest Construction in Guihua House Construction (the attributable to (Anyang), “Development”) completed in 2006. the Group: No. 32 Huanghe RMB12,900,000) Avenue, The total gross floor area of the Development Zone property is approximately of Anyang, 3,962.39 sq.m. (42,651 sq.ft.). Henan Province, The land use rights of the property have PRC been granted for a term expiring on 15 February 2074 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate An Kai Guo Yong (2004) No. 3 issued by the People’s Government of Anyang on 17 February 2004, the land use rights of the Development with a site area of 60,554.06 sq.m. have been granted to Anyang Central China Real Estate Company Limited (“CCRE Anyang”), a 100% indirect owned subsidiary of the Company, for a term expiring on 15 February 2074 for residential use. (2) Pursuant to a State-owned Land Use Rights Grant Contract No. GF-2002-2601 entered into between Henan Province Land and Resources Administration Bureau and CCRE Anyang, the land use rights of the Development with a site area of 60,554.00 sq.m. have been granted to CCRE Anyang at a land grant premium of RMB 26,700,000 for residential use. (3) Pursuant to two Completed Construction Works Certified Reports No. 2006-006 and No. 2006-005 issued by Anyang High-Tech Development Zone Construction Project Management Office on 25 December 2006 and 16 November 2006 respectively, construction works of the property with a gross floor area of 4,009.00 sq.m. were completed. (4) Pursuant to a measurement report issued by Anyang Building Administration Bureau, the gross floor area of the property is approximately 4,041.75 sq.m. (5) Pursuant to a Real Estate Ownership Certificate AnYang Shi Fang Quan Zheng Kai Fa Qu Zi Di Gang No. 1570000001 issued by Anyang Municipal Building Administration Bureau dated by 31 March 2008, the ownership of the commercial building with a gross floor area of 3,268.39 sq.m. is held by CCRE Anyang. (6) We have ascribed no commercial value to the clubhouse since it is categorized as ancillary facilities and thus the disposed rights are restricted. (7) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled; ii) CCRE Anyang has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage and dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; iii) CCRE Anyang has obtained all the necessary permits / approvals for the construction works of the property; iv) CCRE Anyang has obtained the Completed Construction Works Certified Reports for the property and has the rights to freely transfer, lease, mortgage or dispose of the property under PRC laws. There will be no legal impediment for CCRE Anyang to obtain Building Ownership Certificates for the property; and v) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

IV-55 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(8) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-56 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 23. Lakeside Square The property comprises a 2-storey The property is RMB148,300,000 (Sanmenxia), underground shopping mall in Lakeside subject to two tenancy (100% interest South of Huanghe Square (Sanmenxia) completed in agreements expiring attributable to the Road Middle November 2006. on 30 September Group: Section, 2026 and RMB148,300,000) Sanmenxia, The total gross floor area of the 19 September 2027, Henan Province, property is approximately respectively, yielding PRC 26,010.49 sq.m. (279,977 sq.ft.) . a total current rent of approximately The land use rights of the property have RMB720,127.59 per been granted for a term of 50 years year. commencing on 18 March 2005 for composite use. Notes: (1) Pursuant to a State-owned Land Use Certificate San Guo Yong (2005) No. 014 issued by Sanmenxia Land and Resources Bureau on 18 March 2005, the land use rights of the Development with a site area of approximately 14,834 sq.m have been granted to Sanmenxia Central China Real Estate Company Limited (“CCRE Sanmenxia”), a 100% indirect owned subsidiary of the Company, for a term of 50 years commencing on 18 March 2005 for composite use.

(2) Pursuant to a Building Ownership Certificate San Fang Quan Zheng Zi Di Gong No. 09685 issued by Sanmenxia Real Estate Administration Bureau on 1 February 2007, the building ownership of the property with a gross floor area of approximately 26,010.49 sq.m. is held by CCRE Sanmenxia.

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Sanmenxia has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Sanmenxia has obtained all the necessary permits/approvals for the construction work of the property;

iv) CCRE Sanmenxia has obtained the Building Ownership Certificates for the property with a total gross floor area of approximately 26,010.49 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of the property by other legal means under PRC laws; and

v) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-57 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 24. Unsold Portions of The property comprises 44 residential The property is RMB66,000,000 Phase I, Phase II units and underground carpark of vacant. (100% interest and Phase III of Forest Peninsula (the “Development”) attributable to Forest Peninsula completed in various stages between the Group: (Zhengzhou), 2007 and 2008. RMB66,000,000) Intersection of The total gross floor area of the Tianming Road and property is approximately 19,819.41 Dongfeng Road, sq.m. (213,336 sq.ft.), the details of Zhengzhou, which are shown as follows: Henan Province, PRC Approximate Use gross floor area sq.m. sq.ft. Residential 10,476.66 112,771 Underground car park 9,342.75 100,565 19,819.41 213,336

The land use rights of the property have been granted for respective terms expiring on 13 August 2073 and 12 November 2074 for residential uses. Notes: (1) Pursuant to two State-owned Land Use Certificates Zheng Guo Yong (2005) No. 1037 and (2004) No. 1036 both issued by the People’s Government of Zhengzhou in December 2005 and November 2004, the land use rights of the Development with a site area of 157,735.80 sq.m. have been granted to Henan Central China Real Estate Company Limited (“CCRE Henan”), a 100% indirect owned subsidiary of Company, for terms expiring on 13 August 2073 and 12 November 2074 for residential uses. (2) Pursuant to 44 Completed Construction Works Certified Reports issued by Zhengzhon Construction Administration, construction works of Phases I to III of the Development with a total gross floor area of approximately 247,542.37 sq.m. were completed. (3) Pursuant to 24 Commodity Building Ownership Registration Certificates all issued by Zhengzhou Real Estate Authority, the building ownership of Phase I of the Development with a total gross floor area of approximately 102,356.23 sq.m. are held by CCRE Henan. (4) As advised by the Company, portions of the Development with a total gross floor area of approximately 222,053.98 sq.m. were sold and thus have been excluded the from our valuation. (5) We have ascribed no commercial value to the underground carpark since as it is categorized as ancillary facilities and thus the disposal rights are restricted. (6) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information: i) the land grant premium of the property has been fully settled; ii) CCRE Henan has obtained the State-owned Land Use Certificates for the Development with a total site area of approximately 157,735.80 sq.m. and has the rights to freely transfer lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; iii) CCRE Henan has obtained all the necessary permits / approvals for the construction works of the property;

IV-58 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

iv) CCRE Henan has obtained the Completed Construction Work Certified Reports for the property and has the rights to freely transfer, leases, mortgage, transfer or dispose of the buildings under PRC laws. There will be no legal impediment for CCRE Henan to obtain Building Ownership Certificates for the property; and

v) except for portion of the land use rights of the Development with a site area of approximately 15,517 sq.m. which have been mortgaged to Bank of China Limited, Zhengzhou Wenhua Branch, the remaining portion of the Development is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE Henan is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(7) A summary of copies of major certificates / approvals inspected is shown as follows:

i State-owned Land Use Certificate Yes ii State-owned Land Use Rights Grant Contract Yes iii Construction Land Planning Permit Yes iv Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate No

IV-59 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state No. Property Description and tenure Particulars of occupancy as of 31 March 2008 25. Unsold Portions of Forest Peninsula (the “Development”) The property is RMB34,600,000 Phase I of Forest will be developed into a residential vacant. (100% interest Peninsula development in three proposed attributable to the (Jiaozuo), phases which is erected on two Group: North of Longyuan parcels of land with a total site area RMB34,600,000) Road, of approximately 123,261.00 sq.m. Shanyang District, (1,326,701 sq.ft.). Jiaozuo, Henan Province, The property comprises 16 PRC residential units, 15 commercial units and basement of a portion of the Development completed in 2007.

The total gross floor area of the property is approximately 11,162.97 sq.m. (120,158 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 6,465.05 69,590 Retail 3,370.17 36,276 Basement 1,327.75 14,292 Total 11,162.97 120,158

The land use rights of the property have been granted for a term expiring on 29 December 2075 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Jiao Guo Yong (2006) No. 032 issued by Jiaozuo Land and Resources Bureau on 27 June 2006, the land use rights of the Development with a site area of 67,999 sq.m. have been granted to Jiaozuo Central China Real Estate Company Limited (“CCRE Jiaozuo”), a 100% indirect owned subsidiary of the Company, for a term expiring on 29 December 2075 for residential use.

(2) Pursuant to a Completed Construction Work Certified Report issued by Jiaozuo Construction Works Quality and Quantity Control Office, portions of the Development with a total gross floor area of approximately 53,999.81 sq.m. were completed.

(3) As advised by the Group, portions of the Development with a total gross floor area of approximately 42,810.70 sq.m were sold and thus have been excluded from our valuation.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled; ii) CCRE Jiaozuo has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage and dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

IV-60 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

iii) CCRE Jiaozuo has obtained all the necessary permits / approvals, completed reports for the buildings of the property and has the rights to freely transfer, lease, mortgage, transfer or dispose of the buildings under PRC laws; iv) CCRE Jiaozuo has obtained the Completed Construction Work Certified Report for the property and has the rights to freely transfer, lease, mortgage or dispose of property under PRC laws. There will be no material legal impediment for CCRE Jiaozuo to obtain Building Ownership Certificates for the property; and v) except for portion of the land rights of the Development with a site area of approximately 17,227.00 sq.m. which have been mortgaged to Bank of China Limited, Jiaozuo Branch, the remaining portion of Development is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE Jiaozuo is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii.Building Ownership Certificate No

IV-61 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 26. Phase I of The property comprises Phase I of The property is vacant RMB 41,100,000 Gentlest Lake Gentlest Lake (the “Development”) (100% interest (Luoyang), completed in 2007 which is erected attributable to the North of Nanyuan on a parcel of land with a site area of Group: Yi Road, approximately 74,815.50 sq.m. RMB41,100,000) Luonan New (805,314 sq.ft.). District, Luoyang, Henan Province, The total gross floor area of the PRC property is approximately 7,713.27 sq.m. (83,026 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Residential 2,844.20 30,615 Retail 4,869.07 52,411 Total 7,713.27 83,026

The land use rights of the property have been granted for terms expiring on 31 July 2045 for commercial use and 31 July 2075 for residential use, respectively.

Notes: (1) Pursuant to a State-owned Land Use Certificate Luo Shi Guo Yong (2006) No. 05001276 issued by the People’s Government of Luoyang on 26 September 2006, the land use rights of the Development with a site area of 74,815.50 sq.m. have been granted to Central China Real Estate (Luoyang) Company Limited (“CCRE Luoyang”), a 100% indirect owned subsidiary of the Company, for terms expiring on 31 July 2045 for commercial use and 31 July 2075 for residential use, respectively.

(2) Pursuant to 18 Completed Construction Works Certified Reports all issued by Luoyang Construction Committee on 25 December 2007, construction works of portions of the Development with a total gross floor area of 67,041.00 sq.m. were completed.

(3) As advised by the Group, portions of the property with a total gross floor area of approximately 55,933.78 sq.m. were sold and thus have been excluded from our valuation.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Luoyang has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Luoyang has obtained all the necessary permits / approvals / completed reports for the buildings of the property and has the rights to occupy, use, lease, mortgage, transfer or dispose of the buildings under PRC laws;

IV-62 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

iv) CCRE Luoyang has obtained the Completed Construction Works Certified Reports for the property and has the rights to freely transfer, lease, mortgage or dispose of the property under PRC laws, there will be no legal impediment for CCRE Luoyang to obtain Building Ownership Certificates of the property; and

v) except for portion of the property which has been mortgaged to China Construction Bank, Luoyang Branch, the remaining portion of property is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE Luoyang is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate No

IV-63 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 31 March 2008 27. Unsold Portions of The property comprises 103 The property is vacant. RMB43,700,000 part of Phase I, residential units of part of Phase I (50% interest Forest Peninsula of Forest Peninsula (the attributable to the (Xinyang), 182 “Development”) completed in Group: Nanwan Street, 2007. RMB21,850,000) Nanwan Administration The total gross floor area of the District, Xinyang, property is approximately Henan Province, 15,338.27 sq.m. (165,101 sq.ft.), PRC the details of which are shown as follows: Approximately Gross Use floor area sq.m. sq.ft. Residential 15,338.27 165,101 Total 15,338.27 165,101

The land use rights of the property have been granted for terms expiring in August 2046 for commercial uses and August 2076 for residential uses respectively. Notes: (1) Pursuant to two State-owned Land Use Certificates Xin Shi Guo Yong (2006) No. 50013 and No. 50014 both issued by the People’s Government of Xinyang on 12 October 2006, the land use rights of the Development with a site area of 147,841.04 sq.m. have been granted to Xinyang Central China Tianming Real Estate Company Limited (“CCRE Xinyang”), a 50% owned subsidiary of CCRE Henan, for terms expiring in August 2046 for commercial uses and August 2076 for residential uses. (2) Pursuant to two State-owned Land Use Rights Grant Contracts No. 2006-704 and No. 2006-705 and its Supplementary Agreement entered into between Xinyang Land and Resources Administration Bureau and CCRE Xinyang, the land use rights of the Development with a site area of 147,841.00 sq.m. have been granted to CCRE Xinyang at a land grant premium of RMB6,874,607.00 for residential and commercial uses. (3) Pursuant to a Completed Construction Works Certified Reports Yu Xin J 200803-0018 to J 200803-0027 and J 200803-0030 to J 200803-0034 all issued by Xinyang Construction Committee dated by 20 March 2008, the construction works of portions of the Development with a total gross floor area of approximately 43,205.00 sq.m. were completed. (4) As advised by the Company, portions of the development with a total gross floor area of approximately 27,866.73 sq.m. were sold and thus have been excluded from our valuation. (5) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i) the land grant premium of the property has been fully settled; ii) CCRE Xinyang has obtained the State-owned Land Use Certificates for the Development with a total site area and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; iii) CCRE Xinyang has obtained all the necessary permits / approvals / Completed Construction Work Certified Reports for the construction works of the property;

IV-64 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

iv) CCRE Xinyang has obtained the Completed Construction Works Certified Reports for the property and has the rights to freely transfer, lease, mortgage or dispose of the property under PRC laws. There will be no material legal impediment for CCRE Xinyang to obtain Building Ownership Certificates for the property; and

v) the land use rights of the Development with a total site area of 147,841.04 sq.m. have been mortgaged to Bank of China Limited, Xinyang Branch. CCRE Xinyang is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(6) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate No

IV-65 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 28. The clubhouse and The property comprises a 2-storey The property is RMB11,100,000 kindergarten of clubhouse and a 2-storey currently subject to a (100% interest Green Garden kindergarten in Green Garden (the tenancy agreement attributable to the (Nanyang), “Development”) completed in commencing on Group: East of the 2005. 1 January 2008 and RMB11,100,000) Hanhuaguan, expiring on 31 Nanyang, The total gross floor area of the December 2008 at a Henan Province, property is approximately daily rent of PRC 2,380.02 sq.m. (25,619 sq.ft.). RMB0.27 per sq.m..

The land use rights of the property have been granted for a term expiring in June 2072 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Wan Shi Tu Yuan Yong (2002) Zi No. 01166 issued by Nanyang Land and Resources Bureau on 9 December 2002, the land use rights of the Development with a site area of approximately 48,007.80 sq.m. have been granted to Nanyang Central China Real Estate Company Limited (“CCRE Nanyang”), a 100% owned subsidiary of CCRE China, for a term expiring in June 2072 for residential use. (2) Pursuant to a Building Ownership Certificate Wan Shi Fang Quan Zi No. 404134 issued by Nanyang Real Estate Bureau on 30 April 2006, the building ownership of the property with a gross floor area of 2,380.02 sq.m. is held by CCRE Nanyang. (3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i) the land grant premium of property have been fully settled; ii) CCRE Nanyang has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; iii) CCRE Nanyang has obtained all the necessary permits/approvals for the construction work of the property; iv) CCRE Nanyang has obtained the Building Ownership Certificate for the property with a total gross floor area of 2,380.02 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of the property; and v) the property is not subject to any mortgages, third party’s interest and restriction on other rights. (4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-66 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 29. Phases I and II of Jianye City (the “Development”) The property is RMB63,300,000 Jianye City will be developed into a large vacant. (100% interest (Puyang), scale residential development in attributable to the Jiefang Avenue five proposed phases. The Group: North Section Road Development is erected on a RMB63,300,000) West, parcel of land with a site area of Puyang County, approximately 219,883.00 sq.m. Henan Province, (2,366,821 sq.ft.) (including PRC Phases I - V).

The property comprises 110 residential units and a clubhouse in Phase I and Phase II of the Development. The property was completed in 2008.

The total gross floor area of the property is approximately 18,488.82 sq.m. (199,014 sq.ft.), the details of which are shown as follows:

Approximate gross Use floor area sq. m. sq. ft. Residential 16,554.22 178,190 Clubhouse 1,934.60 20,824 Total 18,488.82 199,014

The land use rights of the property have been granted for a term expiring in August 2076 for residential use.

Notes: (1) Pursuant to a State-owned Land Use Certificate Pu Xian Guo Yong (07) No. 39 issued by the People’s Government of Puyang on 18 May 2007, the land use rights of the Development with a site area of 219,883 sq.m. have been granted to Puyang Central China Real Estate Company Limited (“CCRE Puyang”), a 100% owned subsidiary of CCRE China, for a term expiring in August 2076 for residential use.

(2) Pursuant to a Completed Construction Works Certified Report, portions of the Development with a total gross floor area of approximately 75,060.60 sq.m. were completed.

