APPENDIX IV PROPERTY VALUATION

The following is the text of a letter, summary of values and valuation certificates, prepared for the A1A-9(3) purpose of incorporation in this Prospectus received from Sallmanns (Far East) Limited, an independent A1A-39 valuer, in connection with its valuation as at 30 September 2007 of the property interests of the Group. As 3rd Sch.-34 described in section ‘‘Documents Delivered to the Registrar of Companies and Available for Inspection’’ in 3rd Sch.-42 Appendix XI, a copy of the full valuation report will be made available for public inspection. 3rd Sch.-46

23 November 2007

The Board of Directors China Railway Group Limited No. 1, Xinghuo Road Fengtai District Beijing The People’s Republic of China

Dear Sirs,

In accordance with your instructions to value the properties in which China Railway Group Limited (the I.F.5.06(8) ‘‘Company’’) and its subsidiaries (hereinafter together referred to as the ‘‘Group’’) have interests in the & 5.07 People’s Republic of China (the ‘‘PRC’’), Hong Kong, Macau and overseas countries, we confirm that we have carried out inspections, made relevant enquiries and searches and obtained such further information as we consider necessary for the purpose of providing you with our opinion of the capital values of the property interests as at 30 September 2007 (the ‘‘date of valuation’’). In valuing the property interests in Group I which are held by the Group, we have categorized the property interests of the Group into various sub-groups according to the business nature of the Group (namely infrastructure construction business, survey and design services business, engineering equipment and component manufacturing business, other business and property development business) and the Company’s directly controlled subsidiaries. The remaining properties are classified according to the nature or location of the properties of the Group. The property interests of each sub-group are occupied by a directly controlled subsidiary and its subsidiaries in the PRC, or in Hong Kong, Macau and overseas countries. Our valuations of the property interests represent the market value which we would define as ‘‘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’’.

IV-1 APPENDIX IV PROPERTY VALUATION

Land The concept of freehold and leasehold land does not exist in China. Private land ownership in China was abolished in the collectivization movement during the 1950’s. Since then, the only form of ownership in land has been ‘‘socialist public ownership’’ of which there are two generic types: state-owned and collectively owned. Land was ’’allocated’’ free of charge by the state to the designated users (commonly state-owned enterprises) for an indefinite period (‘‘allocated land’’). The users in return could not in any way transfer the land to other parties. Normally, when dealing with the valuation of such land, we will deem it to have ’’no commercial value’’. In January 1995, the ‘‘PRC, Administration of Urban Real Property Law’’ came into effect, reinforcing previous legislation and establishing land as a commodity. By possessing ’’land use rights’’, users, including state-owned enterprises, could assign, lease or mortgage land. Normally, to obtain such land use rights, a premium has to be paid whereupon the allocated land could be reclassified as ‘‘granted’’ land. The land is granted by the State and the premium is based upon the standard land prices (which are periodically reviewed) set by the Land Administration Bureau. Such land can be valued by reference to the standard land prices in each locality and prices paid in the market for it. In occasional cases on a discretionary basis, allocated land held by certain state-owned enterprises can be injected by the State to those enterprises as capital investment for incorporation into a joint stock company in return for shares. We have defined such land as ‘‘State-capital-injection land’’ ( ). After the injection, the land use rights of the State-capital-injection land of specified tenure terms will be held by the joint stock company and a new relevant Land Use Rights Certificate will be issued to the joint stock company. The joint stock company may transfer, lease and mortgage the land use rights in accordance with the relevant land regulations and laws of the PRC in relation to granted land use rights. We have valued the property interests in portions of Group I, Group II and Group III, which are held by the Group for owner occupation and for sale respectively, using the direct comparison approach assuming sale of the property interests in their existing state with the benefit of immediate vacant possession and by making reference to comparable sale transactions that are available in the relevant market. Where, due to the nature of the buildings and structures of the properties in the PRC and certain overseas countries, there are no market sales comparables readily available, portions of the property interests in Group I and Group II have been valued on the basis of their depreciated replacement cost. Depreciated replacement cost is defined as ‘‘the current cost of replacement (reproduction) of a property less deductions for physical deterioration and all relevant forms of obsolescence and optimization.’’ It is based on an estimate of the market value for the existing use of the land, plus the current cost of replacement (reproduction) of the improvements, less deduction for physical deterioration and all relevant forms of obsolescence and optimization. The depreciated replacement costs of the property interests are subject to adequate potential profitability of the concerned business. In valuing the property interests in Group IV which are currently under construction, we have assumed that they will be developed and completed in accordance with the Group’s latest development proposal provided to us. In arriving at our opinion of value, we have also taken into consideration of the development costs already spent and to be spent which have been provided by the Group to reflect the quality of the completed development. The ‘‘Capital value of the property as if the property is completed at the date of valuation’’ represents our opinion of the aggregate selling prices of the development assuming that it would have been completed at the date of valuation. In relation to the property interests in Group V, which are held by the Group for future development in the PRC, we have also valued each of these property interests using the direct comparison approach, assuming sale of each of these property interests in its existing state with the benefit of vacant possession and by making reference to comparable sales transactions that are available in the relevant market.