(3) As advised by the Group, portions of the Development with a total gross floor area of approximately 56,560.23 sq.m. were sold and thus have been excluded from our valuation.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

IV-67 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

ii) CCRE Puyang has obtained the State-owned Land Use Certificate for the Development with a total site area of approximately 219,883 sq.m. and has the rights to freely transfer, use, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Puyang has obtained all the necessary permits / approvals for the construction works of the property;

iv) CCRE Puyang has obtained the Completed Construction Works Certified Report for the property and has the rights to freely transfer, lease, mortgage, or dispose of the property under PRC laws. There will be no material legal impediment for CCRE Puyang to obtain Building Ownership Certificates of the property; and

v) except for portion of the Development with a site area of approximately 158,418 sq.m. which has been mortgaged to Bank of China Limited, Puyang Laocheng Branch, the remaining portion of the Development is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE Puyang is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate No

IV-68 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 31 March 2008 30. Portion of the The property comprises 143 retail The property is RMB76,400,000 Landmark (Jiyuan), units in Landmark (Jiyuan) (the vacant. (100% interest North of Xuanhua “Development”) which is erected attributable to the Street in Jiyuan, on two parcels of land with a total Group: Henan Province, site area of approximately RMB76,400,000) PRC 19,658.26 sq.m. (211,602 sq.ft.).

The total gross floor area of the property is approximately 8,368.28 sq.m. (90,076 sq.ft.).

The land use rights of the property have been granted for terms expiring on 29 March 2046 and 30 March 2046 for commercial uses, on 29 March 2076 and 30 March 2076 for residential uses. Notes:

(1) Pursuant to two State-owned Land Use Certificates Ji Guo Yong (2006) No. 102 and Ji Guo Yong (2007) No. 192 issued by the People’s Government of Jiyuan on 20 October 2006 and 20 December 2007, the land use rights of the property with a total site area of 19,658.26 sq.m. have been granted to Jiyuan Central China Real Estate Company Limited (“CCRE Jiyuan”), a 100% indirect owned subsidiary of CCRE China, for terms expiring on 29 March 2046 and 30 March 2046 for commercial uses, 29 March 2076 and 30 March 2076 for residential uses.

(2) Pursuant to four Completed Construction Works Certified Reports all dated by 28 February 2008, the construction works of the Development with a total gross floor area of 15,433.30 sq.m. were completed.

(3) As advised by the Group, portions of the Development with a total gross floor area of approximately 7,075.02 sq.m. were sold and thus have been excluded from our valuation.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

(i) the land grant premium of the property has been fully settled;

(ii) CCRE Jiyuan has obtained the Stated-owned Land Use Certificate for the Landmark (Jiyuan) and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of Landmark (Jiyuan) during its residual land use term under PRC laws;

(iii) CCRE Jiyuan has obtained all the necessary permits / approvals for the construction works of the property;

(iv) CCRE Jiyuan has obtained the Completed Construction Works Certified Report for the property and has the rights to freely transfer, lease, mortgage or dispose of the property under PRC laws. There will be no material legal impediment for CCRE Jiyuan to obtain Building Ownership Certificates for the property; and

(v) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

IV-69 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes(part) vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate No

IV-70 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 31 March 2008 31. Portion of The property comprises a parcel of The property is RMB288,900,000 Landmark land with a site area of vacant. (100% interest (Zhengzhou), approximately 42,642.40 sq.m. attributable to the Intersection of (459,003 sq.ft.) on which a Group: Zhengbian Road complex development is being RMB288,900,000) and Zhongzhou constructed. Avenue, Zhengzhou, Henan The property comprises the retail Province, PRC units with a total gross floor area of approximately 24,733.22 sq.m. (266,228 sq.ft.).

The land use rights of the property have been granted for a term expiring on 26 July 2045 for composite use.

Notes: (1) Pursuant to a State-owned Land Use Certificate No. Zheng Guo Yong (2003) Zi No. 0250 issued by Zhengzhou Land and Resources Bureau on 25 July 2003, the land use rights of the Landmark (Zhengzhou) with a site area of 42,642.40 sq.m. have been granted to Central China Real Estate Company Limited (“CCRE Henan”), a 100% owned subsidiary of CCRE China, for a term expiring on 26 July 2045 for composite use.

(2) Pursuant to a Completed Construction Work Certified Reports, construction works of portions of the Landmark (Zhengzhou) with a total gross floor of 45,709 sq.m. were completed.

(3) As advised by the Group, portion of the Landmark (Zhengzhou) with a total gross floor area of approximately 2,496.12 sq.m. were sold and thus have been excluded from our valuation.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE China has obtained the State-owned Land Use Certificate for the Landmark (Zhengzhou) with a total site area of approximately 42,642.40 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Landmark (Zhengzhou) during its residual land use term under PRC laws;

iii) CCRE China has obtained all the necessary permits / approvals for the construction works of the property;

iv) CCRE China has obtained the Completed Construction Work Certified Report for the property and has the rights to freely transfer, lease, mortgage or dispose of the property under PRC laws. There will be no material legal impediment for CCRE China to obtain Building Ownership Certificates for the property; and

v) the land use rights of the Landmark (Zhengzhou) with a site area of approximately 42,642.40 sq.m. have been mortgaged to China Construction Bank, Hong Kong Branch. CCRE China is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

IV-71 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate No

IV-72 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Group III—Properties held by Group for investment in the PRC

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 32. Foreign Language The property comprises a 6-storey The property is subject RMB86,300,000 School school building in Jianye City Garden to a tenancy for a (100% interest (Zhengzhou), (the “Development”) completed in term commencing on attributable to Jianye City Garden, 2000. 1 January 2008 and the Group: Jianye Road, expiring on RMB86,300,000) Jinshui District, The gross floor area of the property is 31 December 2008 at Zhengzhou, approximately 20,788.88 sq.m. a daily rent of Henan Province, (223,772 sq. ft). RMB 0.45 per sq.m. PRC and currently occupied The land use rights of the property by a school. have been granted for a term expiring on 7 March 2067 for composite use. Notes: (1) Pursuant to three Stated-owned Land Use Certificates all issued by the People’s Government of Zhengzhou, the land use rights of the Development with a total site area of approximately 187,061.04 sq.m. have been granted to CCRE China. Details of such certificates are shown as follows:

Site Area Certificate No. (sq.m.) Use Expiry date i. Zheng Guo Yong (2007) No. 0826 46,837.10 Composite 7 March 2067 ii. Zheng Guo Yong (2007) No. 0825 2,269.30 Composite 7 March 2067 iii. Zheng Guo Yong (2007) No. 0948 137,954.64 Residential 7 March 2067 Total 187,061.04

(2) Pursuant to eight Building Ownership Certificates, the building ownerships of the property with a total gross floor area of approximately 20,788.88 sq.m. are held by CCRE China, and the details of which are shown as follows:

Gross floor area Certificate No. (sq.m.) Issuance date i. Zheng Fang Quan Zheng Zi No. 0001049423 3,256.08 9 November 2000 ii. Zheng Fang Quan Zheng Zi No. 0001049424 1,635.7 9 November 2000 iii. Zheng Fang Quan Zheng Zi No. 0001049427 3,548.66 9 November 2000 iv. Zheng Fang Quan Zheng Zi No. 0001049428 2,606.92 9 November 2000 v. Zheng Fang Quan Zheng Zi No. 0001049430 2,777.82 9 November 2000 vi. Zheng Fang Quan Zheng Zi No. 0001049396 3,058.77 9 November 2000 vii. Zheng Fang Quan Zheng Zi No. 0001049397 1,370.73 9 November 2000 viii. Zheng Fang Quan Zheng Zi No. 0001049404 2,534.2 9 November 2000 Total 20,788.88

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE China has obtained the State-owned Land Use Certificates for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

IV-73 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

iii) CCRE China has obtained the Building Ownership Certificates for the property and has the rights to freely transfer, lease, mortgage or dispose of the property;

iv) the Group has obtained all the necessary permits / approvals for the design and construction works of the whole development, and ancillary facilities such as clubhouses, schools and kindergartens provided within the development are also approved by the relevant authorities. Therefore, the property, being the ancillary facilities of the whole development, can be used as a school legally; and

v) the property have been mortgaged to Bank of China Limited, Hongkong Branch. CCRE China is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract No iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-74 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 33. The Small Harvard The property comprises two 6-storey The property is RMB90,900,000 Primary School, school buildings, a 5-storey dormitory, a occupied by Jianye (100% interest Dormitory, 5-storey composite building in Jingshui Education Industry attributable to Composite Garden (The “Development”). The Ltd. as a school under the Group: Building and property was completed in various a tenancy agreement RMB90,900,000) Kindergarten, stages between 1996 and 2002. commencing on 1 East of January 2008 and Weisi Road, The total gross floor area of the property expiring on Jinshui District, is approximately 21,876.76 sq.m. 31 December 2008 at Zhengzhou, (235,481 sq.ft.), the details of which are a daily rent of Henan Province, shown as follows: RMB 0.45 per sq.m.. PRC Approximate Use gross floor area sq.m. sq.ft. School 13,244.18 142,560 Dormitory 8,632.58 92,921 Total 21,876.76 235,481

The land use rights of the property have been granted for a term of 70 years expiring on 7 June 2065 for residential use. Notes: (1) Pursuant to three Stated-owned Land Certificates all issued by the Zhengzhou Municipal Land and Resources Bureau, the land use rights of the Development with a total site area of approximately 120,899.50 sq.m. have been granted to CCRE China and the details of such certificates are shown as follows:

Site area Certificate No. (sq.m.) Use Expiry date i. Zheng Guo Yong (1996) Zi No. 1568 46,040.30 Residential 5 November 2064 ii. Zheng Guo Yong (2002) Zi No. 0203 71,964.60 Residential 7 June 2065 iii.Zheng Guo Yong (2000) Zi No. 0693 2,894.60 Educational 25 December 2050 120,899.50

(2) Pursuant to 5 Building Ownership Certificates, the building ownership of the property with a total gross floor area of approximately 21,876.76 sq.m. are held by CCRE China, the details of which are shown as follows:

Gross floor area Certificate No. (sq.m.) Issuance date i. Zheng Fang Quan Zheng Zi No. 0201025986 8,520.53 12 April 2002 ii. Zheng Fang Quan Zheng Zi No. 0201003487 2,768.78 14 January 2002 iii.Zheng Fang Quan Zheng Zi No. 0201003489 5,025.75 11 January 2002 iv.Zheng Fang Quan Zheng Zi No. 0201003482 4,723.65 14 January 2002 v. Zheng Fang Quan Zheng Zi No. 0201003485 838.05 14 January 2002 Total 21,876.76

IV-75 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE China has obtained the State-owned Land Use Certificates for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE China has obtained the Building Ownership Certificates for the property and has the rights to freely transfer, lease, mortgage or dispose of the property;

iv) the Group has obtained all the necessary permits / approvals for the design and construction works of the whole development, and ancillary facilities such as clubhouses, schools and kindergartens provided within the development are also approved by the relevant authorities. Therefore, the property, being the ancillary facilities of the whole development, can be used as a school legally; and

v) the property has been mortgaged to Bank of China Limited, Hongkong Branch. CCRE China is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract No iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-76 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 34. A Kindergarten, The property comprises a 3-storey The property is RMB10,000,000 Green Garden kindergarten in a residential occupied by Jianye (100% interest (Zhumadian), development known as Green Garden Education Industry attributable to East of Jinshan (the “Development”). The property was Ltd. as a kindergarten the Group: Road and North of completed in 2005. under a tenancy RMB10,000,000) Huaihe Avenue, agreement Zhumadian, The gross floor area of the property commencing on Henan Province, is approximately 3,361.62 sq.m. 1 January 2008 and PRC (36,184 sq.ft.). expiring on 31 December 2008 at The land use rights of the property have a daily rent of been granted for a term commencing RMB0.27 per sq.m.. on 11 December 2006 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Zhu Shi Guo Yong (2003) No. 1736-3 issued by the People’s Government of Zhumadian on 11 December 2006, the land use rights of Development with a site area of approximately 3,719.67 sq.m. have been granted to Zhumadian Central China Real Estate Company Limited (“CCRE Zhumadian”), a 100% owned subsidiary of CCRE China, for a term commencing on 11 December 2006 for residential use.

(2) Pursuant to a Building Ownership Certificate Zhu Fang Quan Zheng Zi No.043046 issued by Zhumadian Building Administration Bureau on 25 September 2005, the building ownership of the property with a gross floor area of approximately 3,361.62 sq.m. is held by CCRE Zhumadian.

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Zhumadian has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Zhumadian has obtained all the necessary permits / approvals for the construction works of the property;

iv) the Group has obtained all the necessary permits / approvals for the design and construction works of the whole development, and ancillary facilities such as clubhouses, schools and kindergartens provided within the development are also approved by the relevant authorities. Therefore, the property, being the ancillary facilities of the whole development, can be used as a kindergarten legally;

v) CCRE Zhumadian has obtained the Building Ownership Certificates for the property and has the rights to freely transfer, lease, mortgage or dispose of the property; and

vi) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

IV-77 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-78 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 35. The Clubhouse, The property comprises a 3-storey The property is RMB20,000,000 Forest Peninsula clubhouse in Forest Peninsula (the subject to a tenancy (100% interest (Luoyang), “Development”) completed in 2005. for a term attributable to Intersection of commencing on the Group: Beiyuan Yi Road The gross floor area of the property is 14 February 2006 and RMB20,000,000) and Yingcai Road, approximately 3,847.00 sq.m. (41,409 expiring on Luonan sq.ft.). 14 February 2016, at New District, a current monthly rent Luoyang, The land use rights of the property have of RMB100,000 and Henan Province, been granted for a term expiring on is currently occupied PRC 24 March 2074 for residential use. as a restaurant.

Notes:

(1) Pursuant to a State-owned Land Use Certificate Luo Shi Guo Yong (2004) No. 05002485 issued by the Luoyang Land and Resources Bureau on 18 October 2004, the land use rights of the Development with a site area of 80,557.3 sq.m. have been granted to Central China Real Estate (Luoyang) Company Limited (“CCRE Luoyang”), a 100% owned subsidiary of CCRE China, for a term expiring on 24 March 2074 for residential use.

(2) Pursuant to a Building Ownership Certificate Luo Shi Fang Quan Zheng (2006) Zi No. X378890 issued by Luoyang Building Administration Bureau on 28 December 2006, the building ownership of the property with a gross floor area of approximately 3,847.00 sq.m is held by CCRE Luoyang.

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Luoyang has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) the Group has obtained all the necessary permits / approvals for the design and construction works of the whole development, and ancillary facilities such as clubhouses, schools and kindergartens provided within the development are also approved by the relevant authorities. Therefore, the property, being the ancillary facilities of the whole development, can be used as a clubhouse legally;

iv) CCRE Luoyang has obtained the Building Ownership Certificate for the property and has the rights to freely transfer, lease, mortgage or dispose of the property; and

v) except for portion of the land use rights of the Development with a site area of 33,125,435 sq.m. which have been mortgaged to China Construction Bank, Luoyang Branch, the remaining portion of the Development is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE Luoyang is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

IV-79 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-80 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 36. A Kindergarten, The property comprises a 3-storey The property is RMB 6,500,000 Forest Peninsula kindergarten in a residential occupied by Jianye (100% interest (Jiyuan), development known as Forest Education Industry attributable to No. 2 Qinyuan Bei Peninsula (the “Development”). The Ltd as a kindergarten the Group: Road, property was completed in 2006. is held under a RMB6,500,000) Jiyuan, tenancy agreement for Henan Province, The gross floor area of the property is a term commencing PRC approximately 2,258.00 sq.m. on 1 January 2008 and (24,305 sq.ft.). expiring on 31 December 2008, at The land use rights of the property have a daily rent of been granted for a term expiring on RMB 0.17 per sq.m. 20 June 2074 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Ji Guo Yong (2005) No. 017 issued by Jiyuan Municipal Land and Resources Bureau of Jiyuan on 1 February 2005, the land use rights of portions of the Development with a site area of approximately 53,695.00 sq.m. have been granted to Jiyuan Central China Real Estate Company Limited (“CCRE Jiyuan”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 20 June 2074 for residential use. (2) Pursuant to a Building Ownership Certificate Jiyuan Shi Fang Quan Zheng Bei Hai Ban Zi No. 00014753 issued by the People’s Government of Jiyuan on 22 October 2007, the building ownership of the property with a gross floor area of approximately 2,258.00 sq.m. is held by CCRE Jiyuan. (3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled; ii) CCRE Jiyuan has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of the land use rights of the Development during its residual land use term under PRC laws; iii) CCRE Jiyuan has obtained all the necessary permits / approvals for the construction works of the property; iv) the Group has obtained all the necessary permits / approvals for the design and construction works of the whole development, and ancillary facilities such as clubhouses, schools and kindergartens provided within the development are also approved by the relevant authorities. Therefore, the property, being the ancillary facilities of the whole development, can be used as a kindergarten legally; v) CCRE Jiyuan has obtained the Building Ownership Certificate for the property and has the rights to freely transfer, lease, mortgage or dispose of the property; and vi) except for portion of the land rights of the Development with a site area of approximately 46,667.00 sq.m. which have been mortgaged to Bank of China Limited, Jiyuan Branch, the remaining portion of the Development is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE Jiyuan is not entitled to transfer, lease, further mortgage or dispose of by legal means of the mortgaged portion without prior approval from the mortgagee. (4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-81 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 37. A Kindergarten of The property comprises a 3-storey The property is RMB6,300,000 Jianye Green kindergarten and a sales office in a occupied by Jianye (100% interest Garden (Puyang), residential development known as Education Industry attributable to Renqiu Road West Jianye Green Garden (the Ltd as a kindergarten the Group: Section, “Development”). The property was under a tenancy RMB6,300,000) Green Garden completed in between 2002 and 2007. agreement Hualong District, commencing on Puyang, The gross floor area of the property is 1 January 2008 and Henan Province, approximately 1,972.05 sq.m. expiring on PRC (21,227 sq.ft.) 31 December 2008 at a daily rent of The land use rights of the property have RMB 0.2 per sq.m.. been granted expiring on 30 December 2075 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Puyang Shi Guo Yong 03 Zi No. 001 issued by Puyang Land and Resources Bureau, the land use rights of the Development with a site area of approximately 41,511.11sq.m. have been granted to Puyang Central China Real Estate Company Limited (“CCRE Puyang”), a 100% owned subsidiary of CCRE China, for a term expiring on 30 December 2075 for composite use.

(2) Pursuant to two Building Ownership Certificates, the building ownership of the property with a total gross floor area of approximately 1,972.05 sq. m. is held by CCRE Puyang, the detail of which are shown as follows:

Gross floor area Certificate No. (sq. m.) Issuance date i. Pu Fang Quan Zheng Shi No. 2007-12469 1,638.75 13 December 2007 ii. Pu Fang Quan Zheng Shi No. 2007-12325 333.30 12 December 2007 Total 1,972.05 (3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled; ii) CCRE Puyang has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; iii) CCRE Puyang has obtained all the necessary permits / approvals for the design and construction works of the whole development, and ancillary facilities such as clubhouses, schools and kindergartens provided within the development are also approved by the relevant authorities. Therefore, the property, being the ancillary facilities of the whole development, can be used as a kindergarten legally; iv) CCRE Puyang has obtained the Building Ownership Certificates for the property and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the property under PRC laws; and v) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

IV-82 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-83 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 38. A Kindergarten of The property comprises a 2-storey The property is RMB6,800,000 Jianye Green kindergarten in a residential occupied by Jianye (100% interest Garden (Xinxiang), development known as Jianye Green Education Industry Ltd attributable to 21 Jiefang Road, Garden (the “Development”). The as a kindergarten under the Group: Development Zone, property was completed in August a tenancy agreement RMB6,800,000) Xinxiang, 2004. commencing on Henan Province, 1 January 2008 and The gross floor area of the property is PRC expiring on approximately 1,334.44 sq.m. 31 December 2008 at a (14,364 sq.ft.). daily rent of RMB0.36 The land use rights of the property per sq.m.. have been granted for a term expiring on 10 October 2072 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Xin Guo Yong (2002) Zi No. 04019 issued by the People’s Government of Xinxiang on 1 December 2002, the land use rights of the Development with a site area of approximately 50,330 sq.m. have been granted to Xinxiang Central China Real Estate Company Limited (“CCRE Xinxiang”), a 100% indirect owned subsidiary of the Company, for a term expiring on 10 October 2072 for residential use. (2) Pursuant to a Building Ownership Certificate Na Fang Quan Zheng Zi No. 07012108 issued by Xinxiang Real Estate Administration Bureau dated 25 October 2007, the building ownership of the property with a gross floor area of 1,334.44 sq.m. was completed. (3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled; ii) CCRE Xinxiang has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; iii) CCRE Xinxiang has obtained all the necessary permits / approvals for the design and construction works of the whole development, and ancillary facilities such as clubhouses, schools and kindergartens provided within the development are also approved by the relevant authorities. Therefore, the property, being the ancillary facilities of the whole development, can be used as a kindergarten legally; iv) CCRE Xinxiang has obtained the Building Ownership Certificate for the property and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the property under PRC laws; and v) the property is not subject to any mortgages, third party’s interest and restriction other rights. (4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-84 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 39. A Kindergarten of The property comprises a kindergarten The property is RMB4,800,000 Green Garden in a residential development known as occupied by Jianye (100% interest (Shangqiu), East of Green Garden (the “Development”). Education Industry attributable to the Wenhua Road, The property was completed in 2004. Ltd as a kindergarten Group: Shangqiu, Henan under a tenancy RMB4,800,000) Province, PRC The gross floor area of the property is agreement approximately 1,565.44 sq.m commencing on (16,850 sq.ft.) 1 January 2008 and expiring on The land use rights of the property have 31 December 2008 at been granted for a term expiring on a daily rent of 16 January 2073 for residential use. RMB0.36 per sq.m.. Notes: (1) Pursuant to a State-owned Land Use Certificate Shang Guo Yong (2003) No. 0519 issued by Shangqiu Land and Resource Bureau on 18 January 2003, the land use rights of a parcel of land with a site area of approximately 44,550.80 sq.m. have been granted to Shangqiu Central China Real Estate Company Limited (“CCRE Shangqiu”), a 100% indirect owned subsidiary of the Company, for a term expiring on 16 January 2073 for residential use.

(2) Pursuant to a Building Ownership Certificate Shangqiu Shi Fang Quan Zheng (2007) No. 0025301 issued by Shangqiu Real Estate Administration Bureau on 31 October 2007, the building ownership of the property with a gross floor area of approximately 1,565.44 sq.m. is held by CCRE Shangqiu.

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Shangqiu has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Shangqiu has obtained all the necessary permits / approvals for the design and construction works of the whole development, and ancillary facilities such as clubhouses, schools and kindergartens provided within the development are also approved by the relevant authorities. Therefore, the property, being the ancillary facilities of the whole development, can be used as a kindergarten legally;

iv) CCRE Shangqiu has obtained the Building Ownership Certificate for the property and has the rights to freely transfer, lease, mortgage or dispose of this portion of the property; and

v) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-85 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 40. A Kindergarten of The property comprises a kindergarten The property is vacant. RMB20,200,000 U-Town in a residential development known as (100% interest (Zhengzhou), U-Town (the “Development”). The attributable to Dongfeng East property was completed in 2007. the Group: Road South, RMB20,200,000) Zhengdongxin The gross floor area of the property is District, approximately 2,810.93 sq.m (30,257 Zhengzhou, sq.ft.) Henan Province, The land use rights of the property have PRC been granted for a term expiring on 17 November 2074 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Zheng Guo Yong (2004) No. 1343 issued by the People’s Government of Zhengzhou on 17 November 2004, the land use rights of the Development with a site area of approximately 58,184.20 sq.m. have been granted to Zhengzhou United New Town Central China Real Estate Company Limited (“CCRE New Town”), a 100% indirect owned subsidiary of the Company, for a term expiring on 17 November 2074 for residential use.

(2) Pursuant to a Building Ownership Certificate Zheng Fang Quan Zheng Zi No. 0701095591 issued by Zhengzhou Real Estate Administrative Bureau on 29 December 2007, the building ownership of the property with a gross floor area of approximately 2,810.93 sq.m. is held by CCRE New Town.

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE New Town has obtained the State-owned Land Use Certificate for portion for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) the Group has obtained all the necessary permits / approvals for the design and construction works of the whole development, and ancillary facilities such as clubhouses, schools and kindergartens provided within the development are also approved by the relevant authorities. Therefore, the property, being the ancillary facilities of the whole development, can be used as a kindergarten legally;

iv) CCRE New Town has obtained the Building Ownership Certificate for the property and has the rights to freely transfer, lease, mortgage or dispose of this portion of the property; and

v) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit No vii. Completed Construction Works Certified Report Yes viii. Building Ownership Certificate Yes

IV-86 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Group IV — Properties held by the Group under development in the PRC

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 41. Portion of Landmark The property comprises a parcel of The property is under RMB700,000,000 (Zhengzhou), land with a site area of approximately construction. (100% interest Intersection of 42,642.40 sq.m. (459,003 sq.ft.) on attributable to the Zhengbian Road and which a complex development is Group: Zhongzhou Avenue, being constructed. RMB700,000,000) Zhengzhou, Henan Province, Upon completion, the total gross PRC floor area of the proposed development is approximately 221,287.90 sq.m. (2,381,943 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Retail 62,296.50 670,560 Residential 63,158.00 679,833 Furnished apartment 27,878.00 300,079 Hotel 31,412.00 338,119 Office 12,592.06 135,540 Other 22,410.34 241,225 Basement car park 1,541.00 16,587 Total 221,287.90 2,381,943

The proposed development is scheduled for completion in June 2010.

The land use rights of the property have been granted for a term expiring on 26 July 2045 for composite use. Notes: (1) Pursuant to a State-owned Land Use Certificate No. Zheng Guo Yong (2003) Zi No. 0250 issued by Zhengzhou Land and Resources Bureau on 25 July 2003, the land use rights of the Landmark (Zhengzhou) with a site area of approximately 42,642.40 sq.m. have been granted to Central China Real Estate Company Limited (“CCRE Henan”), a 100% owned subsidiary of CCRE China , for a term of expiring on 26 July 2045 for composite use.

(2) Pursuant to a Construction Land Planning Permit (2006) Zheng Cheng Gui Gui Guan Xu Zi No. (0205) issued by Zhengzhou City Planning Bureau on 9 August 2006, construction works of portions of the property with a total planned gross floor area of approximately 124,545.07 sq.m. are permitted.

(3) Pursuant to two Planning Permits for Construction Project Nos. (2007) Zheng Cheng Gui Jian Guan Xu Zi (0009) and (2007) Zheng Cheng Gui Jian Guan Xu Zi (0219) both issued by Zhengzhou City Planning Bureau, the construction scale of portions of the property with a total gross floor area of approximately 203,133.00 sq.m. is permitted.

IV-87 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(4) Pursuant to two Commencement Permits for Construction Works Nos. 410102200701180301 and 410102200710180101 both issued by Zhengzhou Construction Committee, commencement of the construction works of portions of the property with a gross floor area of approximately 203,133.00 sq.m. is permitted.

(5) Pursuant to a Pre-sale Permit (2007) Zheng Fang Guan Xu Zi Di No. 2033 issued by Zhengzhou Real Estate Administration Bureau on 28 September 2007, portions of the property with a total gross floor area of approximately 129,861.17 sq.m. are permitted for pre-sale.

(6) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB216,045,485.00, and thus we have taken into account such cost in our valuation accordingly.

(7) As advised by the Group, portions of the Development with a total gross floor area of approximately 30,496.93 sq.m. have been pre-sold at a total consideration of approximately RMB 174,140,797. We have taken into account such consideration in our valuation accordingly.

(8) The capital value of the property as if completed as of 31 March 2008 is RMB1,804,800,000.

(9) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alias, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE China has obtained the State-owned Land Use Certificate for the Landmark (Zhengzhou) with a total site area of approximately 42,642.40 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Landmark (Zhengzhou) during its residual land use term under PRC laws;

iii) CCRE China has obtained all the necessary permits / approvals for the construction works of the property; and

iv) the land use rights of the Landmark (Zhengzhou) with a site area of approximately 42,642.40 sq.m. have been mortgaged to China Construction Bank, Hongkong Branch. CCRE China is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(10) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes (part) v. Commencement Permit for Construction Work Yes (part) vi. Pre-sale Permit Yes (part) vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-88 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 42. Part of Phase I of The property comprises two The property is under RMB 56,800,000 Forest Peninsula parcels of land with a total site construction. (50% interest (Xinyang), 182 area of approximately attributable to the Nanwan Street, 147,841.04 sq.m. (1,591,361 sq.ft.) Group: Nanwan on which a residential and RMB28,400,000) Administration commercial development is being District, constructed. Xinyang, Henan Province, Upon completion, the total gross PRC floor area of the proposed development is approximately 22,176.40 sq.m. (238,707 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Residential 19,524.92 210,166 Retail 2,651.48 28,541 Total 22,176.40 238,707

The proposed development is scheduled for completion in June 2008.

The land use rights of the property have been granted for terms expiring in August 2046 and August 2076 for commercial and residential uses, respectively. Notes: (1) Pursuant to two State-owned Land Use Certificates Xin Shi Guo Yong (2006) No. 50013 and No. 50014 both issued by the People’s Government of Xinyang on 12 October 2006, the land use rights of the property with a total site area of 147,841.04 sq.m. have been granted to Xinyang Central China Tianming Real Estate Company Limited (“CCRE Xinyang”), a 50% indirect owned subsidiary of CCRE Henan, for terms expiring in August 2046 and August 2076 for commercial and residential uses, respectively.

(2) Pursuant to two State-owned Land Use Rights Grant Contracts No. 2006-704 and No. 2006-705 and its Supplementary Agreement entered into between Xinyang Land and Resources Administration Bureau and CCRE Xinyang, the land use rights of the property with a total site area of approximately 147,841.00 sq.m. have been granted to CCRE Xinyang at a land grant premium of RMB6,874,607 for residential and commercial uses.

(3) Pursuant to a Construction Land Planning Permit No.2006-005 issued by Xinyang Nanwan District Planning Bureau on 30 August 2006, planned construction works of a parcel of land with a site area of 147,840.74 sq.m. is permitted. As advised by the Company, this permit is applied to Phases I to IV which forms part of Forest Peninsula (Xinyang).

IV-89 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(4) Pursuant to 5 Planning Permits for Construction Project of portions of the property all issued by Xinyang South Bay District Development and Construction Committee, the construction scale of 65,381.43 sq.m. is approved and the details of such permits are shown as follows:

Construction scale Permit No. (sq.m) Issuance Date i. 2007-001 2,983.84 5 July 2007 ii. 2007-002 11,841.42 5 July 2007 iii. 2007-003 3,594.00 5 July 2007 iv. 2007-004 46,773.97 5 July 2007 v. 2007-005 188.20 5 July 2007 Total 65,381.43

(5) Pursuant to 4 Commencement Permits for Construction Works issued by Xinyang South Bay District Development and Construction Committee, commencement of construction works of portions of the property is permitted, and the details of such permits are shown as follows:

Construction scale Permit No. (sq.m) Construction Period Issuance Date i. 2007-002 19,153.02 2007-05 26 to 2007-10-26 12 July 2007 ii. 2007-003 16,802.63 2007-05-26 to 2007-10-26 12 July 2007 iii. 2007-004 16,565.04 2007-05-26 to 2007-10-26 12 July 2007 iv. 2007-005 12,860.71 2007-05-26 to 2007-10-26 12 July 2007 Total 65,381.40

(6) Pursuant two Pre-sale Permits Fang Yu Shou Zheng No. 2007032 and Fang Yu Shou Zheng No. 2007034 both issued by Xinyang Real Estate Administration Bureau, a portion of the property with a total gross floor area of approximately 65,329.00 sq.m. is permitted for pre-sale.

(7) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB 16,927,578, and thus we have taken into account such cost in our valuation accordingly.

(8) The capital value of the property as if completed as of 31 March 2008 is RMB 69,600,000.

(9) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Xinyang has obtained the State-owned Land Use Certificates for the property and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land uses term under PRC laws;

iii) CCRE Xinyang has obtained all the necessary permits / approvals for the construction works of the property; and

iv) the land use rights of the property with a site area of approximately 147,841.04 sq.m. have been mortgaged to Bank of China Limited, Xinyang Branch. CCRE Xinyang is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

IV-90 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(10) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-91 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 43. Phase II, The property comprises part of The property is under RMB109,700,000 Forest Peninsula Phase II of Forest Peninsula which construction. (100% interest (Luohe), is erected on a parcel of land with attributable to the Intersection of a site area of approximately Group: Songshan Road and 115,140.40 sq.m. (1,239,371 sq.ft.) RMB109,700,000) Huaihe Road, (including Phases I to IV). Luohe, Henan Province, Upon completion, the total gross PRC floor area of the property is approximately 58,110.00 sq.m. (625,496 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft.

Residential 53,613.00 577,090 Basement 4,497.00 48,406 Sub-total 58,110.00 625,496

The proposed development is scheduled for completion in September 2008.

The land use rights of the property have been granted for a term expiring on 21 December 2075 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Luo Guo Yong (2006) No. 000196 issued by Luohe Land and Resources Bureau on 24 January 2006, the land use rights of the property with a site area of approximately 115,140.40 sq.m., have been granted to Luohe Central China Real Estate Company Limited (“CCRE Luohe”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 21 December 2075 for residential use.

(2) Pursuant to a State-owned Land Use Rights Grant Contract Luo Di Chu Rang (He) Zi (2005) No.59 entered into between Luohe Land and Resources Administration Bureau and CCRE Luohe on 21 December 2005, the land use rights of the property with a site area of approximately 115,140.40 sq.m. have been granted to CCRE Luohe at a land grant premium of RMB92,000,000 for a term expiring on 21 December 2075 for residential uses.

(3) Pursuant to a Construction Land Planning Permit No.20051947 issued by Luohe Construction Committee dated 30 December 2005, planned construction works of the property with a site area of 115,140.40 sq.m. is permitted.

(4) Pursuant to a Planning Permit for Construction Project (2007) Gui Guan (Xu) Zi Di No. 59 issued by Luohe Planning Bureau on 1 August 2007, the construction scale of the property with a gross floor area of approximately 58,198 sq.m. is approved.

(5) Pursuant to a Commencement Permit for Construction Work (2007) No.1046 issued by Luohe Construction Committee on 29 September 2007, the commencement of construction work with a gross floor area of approximately 58,110.00 sq.m. is permitted.

IV-92 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(6) Pursuant to four Pre-sale Permits (2007) Luo Fang Guan Shou Zi No. 554 to No. 557 all issued by Luohe Real Estate Administration Bureau on 19 October 2007, portions of the property with a total gross floor area of approximately 53,613 sq.m. are permitted for pre-sale.

(7) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB 65,394,746, and there we have taken into account such cost in our valuation accordingly.

(8) As advised by the Group, portions of the property with a total gross floor area of approximately 27,077.15 sq.m. have been pre-sold at a total consideration of approximately RMB 81,036,647 and we have taken into account such consideration in our valuation accordingly.

(9) We have ascribed no commercial value to the basement since it is categorized as ancillary facilities and thus the disposal rights are restricted.

(10) The capital value of the property as if completed as of 31 March 2008 is RMB160,500,000.

(11) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Luohe has obtained the State-owned Land Use Certificate for the property with a total site area of approximately 115,140.40 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws;

iii) CCRE Luohe has obtained all the necessary permits / approvals for the construction works of the property; and

iv) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(12) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-93 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 44. Phase IV of The property comprises Phase IV The property is RMB91,200,000 Forest Peninsula of Forest Peninsula (the under construction. (100% interest (Zhumadian), “Development”) which is erected attributable to the East of Jinshan on five parcels of land with a total Group: Road and North of site area of approximately RMB91,200,000) Huaihe Avenue, 226,273.93 sq.m. Zhumadian, (2,435,613 sq.ft.). Henan Province, PRC Upon completion, the total gross floor area of the property is approximately 48,397.00 sq.m. (520,945 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 48,397.00 520,945 Total 48,397.00 520,945

The property is scheduled for completion in December 2008. The land use rights of the property have been granted for terms commencing on 11 December 2006 and 21 October 2005 and 12 November 2004 and 4 June 2007 for residential uses. Notes: (1) Pursuant to five State-owned Land Use Certificates all issued by Zhumadian Land and Resources Bureau, the land use rights of the Development with a total site area of approximately 226,273.93 sq.m. have been granted to Zhumadian Central China Real Estate Company Limited (“CCRE Zhumadian”), a 100% indirect owned subsidiary of CCRE China. Details of such certificates are shown as follows:

Certificate No. Site Area (sq.m.) Use Commencement Date i. Zhu Shi Guo Yong 2003 No. 1736-2 70,960.15 Residential 11 December 2006 ii. Zhu Shi Guo Yong 2003 No. 1736-3 3,719.67 Residential 11 December 2006 iii. Zhu Shi Guo Yong 2005 No. 7330 63,006.43 Residential 21 October 2005 iv. Zhu Shi Guo Yong 2004 No. 1996 83,333.51 Residential 12 November 2004 v. Zhu Shi Guo Yong 2007 No. 7999 5,254.17 Residential 4 June 2007 Total 226,273.93

(2) Pursuant to a Construction Land Planning Permit Zhu Gui Di 2003 No. 007 issued by Zhumadian City Planning Bureau dated 12 February 2003, planned construction works of the Development with a site area of 225,734.46 sq.m. is permitted (for the construction works of Phases I to IV of Forest Peninsula (Zhumadian)). (3) Pursuant to a Planning Permit for Construction Project Zhu Gui Jian Zi (2007) No. 002 issued by Zhumadian City Planning Bureau on 11 June 2007, the construction scale of portions of the Development of is 86,809 sq.m. is permitted.

IV-94 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(4) Pursuant to three Commencement Permits for Construction Work issued by Zhumadian Construction Committee Administration Service Center, the commencement of construction works of the property is permitted and the details of such permits are shown as follows:

Construction scale Permit No. (sq.m) Issuance Date i. 412801200711090101 9,615.00 9 November 2007 ii. 412801200711090201 6,950.00 9 November 2007 iii. 412801200711280101 31,832.00 28 November 2007 Total 48,397.00

(5) Pursuant to five Pre-sale Permits issued by Zhumadian Real Estate Administration Bureau, portions of the property with a total gross floor area of 48,395.38 sq.m are permitted for pre-sale and the details of such permits are shown as follows:

Construction scale Permit No. (sq.m) Issuance Date i. (2007) Yu Shou Zheng No. 089 1,877.82 29 December 2007 ii. (2007) Yu Shou Zheng No. 090 3,094.76 29 December 2007 iii. (2007) Yu Shou Zheng No. 091 4,642.14 29 December 2007 iv. (2007) Yu Shou Zheng No. 092 3,755.64 29 December 2007 v. (2007) Yu Shou Zheng No. 093 3,193.20 29 December 2007 vi. (2008) Yu Shou Zheng No. 005 3,884.73 4 March 2008 vii. (2008) Yu Shou Zheng No. 006 4,002.7 4 March 2008 viii. (2008) Yu Shou Zheng No. 007 7,445.7 4 March 2008 ix. (2008) Yu Shou Zheng No. 008 6,584.3 4 March 2008 x. (2008) Yu Shou Zheng No. 009 3,330.09 4 March 2008 xi. (2008) Yu Shou Zheng No. 010 6,584.3 4 March 2008 Total 48,395.38

(6) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB 23,191,724, and thus we have taken into account such cost in our valuation accordingly. (7) As advised by the Group, portions of the property with a total gross floor area of approximately 12,619.80 sq.m. have been pre-sold at a total consideration of RMB 35,434,743 and we have taken into account such consideration in our valuation accordingly. (8) The capital value of the property as if completed as of 31 March 2008 is RMB153,800,000. (9) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i) the land grant premium of the property has been fully settled; ii) CCRE Zhumadian has obtained the State-owned Land Use Certificates for the Development with a total site area of approximately 226,273.93 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; iii) CCRE Zhumadian has obtained all the necessary permits / approvals for the construction works of the property; and iv) except for portion of the land use rights of the Development with a site area of approximately 27,540.42 sq.m. which have been mortgaged to Bank of China Limited, Zhumadian Branch, the remaining portion of the Development is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE Zhumadian is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

IV-95 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(10) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-96 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 45. Part of Phase II of The property comprises Phase II of Forest The property is under RMB88,500,000 Forest Peninsula Peninsula (the “Development”) which is construction. (100% interest (Pingdingshan), erected on a parcel of land together with attributable to South of Phase I of Forest Peninsula with a site area the Group: Jing’er Road, of approximately 129,027.90 sq.m. RMB88,500,000) Xincheng District, (1,388,856 sq.ft.). Pingdingshan, Henan Province, Upon completion, the total gross floor PRC area of the property is approximately 34,053.10 sq.m. (366,548 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Retail 13,787.80 148,412 Residential 16,778.60 180,605 Underground carpark 1,688.70 18,177 Kindergarten 1,798.00 19,354 Total 34,053.10 366,548

The property is scheduled for completion in December 2008.

The land use rights of the property have been granted for a term expiring on 4 March 2075 for residential use.

Notes:

(1) Pursuant to a State-owned Land Use Certificate Ping Guo Yong (2005) No.XQ003 issued by the People’s Government of Pingdingshan dated 22 August 2005, the land use rights of a parcel of land with a site area of 129,027.90 sq.m. have been granted to Pingdingshan Central China Real Estate Company Limited, (“CCRE Pindingshan”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 4 March 2075 for residential use.

(2) Pursuant to a Construction Land Planning Permit Ping Xin Gui Di (2005) No. 3 issued by Pingdingshan New City District Management Committee Planning Department dated 7 August 2005, the parcel of land with a site area of 129,027.90 sq.m. is permitted for use.

(3) Pursuant to a Planning Permit for Construction Project Ping Xin Cheng Gui Jian Zhang Fu No. 07004 all issued by Pingdingshan New City District Management Committee Planning Department, dated 2 August 2007, the development scale of the parcel of land with a gross floor area of 41,478.60 sq.m. is permitted.

(4) Pursuant to a Commencement Permit for Construction Work Ping Jian (Xin) Shi Xu (2007) No. 010 issued by Pingdingshan Construction Committee dated 30 September 2007, commencement of the construction works of the parcel of land with a gross floor area of 41,478.60 sq.m. is permitted.

(5) Pursuant to a Pre-sale Permit Ping Fang Yu Shou Zheng Zi No. 0000413 issued by Pingdingshan Real Estate Administration Bureau dated 26 October 2007, portions of the property with a total gross floor area of approximately 41,478.60 sq.m. are permitted for pre-sale.

IV-97 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(6) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB 28,260,952, and thus we have taken into account such cost in our valuation accordingly.

(7) We have ascribed no commercial value only to the underground carpark and the kindergarten of the property since they are categorized as ancillary facilities and thus the disposal rights are restricted.

(8) As advised by Group, portions of the property with a total gross floor area of approximately 14,201.00 sq.m. have been pre-sold at a total consideration of RMB 46,259,391 and thus we have taken into account such consideration in our valuation.

(9) The capital value of the property as if completed as of 31 March 2008 is RMB 143,000,000.

(10) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Pingdingshan has obtained the State-owned Land Use Certificate for the Development with a total site area of approximately 129,027.90 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Pingdingshan has obtained all the necessary permits / approvals for the construction works of the property; and

iv) except for portion of the property with a total gross floor area of approximately 19,902.55 sq.m. which have been mortgaged to China Construction Bank, Pingdingshan Branch, the remaining portion of property is not subject to any mortgage, third party’s interest and restriction on other rights. CCRE Pingdingshan is not entitled to transfer, lease, further mortgage or dispose of by other legal means the mortgaged portion without prior approval from the mortgagee.

(11) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-98 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 46. Part of Phase III, The property comprises Phase III The property is under RMB56,500,000 Forest Peninsula of Forest Peninsula (the construction. (100% interest (Luoyang), “Development”) which is erected attributable to the Intersection of on a parcel of land together with Group: Beiyuan Yi Road Phases I to III with a total site area RMB56,500,000) and Yingcai Road, of approximately 80,557.30 sq.m. Luonan New (867,119 sq.ft.). District, Luoyang, Henan Province Upon completion, the total gross PRC floor area of the property is approximately 14,636.70 sq.m. (157,549 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Retail 2,151.00 23,153 Residential 12,485.70 134,396 Total 14,636.70 157,549

The property is scheduled for completion in June 2008.

The land use rights of the property have been granted for a term expiring on 24 March 2074 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Luo Shi Guo Yong (2004) No. 05002485 issued by Luoyang Land and Resources Administration Bureau on 18 October 2004, the land use rights of the Development with a site area of 80,557.30 sq.m. have been granted to Central China Real Estate (Luoyang) Company Limited (“CCRE Luoyang”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 24 March 2074 for residential use.

(2) Pursuant to a State-owned Land Use Rights Grant Contract No. GF-2000-2601 entered into between Luoyang Land and Resources Administration Bureau and CCRE China, the latter has acquired the land use rights of the Development with a site area of 80,557.293 sq.m. for residential use.

(3) Pursuant to a Construction Land Planning Permit No.04-131 issued by Luoyang City Planning Bureau dated 23 September 2004, the parcel of land with the site area of 80,557.29 sq.m. is permitted for use.

(4) Pursuant to a Planning Permit for Construction Project Luo Cheng Gui Zheng (2007) No. 107 issued by Luoyang City Planning Bureau on 19 April 2007, the development scale with a gross floor area of approximately 14,636.70 sq.m. is permitted.

(5) Pursuant to a Commencement Permit for Construction Work No. 2007-076 issued by Luoyang Construction Committee dated 25 May 2007, commencement of the construction of the property with a gross floor area of approximately 14,636.70 sq.m. is permitted.

(6) Pursuant to a Pre-sale Permit Luo Fang Shi Shang Yu Zi No. Y07-032 issued by Luoyang Building Administration Bureau, portions of the property with a total gross floor area of approximately 25,144.34 sq.m. are permitted for pre-sale.

IV-99 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(7) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB 33,856,698, and thus we have taken into account such cost in our valuation accordingly.

(8) As advised by Group, portions of the property with a total gross floor area of approximately 10,277.99 sq.m. have been pre-sold at a total consideration of RMB 33,284,771 and we have taken into account such consideration in our valuation.

(9) The capital value of the property as if completed as of 31 March 2008 is RMB 57,600,000.

(10) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Luoyang has obtained the State-owned Land Use Certificate for the Development with a site area of 80,557.30 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Luoyang has obtained all the necessary permits / approvals for the construction works of the property; and

iv) except for portion of the land use rights with a site area of 33,125,435 sq.m. which have been mortgaged to China Construction Bank, Luoyang Branch, the remaining portion of the parcel of land is not subject to any mortgage, third party’s interest and restriction on other rights. CCRE Luoyang is not entitled to transfer, lease, further mortgage or dispose of by other legal means the mortgaged portion without prior approval from the mortgagee.

(11) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-100 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 47. Phase II, Forest Forest Peninsula (the The property is under RMB150,700,000 Peninsula “Development”) which is a retail construction. (100% interest (Jiaozuo), and residential development attributable to the North of Longyuan comprises 3 Phases. Group: Road, RMB150,700,000) Shanyang District, The property comprises Phase II Jiaozuo, which is erected on a parcel of Henan Province, land together with Phase I of the PRC Development with a total site area of approximately 123,261.00 sq.m. (731,941 sq.ft.).

Upon completion, the total gross floor area of the property is approximately 109,084.51 sq.m. (1,174,186 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Retail 4,678.60 50,361 Residential 99,380.19 1,069,728 Basement 5,025.72 54,097 Total 109,084.51 1,174,186

The property is scheduled for completion in September 2008

The land use rights of the property have been granted for a term expiring on 29 December 2075 for residential use. Notes:

(1) Pursuant to a State-owned Land Use Certificate Jiao Guo Yong (2006) No. 032 issued by Jiaozuo Land and Resources Administration Bureau on 27 June 2006, the land use rights of the Phases I to II of Development with a site area of 67,999 sq.m. have been granted to Jiaozuo Central China Real Estate Company Limited (“CCRE Jiaozuo”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 29 December 2075 for residential use.

(2) Pursuant to a State-Owned Land Use Rights Grant Contract Jiao Di Rang He 2005 Zi No. 62 and its Supplementary Agreement entered into between Jiaozuo Land and Resources Administration Bureau and CCRE Jiaozuo, the land use rights of the Development with a site area of approximately 67,999 sq.m. have been granted to CCRE Jiaozuo at a land grant premium of RMB40,800,000 for residential use.

(3) Pursuant to a Construction Land Planning Permit Jiao Gui Di Zi 2006 No. 018 issued by Jiaozuo City Planning Bureau dated 14 August 2006, the parcel of land of Phases I and II of the Development with a site area of 123,260.62 sq.m. is permitted for use.

IV-101 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(4) Pursuant to four Planning Permits for Construction Project all issued by Jiaozuo City Planning Bureau, the development scale of the property of approximately 109,084.51 sq.m. is permitted, and the details of such permits are shown as follows:

Construction Permit No. scale (sq.m) Issuance Date i. Jiao Gui Jian Zi (2007) No.61 18,542.00 7 August 2007 ii. Jiao Gui Jian Zi (2007) No.62 18,542.00 7 August 2007 iii. Jiao Gui Jian Zi (2007) No.63 16,330.81 7 August 2007 iv. Jiao Gui Jian Zi (2007) No.102 55,669.70 7 November 2007 Total 109,084.51

(5) Pursuant to three Commencement Permits for Construction Work all issued by Jiaozuo Construction Committee, commencement of the construction works of the property is permitted, and the details of such permits are shown as follows:

Construction scale Permit No. (sq.m) Issuance Date i. 4108022007120501 55,669.70 5 December 2006 ii. 4108022007091702 16,330.81 11 September 2006 iii. 4108022007091701 37,084.00 17 September 2006 Total 109,084.51

(6) Pursuant to a Pre-sale Permit (Jiao) Fang Yu Shou Zheng No. 2007-31 issued by Jiaozuo Real Estate Administration Bureau dated 20 September 2007, portions of the property with a total gross floor area of approximately 53,414.81 sq.m. are permitted for pre-sale.

(7) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB 51,364,000 and thus we have taken into account such cost in our valuation accordingly.

(8) As advised by Group, portions of the property with a total gross floor area of approximately 13,242.10 sq.m. have been pre-sold at a total consideration of RMB 39,277,242, and we have taken into account such consideration in our valuation.

(9) The capital value of the property as if completed as of 31 March 2008 is RMB 350,300,000.

(10) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Jiaozuo has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Jiaozuo has obtained all the necessary permits / approvals for the construction works of the property; and

iv) except for portion of the Development with a site area of 17,227 sq.m. which has been mortgaged to Bank of China Limited, Jiaozuo Branch, the remaining portion is not subject to any mortgagee, third party’s interest and restriction on other rights. CCRE Jiaozuo is not entitled to transfer, lease, further mortgage or dispose of by other legal means the mortgaged portion without prior approval from the mortgagee.

IV-102 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(11) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-103 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 48. Portion of The property comprises two The property is under RMB 18,600,000 Landmark (Jiyuan), parcels of land with a total site construction. (100% interest North of Xuanhua area of approximately 19,658.26 attributable to the Street in Jiyuan, sq.m. (211,602 sq.ft.) on which a Group: Henan Province, commercial development with two RMB18,600,000) PRC phases is being constructed.

Upon completion, the total gross floor area of the property is approximately 11,295.80 sq.m. (121,588 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Retail 2,304.05 24,801 Residential 8,991.75 96,787 Total 11,295.80 121,588

The property is scheduled for completion in December 2008.

The land use rights of the property have been granted for a term expiring on 29 March 2046 for commercial use and 29 March 2076 for residential use. Notes: (1) Pursuant to two State-owned Land Use Certificates Ji Guo Yong (2006) No. 102 and Ji Guo Yong (2007) No. 192 issued by the People’s Government of Jiyuan on 20 October 2006 and 20 December 2007 respectively, the land use rights of the property with a total site area of 19,658.26 sq.m. have been granted to Jiyuan Central China Real Estate Company Limited (“CCRE Jiyuan”), a 100% indirect owned subsidiary of CCRE China, for terms expiring on 29 March 2046 for commercial use and 29 March 2076 for residential use.

(2) Pursuant to two State-owned Land Use Rights Grant Contracts and its Supplementary Agreements entered into between Jiyuan Land and Resources Administration Bureau and CCRE Jiyuan, the land use rights of the property with a total site area of approximately 19,658.26 sq.m. have been granted to CCRE Jiyuan at a land grant premium of RMB 9,181,900.00 for residential and commercial uses.

(3) Pursuant to a Construction Land Planning Permit Ji Jian Gui Di (2006) Zi No. 25 issued by Jiyuan Construction Committee on 11 May 2006, the parcel of land of the property with a total site area of 19,658.26 sq.m. is permitted for use.

(4) Pursuant to two Planning Permits for Construction Project Ji Jian Gui Jian (2006) Zi No. 68 and Ji Jian Gui Jian (2007) Zi No. 24 both issued by Jiyuan Construction Committee on 10 November 2006 and 21 May 2007 respectively, the construction scale of the property with a total gross floor area of approximately 27,474.73 sq.m. is permitted.

IV-104 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(5) Pursuant to three Commencement Permits for Construction Work issued by Jiyuan Construction Committee, the commencement of construction works of the property is permitted and the details of such permits are shown as follows:

Construction Scale Permit No. (sq.m.) Construction period Issuance Date i. 410881200701250101 7,644.80 2006.11.25to 2007.05.24 25 January 2007 ii. 410881200701250201 4,468.50 2006.11.25to 2007.05.24 25 January 2007 iii. 410881200709300401 14,625.80 2007.10.01 to 2008.09.01 30 September 2007 Total 26,739.10

(6) Pursuant to three Pre-sale Permits issued by Jiyuan Real Estate Administration Bureau, portions of the property with a total gross floor area of approximately 17,747.35 sq.m. is permitted for pre-sale and the details of such permits are shown as follows:

Pre-sale scale Permit No. (sq.m.) Issuance Date i. Ji Fang Yu Shou Zheng No. 2007-3 4,468.50 3 April 2007 ii. Ji Fang Yu Shou Zheng No. 2007-4 7,644.80 9 April 2007 iii. Ji Fang Yu Shou Zheng No. 2007-23 5,634.05 15 December 2007 Total 17,747.35

(7) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB3,969,493.67, and thus we have taken into account such cost in our valuation accordingly.

(8) The capital value of the property as if completed as of 31 January 2008 is RMB 55,500,000.

(9) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has not been fully settled;

ii) CCRE Jiyuan has obtained the State-owned Land Use Certificates for the Landmark (Jiyuan) with a total site area of approximately 19,658,26 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Landmark (Jiyuan) during its residual land use term under PRC laws;

iii) CCRE Jiyuan has obtained all the necessary permits / approvals for the construction works of the property; and

iv) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(10) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi. Pre-sale Permit Yes (part) vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-105 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 49. Phase I of The property comprises Phase I of The property is under RMB180,100,000 Jianye Dahong City Jianye Dahong City (the construction. (60% interest Garden, “Development”) which is erected attributable to Intersection of on a parcel of land with a site area the Group: Huanghe Avenue of approximately 151,824.07 sq.m. RMB108,060,000) and Jinyao Road (1,634,234 sq.ft.) Kaifeng, Henan Province, Upon completion, the total gross PRC floor area of the property is approximately 208,000.00 sq.m. (2,238,912 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Retail 29,120.00 313,448 Residential 158,080.00 1,701,573 Underground 20,800.00 223,891 car park Total 208,000.00 2,238,912

The property is scheduled for completion in December 2008.

The property is erected on an allocated land. Notes: (1) Pursuant to a State-owned Land Use Certificate Bian Fang Di Chan Quan Zheng No. 234285 issued by Kaifeng Land Resource Bureau on 30 January 2008, the land use rights of the Development with a site area of approximately 151,824.07 sq.m. have been allocated to Kaifeng Central China Dahong Real Estate Company Limited (“CCRE Dahong”), a 60% indirect owned subsidiary of CCRE China, for residential uses.

(2) Pursuant to a Construction Land Planning Permit No. 2007-020 issued by Kaifeng Construction Committee on 20 July 2007, planned construction works of the property with a site area of 160,231 sq.m. is permitted.

(3) Pursuant to 34 Construction Works Planning Permits (2008) No. 098 to (2008) No. 131 all issued by Kaifeng Municipal Construction Committee dated by 3 April 2008, the development with a total gross floor area of approximately 104,247.75 sq.m. is permitted.

(4) Pursuant to a Commencement Permit for Construction Works No. 410204200804210101 issued by Kaifeng Municipal Construction Committee dated by 21 April 2008, the commencement of construction works of the property is permitted.

(5) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB 96,083,448, and thus we have taken into account such cost in our valuation accordingly.

(6) We have ascribed no commercial value to the underground carparks since they are categorized as ancillary facilities and thus the disposal rights are restricted.

(7) The capital value of the property as if completed as of 31 March 2008 is RMB 342,900,000.

IV-106 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(8) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled.

ii) CCRE Dahong has obtained the State-owned Land Use Certificate for the Development with a total site area of approximately 151,824.07 sq.m. of the property and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws;

iii) CCRE Dahong has obtained part of the planning permits / approvals for the construction works of the property. However , no fines will be imposed to the Group and no potential risk will be caused to Group. The Group is entitled to freely transfer, mortgage, lease or dispose of the property once all the necessary permits / approvals have been obtained; and

iv) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(9) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract No iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes(part) v. Commencement Permit for Construction Work Yes(part) vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-107 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 50. Phase III of The property comprises Phase III The property is under RMB38,000,000 Forest Peninsula of Forest Peninsula (the construction. (100% interest (Jiyuan), “Development”) which is erected attributable to the No. 2 Qinyuan Bei on two parcels of land with a total Group: Road, site area of approximately RMB38,000,000) Jiyuan, 95,100.00 sq.m. (1,023,656 sq.ft.). Henan Province, PRC Upon completion, the total gross floor area of the property is approximately 28,419.51 sq.m. (305,908 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft Retail 154.00 1,658 Residential 28,265.51 304,250 Total 28,419.51 305,908

The property is scheduled for completion in October 2008.

The land use rights of the property have been granted for a term expiring on 20 June 2074 for residential use. Notes: (1) Pursuant to two State-owned Land Use Certificates Ji Guo Yong (2005) No. 175 and Ji Guo Yong (2005) No. 017 both issued by Jiyuan Land and Resources Administration Bureau on 1 February 2005 and 24 April 2006 respectively, the land use rights of the two parcels of land with a total site area of approximately 95,100.00 sq.m have been granted to Jiyuan Central China Real Estate Company Limited (“CCRE Jiyuan”), a 100% indirect owned subsidiary of CCRE China, for a term of 70 years commencing on 21 June 2004 and expiring on 20 June 2074 for residential use.

(2) Pursuant to a State-owned Land Use Rights Grant Contract Ji Di Rang He (2004) Zi No. 61 and its Supplementary Agreement entered into between Jiyuan Land and Resources Administration Bureau and CCRE Jiyuan dated 21 May 2004, the latter has acquired the land use rights of the two parcels of land with a total site area of approximately 95,100.00 sq.m at a land grant premium of RMB 25,677,000 for residential use (including Phases I ,II,III).

(3) Pursuant to a Construction Land Planning Permit Ji Jian Gui Di (2005) Zi No. 25 issued by Jiyuan Construction Committee on 17 March 2005, the two parcels of land with a total site area of 95,136.70 sq.m. are permitted for use.

(4) Pursuant to a Planning Permit for Construction Project Ji Jian Gui Jian 2005 Zi No. 18 issued by Jiyuan Construction Committee on 30 March 2005, the construction scale of the property with a total gross floor area of approximately 110,733.00 sq.m. are permitted for use.

IV-108 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(5) Pursuant to two Commencement Permits for Construction Works issued by Jiyuan Construction Committee, the commencement of construction works of the property is permitted and the details of such permits are shown as follows.

Construction Permit No. Scale (sq.m.) Issuance Date i. 410881200708310101 12,819.51 31 August 2007 ii. 410881200708300101 15,600.00 30 August 2007 Total 28,419.51

(6) Pursuant to a Pre-sale Permit Ji Fang Yu Shou Zheng No. 2007-24 issued by Jiyuan Real Estate Administration Bureau on 15 November 2007, portions of the property with a total gross floor area of approximately 28,418.36 sq.m. are permitted for pre-sale.

(7) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB 12,604,712, and thus we have taken into account such cost in our valuation accordingly.

(8) As advise by the Group, portions of the property with a total gross floor area of approximately 16,655.83 sq.m. have been pre-sold at a total consideration of approximately RMB 40,350,552, and thus we have taken into account such consideration in our valuation.

(9) The capital value of the property as if completed as of 31 March 2008 is RMB 69,900,000.

(10) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Jiyuan has obtained the State-owned Land Use Certificate for the Development and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws;

iii) CCRE Jiyuan has obtained all the necessary permits / approvals for the construction works of the property; and

iv) except for portion of the two parcels of land with a total site area of approximately 46,667.00 sq.m. which have been mortgaged to Bank of China, Jiyuan Branch, the remaining portion of the two parcels of land of the property is not subject to any mortgages, third party interest and restriction on other rights. CCRE Jiyuan is not entitled to transfer, lease, further mortgage or dispose of by legal means the mortgaged portion without prior approval from the mortgagee.

(11) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project Yes v. Commencement Permit for Construction Work Yes vi Pre-sale Permit Yes vii Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-109 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Group V — Properties held by the Group for future development in the PRC

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 51. Jianye Champagne The property comprises a parcel of The property is RMB182,100,000 Garden (Zhengzhou), land with a site area of vacant. (100% interest East of Huozhan approximately 29,911.10 sq.m. attributable to the Street, Zhengzhou, (321,963 sq ft). Group: Henan Province, RMB182,100,000) PRC According to the latest development plan provided by the Company, the property will be developed into a residential development with a planned gross floor area of approximately 74,800.00 sq.m. (805,147 sq. ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Residential 72,700.00 782,543 Retail 1,600.00 17,222 Facilities 500.00 5,382 Total 74,800.00 805,147

The land use rights of the property have been granted for a term expiring on 24 May 2077 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Zheng Guo Yong (2007) No. 0444 issued by the People’s Government of Zhengzhou on 25 May 2007, the land use rights of the property with a site area of approximately 29,911.10 sq.m. have been granted to Henan Central China Real Estate Company Limited (“CCRE Henan”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 24 May 2077 for residential use.

(2) Pursuant to a State-owned Land Use Rights Grant Contract and its Supplementary Agreement Zheng Guo Tu Zi Jiao Yi He (2006) No. 011 entered into between Zhengzhou Land and Resources Administration Bureau and CCRE Henan dated 11 December 2006, the property with a site area of 29,911.10 sq.m. have been granted to CCRE Henan at a land grant premium of RMB101,600,000 for residential use.

(3) Pursuant to a Construction Land Planning Permit No. (2007) Zheng Cheng Gui Gui Guan Xu Zi No. (0077) issued by Zhengzhou Planning Bureau on 30 April 2007, the parcel of Land with a site area of approximately 29,911.11 sq.m. is permitted for use.

(4) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB17,375,899, and thus we have taken into account such cost in our valuation accordingly.

(5) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alias, the following information:

i) the land grant premium of the property has been fully settled;

IV-110 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

ii) CCRE Henan has obtained the State-owned Land Use Certificate for the property with a total site area of approximately 29,911.10 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws; and

iii) the land use rights of the property with a site area of 29,911.10 sq.m. have been mortgaged to Bank of Communications, Zhengzhou Branch. CCRE Henan is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(6) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-111 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 52. Phase IV of The property comprises Phase IV The property is RMB86,300,000 Forest Peninsula of Forest Peninsula (the vacant. (100% interest (Zhengzhou), “Development”) which is erected attributable to the Intersection of on two parcels of land with a total Group: Tianming Road and site area of approximately RMB86,300,000) Dongfeng Road, 157,735.80 sq.m. (1,697,868 sq ft). Zhengzhou, Henan Province, The property is planned to be PRC developed into a composite development with a planned gross floor area of approximately 38,021.00 sq.m. (409,258 sq ft), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Retail 21,271.00 228,961 Underground carpark 10,000.00 107,640 Residential 6,750.00 72,657 Total 38,021.00 409,258

The land use rights of the property have been granted for respective terms expiring on 13 August 2073 and 12 November 2074 for residential use. Notes: (1) Pursuant to two State-owned Land Use Certificates Zheng Guo Yong (2005) No.1037 and (2004) No. 1036 both issued by the People’s Government of Zhengzhou in December 2005 and November 2004 respectively, the land use rights of the Development with a site area of approximately 157,735.80 sq.m. have been granted to Henan Central China Real Estate Company Limited (“CCRE Henan”), a 100% indirect owned subsidiary of CCRE China, for respective terms expiring on 13 August 2073 and 12 November 2074 for residential use.

(2) Pursuant to a Construction Land Planning Permit No. (2006) Zheng Cheng Gui Gui Guan Xu Zi (0198) issued by Zhengzhou Planning Bureau on 3 August 2006, the parcel of land with a site area of approximately 57,589.21 sq.m. is permitted for use.

(3) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB10,443,428, and thus have taken into account such cost in our valuation accordingly.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alias, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Henan has obtained the State-owned Land Use Certificate for the Development with a total site area of approximately 157,735.80 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; and

IV-112 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

iii) except for portion of the Development with a site area of 15,517 sq.m. which have been mortgaged to Bank of China Limited, Zhengzhou Wenhua Branch, the remaining portion of Development is not subject to any mortgagee, third party’s interest and restriction on other rights. CCRE Henan is not entitled to transfer, lease, further mortgage or dispose of by other legal means the mortgaged portion without prior approval from the mortgagee.

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-113 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 53. Jianye One City The property comprises a parcel of The property is RMB289,700,000 (Zhengzhou), land with a site area of vacant. (100% interest East of Nanyang approximately 42,450.30 sq.m. attributable to the Road and West of (456,935 sq ft). Group: Fengle Road, RMB289,700,000) Zhengzhou, The property will be developed Henan Province, into a residential development PRC with a planned gross floor area of approximately 114,298.00 sq.m. (1,230,304 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Retail 10,000.00 107,640 Facilities 300.00 3,229 Underground carpark 29,398.00 316,440 Residential 74,600.00 802,995 Total 114,298.00 1,230,304

The land use rights of the property have been granted for a term expiring on 29 August 2077 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Zheng Guo Yong (2007) No. 0727 issued by the People’s Government of Zhengzhou on 29 August 2007, the land use rights of the property with a site area of 42,450.30 sq.m. have been granted to Henan Central China Real Estate Company Limited (“CCRE Henan”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 29 August 2077 for residential use.

(2) Pursuant to a State-owned Land Use Rights Grant Contract and its supplementary Agreement Zheng Guo Tu Zi Jiao Yi He (2006) No. 009 entered into between Zhengzhou Land and Resources Administration Bureau and CCRE Henan dated 11 December 2006, the property with a site area of 42,450.36sq.m. have been granted to the latter at a land grant premium of RMB 280,000,000 for residential use.

(3) Pursuant to a Construction Land Planning Permit (2007) Zheng Cheng Gui Gui Guang Xu Zi No. 0075 issued by Zheng Zhou Urban Planning Bureau on 30 April 2007, the parcel of land with a site area of 43,347.71 sq.m. is permitted for use.

(4) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB6,967,921, and thus we have taken into account such cost in our valuation accordingly.

(5) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Henan has obtained the State-owned Land Use Certificate for the property with a total site area of approximately 42,450.30 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws; and

IV-114 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

iii) the land use rights of the property with a site area of 42,450.30 sq.m. have been mortgaged to China Construction Bank, Zhengzhou Branch. CCRE Henan is not entitled to transfer, lease, further mortgage or dispose of by other legal means the mortgaged portion without prior approval from the mortgagee.

(6) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-115 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 54. Phase IV of U- The property comprises a parcel of The property is RMB165,200,000 Town (Zhengzhou), land with a site area of vacant. (100% interest Dongfeng East approximately 44,957.10 sq.m. attributable to the Road South, (483,918 sq ft). Group: Zhengdongxin RMB165,200,000) District, The property will be developed Zhengzhou, into a residential development Henan Province, with a planned gross floor area of PRC approximately 71,000.00 sq.m. (764,244 sq ft), the details of which are as follows: Approximate Use gross floor area sq.m. sq.ft. Underground 17,000.00 182,988 carpark Residential 54,000.00 581,256 Total 71,000.00 764,244

The land use rights of the property have been granted for a term expiring on 26 May 2076 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Zheng Guo Yong (2006) No. 0420 issued on 26 May 2006, the land use rights of the property with a site area of approximately 44,957.10 sq.m. have been granted to Zhengzhou United New Town Real Estate Company Limited (“CCRE New Town”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 26 May 2076 for residential use.

(2) Pursuant to a State-owned Land Use Rights Grant Contract and its Supplementary Agreement Zheng Zheng Dong Zhao Chu (2004) No. 001 entered into between Zhengzhou Land and Resources Administration Bureau and CCRE New Town dated 28 December 2002, the land use rights of the Development with a site area of 302,960.90 sq.m. including Phases I to IV of U-Town (Zhengzhou) have been granted to CCRE New Town at a land grant premium of RMB 200,000,000 for residential use.

(3) Pursuant to a Construction Land Planning Permit (2004) Zheng Dong Gui Di Guan Xu Zi No. (0019) issued by Zheng Zhou Zheng Dong New District Management Committee on 10 June 2004, the parcel of land with a site area of 302,959.80 sq.m. including Phase I to IV of U-Town is permitted for use.

(4) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB 5,495,263, and thus have taken into account such cost in our valuation accordingly.

(5) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE New Town has obtained the State-owned Land Use Certificate for the property with a total site area of approximately 44,957.10 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws;

IV-116 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

iii) CCRE New Town has obtained all the necessary permits / approvals for the construction works of the property; and

iv) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(6) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-117 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 55. Jianye Code The property comprises a parcel of The property is RMB88,400,000 International land with a site area of vacant. (100% interest Garden approximately 13,768.80 sq.m. attributable to (Zhengzhou), (148,207 sq ft). the Group: East of Songshan RMB88,400,000) Road and North of The property will be developed Mianfang Road, into a residential development with Zhengzhou, a planned gross floor area of Henan Province, approximately 40,922.00 sq.m. PRC (440,484 sq ft), the details of which are shown as follows:

Approximate Use gross floor area sq.m sq.ft Retail 5,000.00 53,820 Residential 29,422.00 316,698 Basement car park 5,000.00 53,820 Other 1,500.00 16,146 Total 40,922.00 440,484

The land use rights of the property have been granted for a term expiring on 25 May 2077 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Zheng Guo Yong (2007) No. 0445 issued by the People’s Government of Zhengzhou on 25 May 2007, the land use rights of the property with a site area of approximately 13,768.80 sq.m. have been granted to Henan Central China Real Estate Company Limited (“CCRE Henan”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 25 May 2077 for residential use.

(2) Pursuant to a State-owned Land Use Rights Grant Contract and its Supplementary Agreement Zheng Guo Tu Zi Jiao Yi He (2006) No. 010 entered into between Zhengzhou Land and Resources Administration Bureau and CCRE Henan dated 11 December 2006, the property with a site area of 13,768.80 sqm have been granted to the latter at a land grant premium of RMB53,100,000 for residential use.

(3) Pursuant to a Construction Land Planning Permit (2007) Zheng Cheng Gui Gui Guan Xu Zi No. (0076) issued by Zhengzhou City Planning Bureau dated 30 April 2007, the parcel of land with a site area of approximately 13,768.80 sq.m. is permitted for use.

(4) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB3,507,991, and thus we have taken into account such cost in our valuation accordingly.

(5) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

IV-118 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

ii) CCRE Henan has obtained the State-owned Land Use Certificate for the property with a total site area of approximately 13,768.80 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws; and

iii) the land use rights of the property with a site area of 13,768.80 sq.m. have been mortgaged to Bank of Communications, Zhengzhou Branch. CCRE Henan is not entitled to transfer lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(6) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-119 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 56. Phase II of The property comprises Phase II The property is RMB20,800,000 Jianye Dahong City of Jianye Dahong City Garden vacant. (60% interest Garden, (the “Development”) which will attributable to the Intersection of be erected on a parcel of land Group: Huanghe Avenue together with Phase I with a site RMB12,480,000 and Jinyao Road, area of approximately 151,824.07 (Please refer to Note 5.) Kaifeng, sq.m. (1,634,234 sq.ft.). Henan Province, PRC The property is scheduled for completion in December 2009 and will have a total gross floor area of approximately 40,271.64 sq.m. (433,484 sq.ft.) upon completion, the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Retail 1,610.87 17,339 Residential 33,022.74 355,457 Underground 5,638.03 60,688 carpark Total 40,271.64 433,484

The property is erected on an allocated land. Notes: (1) Pursuant to a State-owned Land Use Certificate Bian Fang Di Chan Quan Zheng No. 234285 issued by Kaifeng Land Resource Bureau on 30 January 2008, the land use rights of the Development with a site area of 151,824.07 sq.m. have been allocated to Kaifeng Control China Dahong Real Estate Company Limited (“CCRE Dahong”), a 60% indirect owned subsidiary of CCRE China, for residential uses.

(2) Pursuant to a Construction Land Planning Permit No. 2007-020 issued by Kaifeng Construction Committee on 20 July 2007, planned construction works of the property with a site area of 160,231 sq.m. is permitted.

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land great premium of the property has been fully settled.

ii) CCRE Dahong has obtained the State-owned Land Use Certificate for the Development with a total site area of approximately 151,824.07 sq.m. and has the rights to free transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws: and

iii) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

IV-120 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract No iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-121 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 57. Phases II-IV of The property comprises Phases II- The property RMB177,100,000 Forest Peninsula IV of Forest Peninsula (the is vacant. (50% interest (Xinyang), “Development”) which is to be attributable to the 182 Nanwan erected on two parcels of land Group: Street, Nanwan together with Phase I with a site RMB88,550,000) Administration area of approximately 147,841.04 District, sq.m. (1,591,361 sq.ft.) (including Xinyang, Phases I to IV). Henan Province, PRC According to the latest development plan provided by the Company, the property will be developed into a residential development with a total planned gross floor area of approximately 160,628.00 sq.m. (1,729,000 sq.ft), the details of which are shown as follows:

Phase II: Approximate Use gross floor area sq.m. sq.ft. Residential 62,783.00 675,796 Others 9,732.00 104,755 Total 72,515.00 780,551 Phase III: Approximate Use gross floor area sq.m. sq.ft. Residential 42,113.00 453,305 Total 42,113.00 453,305 Phase IV: Approximate Use gross floor area sq.m. sq.ft. Residential 46,000.00 495,144 Total 46,000.00 495,144

The land use rights of the property have been granted for terms expiring in August 2046 for commercial uses and August 2076 for residential uses respectively. Notes: (1) Pursuant to two State-owned Land Use Certificates Xin Shi Guo Yong (2006) No. 50013 and No. 50014 both issued by the People’s Government of Xinyang on 12 October 2006, the land use rights of two parcels of land with a total site area of approximately 147,841.04 sq.m. have been granted to Xinyang Central China Tianming Real Estate Company Limited (“CCRE Xinyang”), a 50% indirect owned subsidiary of CCRE Henan, for a term expiring in August 2046 for commercial uses and August 2076 for residential uses, respectively.

IV-122 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(2) Pursuant to two State-owned Land Use Rights Grant Contracts No. 2006-704 and No. 2006-705 and its Supplementary Agreement entered into between Xinyang Land and Resources Administration Bureau and CCRE Xinyang, the land use rights of the two parcels of land with a total site area of approximately 147,841.04 sq.m. have been granted to CCRE Xinyang at a total land grant premium of RMB6,874,607.

(3) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB6,653,418, and thus we have taken into account such cost in our valuation accordingly.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Xinyang has obtained the State-owned Land Use Certificates for the two parcels of land with a total site area of approximately 147,841.04 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the two parcels of land during its residual land use term under PRC laws; and

iii) the land use rights with a site area of 147,841.04 sq.m. of the property have been mortgaged to Bank of China Limited, Xinyang Branch, CCRE Xinyang is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-123 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 58. Xinyang Nanwan The property comprises a parcel of land The property is RMB40,900,000 Yanwei Island with a site area of approximately vacant. (50% interest Project situated at 27,467.30 sq.m. (295,658 sq.ft.). attributable to Xianshan Village, the Group: Nanwan The property is planned to be RMB20,450,000) Administration developed into a residential District, development with a total planned gross Xinyang, floor area of approximately 32,960.76 Henan Province, sq.m. (354,790 sq.ft.). PRC The land use rights of the property have been granted for a term expiring on 30 June 2077 for residential uses. Notes: (1) Pursuant to a State-owned Land Use Certificate Xin Shi Guo Yong (2007) No. 50044, issued by the People’s Government of Xinyang on 8 November 2007, the land use rights of the property with a site area of 27,467.30 sq.m. have been granted to Xinyang Central China Tianming Real Estate Company Limited (“CCRE Xinyang”), a 50% indirect owned subsidiary of CCRE Henan, for a term expiring on 30 June 2077 for residential uses.

(2) Pursuant to a State-owned Land Use Rights Grant Contract No. 60001 and its Supplementary Agreement entered into between Xinyang land and Resources Administration Bureau and CCRE Xinyang, the land use rights of the property with a site area of approximately 27,467.30 sq.m. have been granted to CCRE Xinyang at a land grant premium of RMB 1,483,234 for residential uses.

(3) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB13,000,000, and thus we have taken into account such cost in our valuation accordingly.

(4) We have been provided with a legal opinion on the title to property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Xinyang has obtained the State-owned Land Use Certificate for the property with a total site area of approximately 27,467.30 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws; and

iii) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit No iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-124 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 59. Xinyang Nanwan Fish The property comprises a parcel of land The property RMB146,400,000 Farm Project situated with a site area of approximately is vacant. (50% interest at Shangba Road 88,670.80 sq.m. (954,452 sq.ft.). attributable to the Nanwan Group: Administration The property is planned to be RMB73,200,000) District, developed into a residential Xinyang, development with a total planned gross Henan Province, floor area of approximately PRC 115,272 sq.m. (1,240,788 sq.ft.).

The land use rights of the property have been granted for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Xin Shi Guo Yong (2007) No. 50045 issued by the People’s Government of Xinyang on 8 November 2007, the land use rights of the property with a site area of 88,670.80 sq.m. have been granted to Xinyang Central China Tianming Real Estate Company Limited (“CCRE Xinyang”), a 50% indirect owned subsidiary of CCRE Henan, for residential use.

(2) Pursuant to a State-owned Land Use Rights Grant Contract No. 60002 and its Supplementary Agreement entered into between Xinyang Land and Resources Administration Bureau and CCRE Xinyang, the land use rights of the property with a site area of approximately 88,670.80 sq.m. have been granted to CCRE Xinyang at a land grant premium of RMB 6,650,310 for residential use.

(3) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB5,810,000, and thus we have taken into account such cost in our valuation accordingly.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Xinyang has obtained the State-owned Land Use Certificate for the property with a total site area of approximately 88,670.80 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws; and

iii) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit No iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-125 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 60. Phases III and IV of The property comprises Phases The property is vacant. RMB106,100,000 Forest Peninsula III-IV of Forest Peninsula (“the (100% interest (Luohe), Development”) which is to be attributable to the Intersection of erected on a parcel of land with a Group: Songshan Road and site area of approximately RMB106,100,000) Huaihe Road, 115,140.40 sq.m. Luohe, (1,239,371 sq.ft.). Henan Province, PRC The property is planned to be developed into a retail and residential development (known as Phases III and IV) with a total planned gross floor area of approximately 106,100 sq.m. (1,142,060 sq.ft), the details of which are shown as follows:

Phase III: Approximate Use gross floor area sq.m. sq.ft. Retail 7,200.00 77,501 Residential 72,900.00 784,695 Underground carpark 4,000.00 43,056 Sub-total 84,100.00 905,252 Phase IV: Approximate Use gross floor area sq.m. sq.ft. Residential 22,000 236,808 Sub-total 22,000 236,808 Total 106,100 1,142,060

The land use rights of the property have been granted for a term expiring on 21 December 2075 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Luo Guo Yong (2006) No. 000196 issued by the People’s Government of Luohe on 24 January 2006, the land use rights of the property with a site area of 115,140.40 sq.m., have been granted to Luohe Central China Real Estate Company Limited (“CCRE Luohe”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 21 December 2075 for residential use.

(2) Pursuant to a State-owned Land Use Rights Grant Contract Luo Di Chu Rang (He) Zi (2005) No.59 entered into between Luohe Land and Resources Administration Bureau and CCRE Luohe on 21 December 2005, the land use rights of the property with a site area of approximately 115,140.40 sq.m. have been granted to CCRE Luohe at a land grant premium of RMB92,000,000 for a term expiring on 21 December 2075 for residential use.

IV-126 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(3) Pursuant to a Construction Land Planning Permit No.20051947 issued by Luohe Construction Committee dated 30 December 2005, planned construction works of the property with a site area of 115,140.40 sq.m. is permitted.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Luohe has obtained the State-owned Land Use Certificate for the Development with a total site area of approximately 115,140.40 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; and

iii) the property is not subject to any mortgage, third party’s interest and restriction on other rights.

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-127 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of 31 No. Property Description and tenure Particulars of occupancy March 2008 61. Phase V of The property comprises Phase V of The property is RMB107,000,000 Forest Peninsula Forest Peninsula (the “Development”) vacant. (100% interest (Zhumadian), which is to be erected on five parcels of attributable to East of Jinshan land with a total site area of the Group: Road and North of approximately 226,273.93 sq.m. RMB107,000,000) Huaihe Avenue, (2,435,613 sq.ft.) (including Zhumadian, Phases I-V). Henan Province, PRC The property is planned to be developed into a residential development with a total planned gross floor area of approximately 90,897.48 sq.m. (978,420 sq.ft.), the details of which are shown as follows:

Phase V: Approximate Use gross floor area sq.m. sq.ft. Residential 90,897.48 978,420 Total 90,897.48 978,420 The land use rights of the property have been granted for respective terms commencing on 11 December 2006, 21 October 2005, 12 November 2004 and 4 June 2007 for residential uses. Notes: (1) Pursuant to five State-owned Land Use Certificates all issued by Zhumadian Land and Resources Bureau, the land use rights of the Development with a total site area of approximately 226,273.93 sq.m. have been granted to Zhumadian Central China Real Estate Company Limited (“CCRE Zhumadian”), a 100% indirect owned subsidiary of CCRE China. Detail of such certificates are as follows:

Certificate No. Site Area (sq.m.) Use Commence Date i. Zhu Shi Guo Yong 2003 No. 1736-2 70,960.15 Residential 11 December 2006 ii. Zhu Shi Guo Yong 2003 No. 1736-3 3,719.67 Residential 11 December 2006 iii. Zhu Shi Guo Yong 2005 No. 7330 63,006.43 Residential 21 October 2005 iv. Zhu Shi Guo Yong 2004 No. 1996 83,333.51 Residential 12 November 2004 v. Zhu Shi Guo Yong 2007 No. 7999 5,254.17 Residential 4 June 2007 Total 226,273.93

(2) Pursuant to a Construction Land Planning Permit Zhu Gui Di 2003 No. 007 issued by Zhumadian Urban Planning Bureau dated 12 February 2003, planned construction works of the Development with a total site area of 225,734.46 sq.m. is permitted. (including Phases I to V)

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

IV-128 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

ii) CCRE Zhumadian has obtained the State-owned Land Use Certificates for the Development with a total site area of approximately 226,273.93 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; and

iii) except for portion of the land use rights of the Development with a site area of approximately 27,540.42 sq.m. which have been mortgaged to Bank of China Limited, Zhumadian Branch, the remaining portion of property is not subject to any mortgage, third party’s interest and restriction on other rights. CCRE Zhumadian is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-129 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 62. Jianye One City The property comprises a parcel of land The property is vacant. RMB194,600,000 (Luoyang), with a site area of approximately (96.68% interest 6 Nanchang 44,281.10 sq.m. (476,642 sq.ft.). attributable to Road, Luoyang, the Group: Henan Province, The property is planned to be RMB188,139,280) PRC developed into a residential and retail development with a total planned gross floor of approximately 183,500.00 sq.m. (1,975,194 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Retail 10,000.00 107,640 Residential 105,400.00 1,134,526 SOHO 48,600.00 523,130 Facilities 500.00 5,382 Underground carpark 19,000.00 204,516 Total 183,500.00 1,975,194

The property is scheduled for completion in December 2010.

The land use rights of the property have been granted for a term expiring on 11 September 2073 for residential uses. Notes: (1) Pursuant to a State-owned Land Use Certificate Luo Shi Guo Yong (2006) No. 04009910 issued by the People’s Government of Luoyang on 29 September 2006, the land use rights of the property with a site area of 44,281.10 sq.m. have been granted to Henan Central China Sun Town Real Estate Company Limited (“CCRE Sun Town”), a 96.68% indirect owned subsidiary of CCRE China, for a term expiring on 11 September 2073 for residential uses.

(2) Pursuant to a Construction Land Planning Permit Luo Cheng Gui Zheng 2006 No. 045 issued by Luo Yang City Planning Bureau dated 30 May 2006, planned construction works of the property with a site area of 44,281.10 sq.m. is permitted.

(3) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB4,097,455, and thus we have taken into account such cost in our valuation accordingly.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Sun Town has obtained the State-owned Land Use Certificate for the property with a total site area of approximately 44,281.10 sq. m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws; and

IV-130 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

iii) except for portion of the land use rights of the property with a site area of approximately 13,730.725 sq.m. which have been mortgaged to Shanghai Pudong Development Bank, Zhengzhou Branch, the remaining portion of the property is not subject to any mortgagee, third party’s interest and restriction on other rights. CCRE Sun Town is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii Building Ownership Certificate No

IV-131 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 63. Phases II, III and IV The property comprises Phases II, III The property is vacant. RMB529,700,000 of Gentlest Lake and IV of Gentlest Lake (the (100% interest (Luoyang) “Development”) which is to be attributable to North of erected on two parcels of land with a the Group: Nanyuan Yi Road, total site area of approximately RMB529,700,000) Luonan New 119,157.60 sq.m. (1,282,612 sq. ft.) District, Luoyang, Henan Province, The property is planned to be PRC developed into a residential development with a total planned gross floor area of approximately 334,200.00 sq.m. (3,597,329 sq.ft.), the details of which are shown as follows:

Phase II: Approximate Use gross floor area sq.m. sq.ft. Residential 70,000.00 753,480 Sub-total 70,000.00 753,480

Phase III: Approximate Use gross floor area sq.m. sq.ft. Residential 100,000.00 1,076,400 Sub-total 100,000.00 1,076,400

Phase IV: Approximate Use gross floor area sq.m. sq.ft. Residential 119,300.00 1,284,145 Retail 20,700.00 222,815 Basement 20,000.00 215,280 Clubhouse 4,200.00 45,209 164,200.00 1,767,449 Total 334,200.00 3,597,329

The land use rights of the property have been granted for terms expiring on 31 July 2045 and 31 July 2075 for commercial and residential uses respectively.

Notes: (1) Pursuant to two State-owned Land Use Certificates Luo Shi Guo Yong (2006) Nos. 05000954 and No. 05000955 both issued by the People’s Government of Luoyang on 29 June 2006, the land use rights of portion of the Development with a total site area of 119,157.60 sq.m. have been granted to Central China Real Estate (Luoyang) Company Limited (“CCRE Luoyang”), a 100% indirect owned subsidiary of CCRE China, for terms expiring on 30 July 2045 and 30 July 2075 for commercial and residential uses respectively.

IV-132 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(2) Pursuant to a State-owned Land Use Rights Grant Contract No. GF-2000-2001 and its Supplementary Agreement entered into between Luoyang Land and Resources Administration Bureau and CCRE Luoyang, the land use rights of the Development with a site area of 193,973.10 sq.m. have been granted to the latter at a land grant premium of RMB308,889,204.00 for residential and commercial uses (including phases I-IV).

(3) Pursuant to a Construction Land Planning Permit Luo Cheng Gui Zheng 2006 No. 044 issued by Luoyang Planning Bureau dated 26 May 2006, planned construction works of portions of the Development with a total site area of 119,157.70 sq.m. is permitted (including Phases II to IV).

(4) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB29,412,627, and thus we have taken into account such cost accordingly.

(5) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Luoyang has obtained the State-owned Land Use Certificates of portion of the Development with a total site area of approximately 119,157.60 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of portion of the Development during its residual land use term under PRC laws; and

iii) expect for portion of the property with a site area of 99,666.70 sq.m. which have been mortgaged to China Construction Bank, Luoyang Branch, the remaining portion of property is not subject to any mortgages, third party’s interest and restriction on other rights. CCRE Luoyang is not entitled to transfer, lease, further mortgager or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(6) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-133 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 64. Forest Peninsula The property comprises a parcel of The property is vacant. RMB119,000,000 (Sanmenxia), East of land with a site area of approximately (100% interest Gantang Road and 47,154 sq.m. (507,566 sq.ft.). attributable to West of Shangguan the Group: Road, Sanmenxia, The property is planned to be RMB119,000,000) Henan Province, developed into a residential PRC development with ancillary retail facilities with a total planned gross floor area of approximately 111,267.00 sq.m. (1,197,678 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Retail 6,152.00 66,220 Residential 97,115.00 1,045,346 Underground carpark 8,000.00 86,112 Total 111,267.00 1,197,678

The land use rights of the property have been granted for a term expiring on 30 September 2077 for residential use. Notes: (1) Pursuant to State-owned Land Use Certificate San Guo Yong (2007) No. 129 issued by the People’s Government of Sanmenxia on 17 October 2007, the land use rights of the property with a site area of approximately 47,154 sq.m. have been granted to Sanmenxia Central China Real Estate Company Limited (“CCRE Sanmenxia”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 30 September 2077 for residential use.

(2) Pursuant to a State-owned Land Use Rights Grant Contract (2007-25) entered into between Sanmenxia Land Transation Management Center and CCRE Sanmenxia dated 7 August 2007, the latter has acquired the land use rights of the property with a site area of 47,154 sq.m. at the consideration of RMB62,242,400 for a term of 70 years for residential use.

(3) Pursuant to a Construction Land Planning Permit No. 2007-023 issued by Sanmenxia Construction Committee dated 31 August 2007, planned construction works of the property with a site area of 47,154 sq.m. is permitted.

(4) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB9,360,287 and thus we have taken into account such cost in our valuation accordingly.

(5) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Sanmenxia has obtained the State-owned Land Use Certificate for the property with a total site area of approximately 47,154 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws; and

iii) the property is not subject to any mortgage, third party’s interest and restriction on other rights.

IV-134 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(6) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Works No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-135 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 65. Phase II of The property comprises Phase II The property is vacant. RMB74,600,000 Green Garden of Green Garden (the (100% interest (Sanmenxia), “Development”) which is to be attributable to the Intersection of erected on a parcel of land Group: Shanzhou Road and together with Phase I with a site RMB74,600,000) Qinhan Road, area of approximately Sanmenxia, 73,585.33 sq.m. (792,072 sq.ft.) Henan Province, (including Phases I and II). PRC The property is planned to be developed into a residential development with a total planned gross floor area of approximately 41,000 sq.m. (441,324 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Retail 1,000.00 10,764 Residential 40,000.00 430,560 Total 41,000.00 441,324

The land use rights of the property have been granted for a term expiring on 12 March 2073 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Shan Guo Yong (2003) No. 01120 issued by the Sanmenxia Land and Resources Bureau on 25 April 2003, the land use rights of the property with a site area of 73,585.33 sq.m. have been granted to Sanmenxia Central China Real Estate Company Limited (“CCRE Sanmenxia”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 12 March 2073 for residential use. (2) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB10,846,972, and thus we have taken into account such cost in our valuation accordingly. (3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i) the land grant premium of the property has been fully settled; ii) CCRE Sanmenxia has obtained the State-owned Land Use Certificate for the property and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws; and iii) the property is not subject to any mortgage, third party’s interest and restriction on other rights. (4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-136 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 66. Phase III of The property comprises Phase III of The property is RMB 87,000,000 Forest Peninsula Forest Peninsula (the “Development”) vacant. (100% interest (Jiaozuo), to be erected on a parcel of land with a attributable to North of Longyuan site area of approximately 55,262 the Group: Road, sq.m. (594,840 sq.ft.) RMB87,000,000) Shanyang District, Jiaozuo, The property is planned to be Henan Province, developed into a residential PRC development with a total planned gross floor area of approximately 83,064.43 sq.m. (894,106 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Underground carpark 7,241.83 77,951 Retail 4,642.20 49,969 Residential 71,180.40 766,186 Total 83,064.43 894,106

The property is scheduled for completion in 2009. The land use rights of the property have been granted for a term expiring on 29 December 2075 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Jiao Guo Yong (2006) No. 036 issued by Jiaozuo Land and Resources Administration Bureau on 14 July 2006, the land use rights of the property with a site area of 55,262 sq.m. have been granted to Jiaozuo Central China Real Estate Company Limited (“CCRE Jiaozuo”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 29 December 2075 for residential use.

(2) Pursuant to a State-owned Land Use Rights Grant Contract Jiao Di Rang He 2005 Zi No. 61 and its Supplementary Agreement entered into between Jiaozuo Land and Resources Administration Bureau and CCRE Jiaozuo dated 29 December 2005, the land use rights of the property with a site area of 55,262 sq.m. have been granted to the latter at a land grant premium of RMB33,160,000 for residential use.

(3) Pursuant to a Construction Land Planning Permit Jiao Gui Di Zi 2006 No. 018 issued by Jiaozuo City Planning Bureau on 14 August 2006, planned construction works of the Development with a site area of approximately 123,261.00 sq.m. is permitted.

(4) Ad advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB994,800, and thus we have taken into account such cost in our valuation accordingly.

(5) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i. the land grant premium of the property has been fully settled;

ii. CCRE Jiaozuo has obtained the State-owned Land Use Certificate for the property with a total site area of approximately 55,262 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws;

IV-137 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

iii. except for portion of the Development with a site area of 17,227 sq.m. has been mortgaged to Bank of China Limited, Jiaozuo Branch, the remaining portion of the Development is not subject to any mortgage, third party’s interest and restriction on other rights. CCRE Jiaozuo is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(6) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-138 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as No. Property Description and tenure Particulars of occupancy of 31 March 2008 67. Phases III, IV and V Jianye City (the “Development”) will be The property is vacant. RMB 283,400,000 of Jianye City developed into a large scale residential (100% interest (Puyang), Jiefang development in five phases and to the attributable to the Avenue North erected on a parcel of land with a site area Group: Section Road West, of approximately 219,883 sq.m. RMB283,400,000) Puyang County, (2,366,821 sq.ft.) (including Phases I to Henan Province, V). PRC The property comprises Phases III to V of Jianye City and is planned to be developed into a residential development. Upon completion, the a total gross floor area of the property is approximately 243,416 sq.m. (2,620,130 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Phase III Residential 39,046.00 420,291 Sub-Total 39,046.00 420,291 Phase IV Underground carpark 31,375.00 337,721 Residential 96,795.00 1,041,901 Sub-Total 128,170.00 1,379,622 Phase V Residential 76,200.00 820,217 Sub-Total 76,200.00 820,217 Total 243,416.00 2,620,130

The land use rights of the property have been granted for a term expiring on 1 August 2076 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Pu Xian Guo Yong (07) No. 39 issued by the People’s Government of Puyang on 18 May 2007, the land use rights of the Development with a site area of 219,883 sq.m. have been granted to Puyang Central China Real Estate Company Limited (“CCRE Puyang”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 1 August 2076 for residential use. (2) Pursuant to a State-owned Land Use Rights Grant Contract (Jian) Zi No. 2006 (4) entered into between Puyang County Land and Resources Administration Bureau and CCRE Puyang on 21 June 2006, the latter has acquired the land use rights of the Development with a site area of 220,535.61 sq.m. at a land grant premium of RMB 43,005,000 for residential use. (3) Pursuant to a Construction Land Planning Permit No. 2007001 issued by Puyang Chengxiang Construction Committee dated 15 April 2007, planned construction works of the Development with a site area of 220,535.61 sq.m. is permitted. (4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the land grant premium of the property has been fully settled;

IV-139 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

ii. CCRE Puyang has obtained the State-owned Land Use Certificate for the Development with a site area of approximately 219,883 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; and

iii. except for the land use rights of portion of the Development with a site area of approximately 158,418 sq.m. which have been mortgaged to Bank of China Limited, Puyang Laocheng Branch, the remaining portion of Development is not subject to any mortgage, third party’s interest and restriction on other rights. CCRE Puyang is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-140 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 68. Xinxiang Golden The property comprises a parcel of The property is vacant. RMB 53,600,000 Dragon Project, land with a site area of approximately (60% interest North of 49,608.60 sq.m. (533,987 sq.ft.). attributable to the Nanerhuan and Group: West of Fenghua The property is planned to be RMB 32,160,000) Street, developed into a residential Development Zone, development in two phases with a Xinxiang, total planned gross floor area of Henan Province, approximately 97,074 sq.m. PRC (1,044,905 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Retail 6,796.00 73,152 Residential 81,619.00 878,547 Underground Carpark 8,659.00 93,206 Total 97,074.00 1,044,905

The land use rights of the property have been granted for terms expiring on 27 December 2044 and 27 December 2074 for commercial and residential uses respectively. Notes: (1) Pursuant to a State-owned Land Use Certificate Xin Guo Yong (2007) No. 040375 issued by the People’s Government of XinXiang on 8 November 2007, the land use rights of the property with a site area of 49,608.60 sq.m. have been granted to CCRE XinXiang for terms expiring on 27 December 2044 and 27 December 2074 for commercial and residential uses respectively.

(2) Pursuant to a State-owned Land Use Rights Grant Contract and its Supplementary entered into between Xinxiang Golden Dragon Central China Real Estate Company Limited (“CCRE Golden Dragon”), a 60% indirect owned subsidiary of CCRE China, the property with a site area of 61,060.31 sq.m. have been granted to the latter at a land grant premium of RMB 26,276,500 for residential and commercial uses.

(3) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB1,246,000, and thus we have taken into account such cost in our valuation accordingly.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i. the land grant premium of the property has been fully settled;

ii. CCRE Xinxiang has obtained the State-owned Land Use Certificate for the property with a total site area of 49,608.60 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws; and

iii. the property is not subject to any mortgages, third party’s interest and restriction on other rights.

IV-141 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit No iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-142 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 69. Phases III and IV of The property comprises Phases III and IV of The property is under RMB 105,500,000 Sweet-Scented Sweet-scented Osmanthus Garden (the construction. (100% interest Osmanthus Garden, “Development”) which is erected on two parcels attributable to East of Nanjing Road, of land with a site area of approximately the Group: Shangqiu, 92,386.777 sq.m. (994,451 sq.ft.). RMB105,500,000) Henan Province, PRC Phase III of the proposed development is scheduled for completion in 2008 and will have a total gross floor area of approximately 40,132.47 sq.m. (431,986 sq.ft.), the details of which are shown as follows:

Use Approximate gross floor area sq.m. sq.ft. Residential 40,132.47 431,986 Total 40,132.47 431,986 . Phase IV of the proposed development is scheduled for completion in 2009 and will have a total gross floor area of approximately 49,622.07 sq.m. (534,132 sq.ft.), the details of which are shown as follows:

Use Approximate gross floor area sq.m. sq.ft. Residential 37,222.07 400,658 Retail 2,400.00 25,834 Underground Carpark 10,000.00 107,640 Total 49,622.07 534,132

The land use rights of the property have been granted for terms expiring in July 2046 for commercial use and in July 2076 for residential use respectively.

Notes: (1) Pursuant to two State-owned Land Use Certificates Shang Guo Yong (2006) No. 3067 and Shang Guo Yong (2006) No. 3067 both issued by the People’s Government of Shangqiu on 16 August 2006, the land use rights of the property with a site area of 92,386.777 sq.m., have been granted to Shangqiu Central China Real Estate Company Limited (“CCRE Shangqiu”), a 100% indirect owned subsidiary of CCRE China, for terms expiring in July 2046 for commercial use and July 2076 for residential use respectively.

(2) Pursuant to two State-owned Land Use Rights Grant Contract Nos. 2006-31 and 2006-30 both entered into between Shangqiu Land and Resources Administration Bureau and CCRE Shangqiu on 24 July 2006, the latter has acquired the land use rights of the property with a site area of 92,386.777 sq.m. at a land grant premium of RMB51,300,000.

(3) Pursuant to a Construction Land Planning Permit Shang Gui Di (2007) No. 111 issued by Shangqiu Municipal Planning Administration Bereau dated by 26 December 2007, planned construction works of a parcel of land with a site area of 17,666.49 sq.m. is permitted.

(4) Pursuant to a Planning Permit for Construction Project Shang Gui Jian (2007) No. 109 issued by Shangqiu Municipal Planning Administration Bereau on 30 December 2007, the construction works of the Development with a gross floor area of approximately 40,132.53 sq.m. is permitted.

IV-143 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(5) Pursuant to two Commencement Permits for Construction Works issued by Shangqiu Construction Committee, the commencement of construction works of the property is permitted and the details of such permits are shown as follows.

Permit No. Construction Scale (sq.m.) Issuance Date i. 412301200804100101 23,400.47 10 April 2008 ii. 412301200804010201 16,732 10 April 2008 Total 40,132.47

(6) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB20,207,525, and thus we have taken into account such cost in our valuation accordingly.

(7) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Shangqiu has obtained the State-owned Land Use Certificates for the Development and has the rights to freely transfer, use, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; and

iii) the land use rights of the Development have been mortgaged to Bank of China Limited, Shangqiu Gui De Branch, CCRE Shangqiu is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(8) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes (part) iv. Planning Permit for Construction Project Yes (part) v. Commencement Permit for Construction Work Yes (part) vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-144 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008

70. Phases VII-VIII, The property comprises Phases The property is vacant. RMB222,700,000 Kaifeng Zhengkai VII-VIII of Forest Peninsula which is (60% interest Forest Peninsula, to be erected on two parcels of land attributable North of Hanxing with a site area of approximately to the Group: Road, Kaifeng, 104,742.40 sq.m. (1,127,447 sq.ft.). RMB133,620,000) Henan Province, PRC According to the latest development plan provided by the Company, the property will be developed into a residential development with a total planned gross floor area of approximately 261,858.00 sq.m. (2,818,640 sq.ft.), the details of which are shown as follows.

Phase VII: Approximate Use gross floor area sq.m. sq.ft. Residential 125,930.00 1,355,511 Retail 5,000.00 53,820 Sub-total 130,930.00 1,409,331 Phase VIII:

Approximate Use gross floor area sq.m. sq.ft. Residential 125,928.00 1,355,489 Retail 5,000.00 53,820 Sub-total 130,928.00 1,409,309 Total 261,858.00 2,818,640

The land use rights of the property have been granted for terms expiring in July 2046 for commercial uses and July 2076 for residential uses, respectively. Notes: (1) Pursuant to two State-owned Land Use Certificates Bian Fang Di Chan Quan Zheng No. 234128 and 234129 both issued by the People’s Government of Kaifeng on 26 December 2007, the land use rights of two parcels of land with a total site area of 104,742,405 sq.m., have been granted to Kaifeng Central China Dahong Company Limited (“CCRE Dahong”), a 60% indirect owned subsidiary of CCRE China, for terms expiring in July 2046 for commercial uses and July 2076 for residential uses.

(2) Pursuant to a State-owned Land Use Rights Grant Contract (2007-2) entered into between Kaifeng State- owned Land and Resources Bureau (the ”Grantor”) CCRE Dahong, the land use rights of the two parcel of land with a site area of 104,743.40 sq.m. have been granted to CCRE Dahong at a land grant premium of RMB65,988,342.

(3) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB 1,234,824, and thus we have taken into account such cost in our valuation accordingly.

IV-145 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i. the land grant premium of the property has been fully settled; ii. CCRE Dahong has obtained the State-owned Land Use Certificates for the property and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws; and iii. the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit No iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-146 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 71. Zhengzhou The property comprises a parcel of The property is vacant. RMB65,800,000 Xiangsheng Garden land with a site area of (100% interest East of Dongfeng approximately 13,333.30 sq.m. attributable to the East Road and South (143,520 sq.ft.). Group: of Xiangsheng Street, RMB65,800,000) Zhengzhou, According to the latest development Henan Province, proposal, the property will be PRC developed into a residential development with a total gross floor area of approximately 39,333.00 sq.m. (423,380 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 33,333.00 358,796 Ancillary Facilities 6,000.00 64,584 Total 39,333.00 423,380

The land use rights of the property have been granted for a term expiring on 30 November 2077 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Zheng Guo Yong (2007) No. 1039 issued by the People’s Government of Zhengzhou on 30 November 2007, the land use rights of the property with a site area of 13,333.30 sq.m. have been granted to Henan Central China Real Estate Company Limited (“CCRE Henan”), a 100% indirect owned subsidiary of CCRE China, for a term expiring on 30 November 2077 for residential use.

(2) Pursuant to a Construction Land Planning Permit (2007) Zhong Dong Gui Di Guan Xu Zi No. 0037 issued by Zhong Dong New District Committee Land Use Planning Bureau on 30 August 2007, planned construction works of the property with a site area of 17,284.81 sq.m. is permitted.

(3) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB387,117, and thus we have taken into account such cost in our valuation accordingly.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE Henan has obtained the State-owned Land Use Certificate for the property and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws; and

iii) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

IV-147 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-148 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 72. Phase II of Jianye Jianye Square (the “Development”) is The property is vacant RMB47,600,000 Square, erected on a parcel of land with a site (100% interest East of Weisi Road, area of approximately 24,977.80 attributable to the Jinshui District, sq.m. (268,861 sq.ft.) (including Group: Zhengzhou, Phases I to II). RMB47,600,000) Henan Province, PRC The property comprises Phase II of the Development with a site area of approximately 8,981.50 sq.m. (96,677 sq.ft.).

According to the latest development proposal, the property will be developed into a residential development with a total planned gross floor area of approximately 31,000.00 sq.m. (333,684 sq.ft).

The land use rights of the property have been granted for a term expiring on 5 November 2064 for residential use.

Notes: (1) Pursuant to a State-owned Land Use Certificate Zheng Guo Yong (2002) No. 0917 issued by the People’s Government of Zhengzhou on 16 December 2002 , the land use rights of the Development with a site area of approximately 24,977.80 sq.m. have been granted to CCRE China for a term expiring on 5 November 2064 for residential use.

(2) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE China has obtained the State-owned Land Use Certificate for the Development with a total site area of approximately 24,977.80 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the Development during its residual land use term under PRC laws; and

iii) except for the land use rights of portion of the Development with a site area of 8,981.50 sq.m. which have been mortgaged to Shanghai Pudong Development Bank, Zhengzhou Branch, the remaiding portion of the Development is not subject to any mortgage, third party’s interest and restriction on other rights. CCRE China is not entitled to transfer, lease, further mortgage or dispose of by other legal means of the mortgaged portion without prior approval from the mortgagee.

(3) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Constructions Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-149 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing No. Property Description and tenure Particulars of occupancy state as of 31 March 2008

73. Phases I-V of The property comprises a parcel The property is vacant. RMB432,300,000 Luohe Songshan of land with a site area of (51% interest Road Project, approximately 224,515.70 sq.m. attributable to the West of Songshan (2,416,687 sq.ft.). Group: Road and East of RMB220,473,000) Qishan Road, According to the latest Luohe, development plan provided by Henan Province, the Group, the property will be PRC developed into a residential and hotel development in five phases with a total planned gross floor area of approximately 567,699.00 sq.m. (6,110,712 sq.ft.).

Phase I will be developed into a hotel and residential development and is scheduled to be completed in 2009. The total gross floor area will be approximately 142,105.00 sq.m. (1,529,618 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 107,105.00 1,152,878 Hotel 35,000.00 376,740 Total 142,105.00 1,529,618

Phase II will be developed in to a retail and residential development and is scheduled to be completed in 2010. The total gross floor area will be approximately 110,000.00 sq.m. (1,184,040 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 105,000.00 1,130,220 Retail 5,000.00 53,820 Total 110,000.00 1,184,040

IV-150 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing No. Property Description and tenure Particulars of occupancy state as of 31 March 2008

Phase III will be developed into a retail and residential development and is scheduled to be completed in 2011. The total gross floor area will be approximately 140,000.00 sq.m. (1,506,960 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 135,000.00 1,453,140 Retail 5,000.00 53,820 Total 140,000.00 1,506,960

Phase IV will be developed into a retail and residential development and is scheduled to be completed in 2012. The total gross floor area will be approximately 80,000.00 sq.m. (861,120 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 77,000.00 828,828 Retail 3,000.00 32,292 Total 80,000.00 861,120

Phase V will be developed into a retail and residential development and is scheduled to be completed in 2013. The total gross floor area will be approximately 95,594.00 sq.m. (1,028,974 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 92,594.00 996,682 Retail 3,000.00 32,292 Total 95,594.00 1,028,974

IV-151 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing No. Property Description and tenure Particulars of occupancy state as of 31 March 2008

The land use rights of the property have been granted for terms expiring on 21 November 2047 for commercial use and 21 November 2077 for residential use. Notes: (1) Pursuant to three State-owned Land Use Certificates Luo Guo Yong (2007) No. 002981, 002982 and 002984 all issued by the People’s Government of Luohe on 6 December 2007, the land use rights of the property with a total site area of 224,515.70 sq.m. have been granted to Luohe Central China Changjian Real Estate Company Limited (“CCRE Changjian”), a 51% indirect owned subsidiary of CCRE China, for terms expiring on 21 November 2077 for residential use and on 21 November 2047 for commercial use.

(2) Pursuant to three State-owned Land Use Rights Grant Contracts and its Supplementary Agreement Luohe Shi Guo Rang (he) Zi No. 71, 72 and 73 entered into between Luohe Land and Resources Administration Bureau and CCRE Changjian on 21 November 2007, the latter has acquired the land use rights of the property with a total site area of 224,515.70 sq.m. at a total land grant premium of RMB 268,000,000 for residential and commercial uses.

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been paid in full;

ii) CCRE Changqian has obtained State-owned Land Use Certificates for the property with a total site area of approximately 224,515.70 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws; and

iii) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit No iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-152 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 74. Phases I-IV of The property comprises a parcel of The property is vacant. RMB242,700,000 Forest Peninsula land with a site area of approximately (100% interest (Shangjie), 118,959.40 sq.m. (1,280,479 sq.ft.). attributable to the North of Xuchang Group: Road and West of According to the latest development RMB242,700,000) Jinhua Road, plan provided, the property will be Zhengzhou, developed into a commercial and Henan Province, residential development in three PRC phases with a total planned gross floor area 228,735,52 sq.m. (2,462,109 sq.ft.).

Phase I will be developed into a residential development which is scheduled to be completed in 2008. The total gross floor area will be approximately 49,772.02 sq.m. (535,746 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Residential 49,772.02 535,746 Sub-total 49,772.02 535,746

Phase II will be developed into a residential development which is scheduled to be completed in 2009. The total gross floor area will be approximately 58,185.05 sq.m. (626,304 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Residential 54,085.05 582,172 Others 4,100.00 44,132 Sub-total 58,185.05 626,304

IV-153 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 Phase III will be developed into a retail and residential development which is scheduled to be completed in 2011. The total gross floor area will be approximately 90,778.45 sq.m. (977,139 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Residential 72,425.85 779,592 Retail 6,252.60 67,303 Underground Carpark 10,000.00 107,640 Others 2,100.00 22,604 Sub-total 90,778.45 977,139

Phase IV will be developed into a hotel development which is scheduled to be completed in 2010. The total gross floor area will be approximately 30,000.00 sq.m. (322,920 sq.ft.), the details of which are shown as follows: Approximate Use gross floor area sq.m. sq.ft. Hotel 30,000.00 322,920 Sub-total 30,000.00 322,920 Total 228,735.52 2,462,109

The land use rights of the property have been granted for two respective terms expiring on 30 September 2047 for commercial use and on 30 September 2077 for residential use. Notes: (1) Pursuant to four State-owned Land Use Certificates Shang Gao Yong (2007) No. 80, 81 & 82 and Shang Guo Yong (2008) No.5 all issued by the People’s Government of Zhengzhou, Shangjie District, on 28 December 2007, the land use rights of the property with a total site area of 118,959.40 sq.m. have been granted to Henan Central China Real Estate Company Limited (“CCRE Henan”), a 100% indirect owned subsidiary of CCRE China, for two respective terms expiring on 30 September 2047 for commercial use and on 30 September 2077 for residential use.

(2) Pursuant to four State-owned Land Use Rights Grant Contracts Shang Zhen Chu (2007) Nos. 40, 41, 42 and 43 entered into between Zhengzhou Shangjie District Land and Resources Bureau and CCRE Henan, the property with a site area of 118,959.40 sq.m. have been granted to CCRE Henan at a land grant premium of RMB198,252,271 for commercial and residential uses.

IV-154 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(3) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB1,246,267, and thus we have taken into account such cost in our valuation accordingly.

(4) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been paid in full;

ii) CCRE Henan has obtained State-owned Land Use Certificates for the property with a total site area of approximately 118,959.40 sq.m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of such portion of the property during its residual land use term under PRC laws; and

iii) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(5) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit No iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-155 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 75. Zhongmou The property comprises a parcel of The property is RMB1,168,000,000 St. Andrews Project land with a site area of currently vacant. (60% interest situated at approximately 836,000.00 sq. m. attributable to the Yanming lake, (8,998,704 sq. ft.). Group: Zhongmou County, RMB700,800,000) Henan Province, According to the latest development PRC proposal provided by the Group, the property will be developed into a residential and commercial development with a total planned gross floor area of the property is approximately 850,000.00 sq. m. (9,149,400 sq. ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 780,000.00 8,395,920 Retail 70,000.00 753,480 Total 850,000.00 9,149,400

The land use rights of the property have been granted for a term expiring in December 2077 for residential use. Notes: (1) Pursuant to a State-owned Land Use Certificate Mou Guo Yong (2008) No. 040 issued by the People’s Government of Zhongmou County on 18 January 2008, the land use rights of the property with a site area of 836,000.00 sq. m. have been granted to Henan Central China St. Andrews Real Estate Company Limited (“CCRE St. Andrews”) for a term expiring on in December 2077 for residential use.

(2) Pursuant to a State-owned Land Use Rights Grant Contract entered into between Zhongmou Land and Resources Bureau and CCRE St. Andrews on 27 October 2006, the land use rights of the property with a site area of 836,000.00 sq. m. at a land grant premium of RMB 37,620,000 for a term of 70 years for residential use.

(3) We have been provided with legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) CCRE St. Andrews has obtained State-owned Land Use Certificate for the property with a site area of approximately 836,000.00 sq. m. and has the rights to freely transfer, lease, mortgage or dispose of by other legal means of the land use rights of the property during its residual land use term under PRC laws; and

iii) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

IV-156 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit No iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-157 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Group VI — Properties contracted to be acquired by the Group in the PRC Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 76. Jianye Maple The property comprises a parcel of The property is vacant. RMB128,500,000 Garden land with a site area of approximately (100% interest (Zhengzhou), 23,580.78 sq.m. (253,824 sq ft). attributable to the Intersection of Group: Wenhua Road and The property will be developed into a RMB128,500,000) Xinliu Road, residential development with a total Zhengzhou, planned gross floor area of Henan Province, approximately 82,190.00 sq.m. PRC (884,693 sq ft), the details of which are as follows:

Use Approximate gross floor area sq.m. sq.ft. Retail 4,650.00 50,053 Others 6,300.00 678,813 Underground carpark 5,430.00 58,448 Residential 65,810.00 708,379 Total 82,190.00 884,693

Notes: (1) Pursuant to a Construction Land Planning Permit No. (2007) Zheng Cheng Gui Gui Guan Xu Zi (0028) issued by Zhengzhou City Planning Bureau dated 9 February 2007, construction works of the property with a site area of approximately 31,486.61 sq.m. including other construction land for building of road is permitted.

(2) As advised by the Group, the total construction cost expended as of 31 March 2008 was approximately RMB2,269,500, and thus we have taken into account such cost in our valuation accordingly.

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) there is no material legal impediment for CCRE China to obtain State-owned Land Use Certificate; and

iii) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate No ii. State-owned Land Use Rights Grant Contract No iii. Construction Land Planning Permit Yes iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-158 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 77. A parcel of land for Xinxiang Golden Dragon Project (the The property is vacant. No commercial Xinxiang Golden “Development”) is erected on a parcel value Dragon Project of land with a site area of (60% interest located at the north approximately 61,060.31 sq.m. attributable to the of Nanerhuan and (657,253 sq.ft.). Group: the west of Nil) Fenghua Street of The property comprises portions of Development Zone, the Development with a site area of Xinxiang, Henan approximately 11,451.70 sq.m. Province, (123,266 sq.ft.). PRC The property is planned to be developed into a residential development in two phases with a total planned gross floor area of approximately 18,160.58 sq.m. (195,480 sq.ft.). Notes: (1) Pursuant to a State-owned Land Use Rights Grant Contract and its Supplementary Agreement entered into between Xinxiang Hongqi District Hongmen Town Xiaoying County Committee and Xinxiang Golden Dragon Central China Real Estate Company Limited (“CCRE Golden Dragon”), a 60% owned subsidiary of the Company, the land use rights of the Development with a site area of 61,060.31 sq.m. have been granted to the latter at a land grant premium of RMB 26,276,500 for residential use.

(2) We have ascribed no commercial value to the property as the Group has not settled the land grant premium of the property in full. However, on the assumption that the land grant premium of the property has been fully paid and a valid state-owned Land Use Rights Certificate has been obtained, the capital value of the property in existing state as of 31 March 2008 would be RMB 10,700,000.

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has not been fully settled;

ii) there is no legal impediment for CCRE Golden Dragon to obtain State-owned Land Use Certificate; and

iii) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate No ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit No iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-159 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 78. Kaifeng Water The property comprises a parcel of The property is vacant. No commercial System Development land with a site area of approximately value Project, Kaifeng, 804,700.00 sq.m. (8,661,791 sq.ft.). (80% interest Henan Province, attributable to PRC Accordingly to latest development the Group: Nil) proposal provided, the property will be developed into a residential and commercial development in four phases with a total planned gross floor area of approximately 1,024,950.00 sq.m (11,032,562 sq.ft).

The land use rights of the property have been granted for residential and commercial uses. Notes: (1) Pursuant to a State-owned Land Use Rights Grant Contract entered into between Kaifeng Land and Resources Administration Bureau (the “Grantor”) and Kaifeng Central China Real Estate Company Limited (“CCRE Kaifeng”) and Kaifeng Central China Dahong Real Estate Company Limited (“CCRE Dahong”) a 80% owned subsidiary of CCRE China, the Grantor has agreed to grant the land use rights of the property with a site area of 804,700 sq.m to CCRE Kaifeng at a land grant premium of RMB 1,424,319,000 for residential and commercial uses.

(2) We have ascribed no commercial value to the property as the Group has not settled the land grant premium of the property in full. However, on the assumption that the land grant premium of the property has been fully paid and a valid state-owned Land Use Rights Certificate has been obtained, the capital value of the property in existing state as of 31 March 2008 would be RMB1,434,900,000.

(3) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has not been fully settled;

ii) there is no legal impediment for the Group to obtain State-owned Land Use Certificate; and

iii) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate No ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit No iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-160 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 79. Phase V of The property comprises a parcel of The property is vacant. RMB331,500,000 U-Town land with a site area of (100% interest (Zhengzhou), approximately 26,691.60 sq.m. attributable to the Dongfeng East (287,308 sq.ft.). Group: Road South, RMB331,500,000) Zhengdongxin The property is planned to be District, developed into an office and retail Zhengzhou, development with a total planned Henan Province, gross floor area of approximately PRC 106,766.40 sq.m. (1,149,234 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Office 88,726.40 955,051 Retail 18,040.00 194,183 Total 106,766.40 1,149,234

The land use rights of the property have been granted for commercial and serviced uses. Notes: (1) Pursuant to State-owned Land Use Rights Grant Contract No. Zheng Zhen Dong Zhao Chu (2007) 017 entered into between Zhengzhou Land and Resources Administration Bureau and Zhengzhou United New Town Real Estate Company Limited (“CCRE New Town”), a 100% indirect owned subsidiary of CCRE China on 22 November 2007, the latter has acquired the land use rights of the property with a site area of 26,691.60 sq.m. at a land grant premium of RMB80,100,000 for commercial and service uses.

(2) We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information:

i) the land grant premium of the property has been fully settled;

ii) there is no legal impediment for the Group to obtain State-owned Land Use Certificate; and

iii) the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(3) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate No ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit No iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-161 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 80. A site for Kaifeng The property comprises two parcels of The property is vacant. No commercial Zhengkai Forest land with a total site area of value Penisula, North of approximately 353,270.40 sq.m. (60% interest Hanxing Road, (3,802,603 sq.ft.). attributable to Kaifeng, Henan the Group: Province, According to the latest development Nil) PRC proposal provided, the property will be developed into a residential and commercial development with a total planned gross floor area of approximately 785,191.12 sq.m. (8,451,797 sq.ft.).

The land use rights of the property have been granted for residential and commercial users. Notes: (1) Pursuant to two State-owned Land Use Rights Grant Contract No. 2007-54 and No. 2007-55 entered into between Kaifeng Land and Resources Bureau and CCRE China, the land use rights of the property with a site area of 353,270.40 sq.m. to CCRE China at a land grant premium of RMB 240,464,629 for residential and commercial uses.

(2) We have ascribed no commercial value to the property as the Group has not settled the land grant premium of the property in full. However, on the assumption that the land grant premium of the property has been fully paid and a valid state-owned Land Use Rights Certificate has been obtained, the capital value of the property in existing state as of 31 March 2008 would be RMB 750,700,000.

(3) We have been provided with legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i the land grant premium of the property has not been fully settled;

ii there is no legal impediment for the Group to obtain State-owned Land Use Certificate; and

iii the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate No ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit No iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-162 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Capital value in existing state as of No. Property Description and tenure Particulars of occupancy 31 March 2008 81. A site located at the The property comprises three parcels of The property is No commercial intersection of land with a total site area of currently vacant. value Jiudu Road and approximately 290,171.40 sq.m. (100% interest Yan’an Road (3,123,405 sq.ft.). attributable to Luoyang, Henan the Group: Province, According to the latest development Nil) PRC proposal provided by the Group, the property will be developed into a residential and commercial development with a total planned gross floor area of approximately 966,945.00 sq.m. (10,408,196 sq.ft.), the details of which are shown as follows:

Approximate Use gross floor area sq.m. sq.ft. Residential 623,137.00 6,707,447 Retail 141,661.00 1,524,839 Office 39,936.00 429,871 Underground carpark 156,787.00 1,687,655 Others 5,424.00 58,384 Total 966,945.00 10,408,196

The land use rights of the property have been granted for a term of 70 years for composite use. Notes: (1) Pursuant to three State-owned Land Use Certificates Nos. Luo Shi Guo Yong (2004) 04009398, 04009399 and 04009400 all issued by the People’s Government of Luoyang, the land use rights of the property with a total site area of 290,171.40 sq.m. have been granted to Luoyang Zhongya Real Estate Development Company Limited (“Luoyang Zhongya”) for a term expiring on 6 July 2063 for composite use.

(2) We have ascribed no commercial value to the property as the Group has not obtained a proper legal title to the property. However, on the assumption that the Group has obtained a proper legal title to the property and the land grant premium of the property has been fully paid, the capital value of the property in existing state as of 31 March 2008 would be RMB615,000,000.

(3) We have been provided with legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter alia, the following information:

i the land grant premium of the property has been settled in full; and

ii the property is not subject to any mortgages, third party’s interest and restriction on other rights.

(4) A summary of copies of major certificates / approvals inspected is shown as follows:

i. State-owned Land Use Certificate Yes ii. State-owned Land Use Rights Grant Contract Yes iii. Construction Land Planning Permit No iv. Planning Permit for Construction Project No v. Commencement Permit for Construction Work No vi. Pre-sale Permit No vii. Completed Construction Works Certified Report No viii. Building Ownership Certificate No

IV-163 This information pack is in draft form. The information contained herein is incomplete and is subject to change. This information pack must be read in conjunction with the section headed “Warning” on the cover of this information pack.

APPENDIX IV PROPERTY VALUATION

Group VII—Property leased by the Group in Hong Kong

Capital value in existing state as of No. Property Description and tenancy details Particulars of occupancy 31 March 2008 82. Room 1008, The property comprises an office The property is No commercial Concordia Plaza unit on 10th floor of a 28-storey plus occupied by the value 1 Science Museum 2-storey basement car park Group for office use. Road commercial building completed in Tsimshatsui East 1994. Kowloon The property has a gross floor area of Hong Kong approximately 175.68 sq.m. (1,891 sq.ft.). The property is leased to the Group under a tenancy agreement for a term of 2 years from 8 September 2006 to 7 September 2008 at a monthly rental of HK$43,000 exclusive of government rent and rates, management fees, air conditioning fees and any other sundry expenses. Notes: (1) The registered owner of the property is Construction Housing Group Company Limited, a connected party of the Company as it is ultimately 100% owned by Mr. Wu, the controlling shareholder of the Company.

(2) The Group’s Hong Kong legal adviser is of the view that the Tenancy Agreement is valid, binding and enforceable under the Hong Kong laws.

IV-164