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For the purpose of our valuation, the property interests held by the Group for future development are those that the Construction Works Commencement Permit(s) has (have) not been issued even though the State-owned Land Use Rights certificates have been obtained. The property interests in Group VI, which are property interests to be acquired by the Group in the PRC, relate to those properties that the Group has entered into agreements with the relevant owner of the property or government authorities, while the Group has not yet obtained the State-owned Land Use Rights Certificates and/or the payment of the land premium has not yet been fully settled as at the date of valuation. We have attributed no commercial value to these property interests. We have attributed no commercial value to the property interests in Group VII and VIII which are leased by the Group in PRC, Hong Kong, Macau and Overseas countries, due to the short-term nature of the lease or the prohibition against assignment or sub-letting or otherwise due to the lack of substantial profit rent. Our valuations have been made on the assumption that the seller sells the property interests in the market without the benefit of a deferred term contract, leaseback, joint venture, management agreement or any similar arrangement, which could serve to affect the values of the property interests. No allowance has been made in our report for any charges, mortgages or amounts owing on any of the property interests valued nor 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 property interests, we have complied with all the requirements contained in Chapter 5 I.F.5.05 and Practice Note 12 and Practice Note 16 to the Rules Governing the listing of Securities issued by the & 5.06(9) Stock Exchange of Hong Kong Limited, except for those in respect of which exemptions and waivers have been applied for and granted in respect of Rules 5.01 and 5.06(1), (2), (3) and (4) 19A.27(4) and paragraph (3)(a) of Practice Note 16 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited, paragraph 34(2) and 34(3) of the Third Schedule of Companies Ordinance and section 6 of Companies Ordinance (Exemption of Companies and Prospectuses from Compliance with Provisions) Notice. We also complied with RICS Appraisal and Valuation Standard (5th Edition May 2003) published by the Royal Institution of Chartered Surveyors; and the HKIS Valuation Standard of Properties (1st Edition January 2005) published by the Hong Kong Institute of Surveyors. As the Company is in compliance with paragraph 3(b) of Practice Note 16 to the Rules Governing the Listing of Securities issued by The Stock Exchange of Hong Kong Limited, the Company has obtained a waiver to exclude the full details of the individual leased properties from the valuation certificates in our valuation report in this prospectus. A summary of the property interests covered by the exemption is included in the Summary of Values and the Valuation Certificates for Leased Properties. According to the aforesaid waivers and exemptions, we have summarized and disclosed the property interests in Group I, Group II, Group VII and Group VIII. For other property interests in Group III, Group IV, Group V and Group VI, each property interests in the valuation report has been disclosed in details according to the relevant rules. We have relied to a very considerable extent on the information given by the Group and have accepted advice given to us on such matters as tenure, planning approvals, statutory notices, easements, particulars of occupancy, lettings, and all other relevant matters. We have been shown copies of various title documents including State-owned Land Use Rights Certificates (‘‘LURCs’’), Building Ownership Certificates (‘‘BOCs’’), Real Estate Title Certificates (‘‘RETCs’’) and official plans relating to the property interests and have made relevant enquiries. Where possible, we have examined the original documents to verify the existing titles to the property interests in the PRC and any material encumbrances that might be attached to the property interests or any lease amendments. We

IV-3 APPENDIX IV PROPERTY VALUATION have relied considerably on the advice given by the Company’s PRC legal adviser — Jiayuan Law Firm, concerning the validity of the Group’s titles to the property interests in the PRC. We have not carried out detailed site measurements to verify the correctness of the site areas in respect of the properties but have assumed that the site areas shown on the documents and official site plans handed to us are correct. All documents and contracts have been used as reference only and all dimensions, measurements and areas are approximations. No on-site measurement has been taken. We have inspected the exterior and, where possible, the interior of the properties. However, we have not carried out investigations on site to determine the suitability of the ground conditions and the services, etc., for any development thereon. Our valuation is prepared on the assumption that these aspects are satisfactory. Moreover, no structural survey has been made, but in the course of our inspection, we did not note any serious defects. We are not, however, able to report whether the properties are free of rot, infestation or any other structural defects. No tests were carried out on any of the services. We have had no reason to doubt the truth and accuracy of the information provided to us by the Group. We have also sought confirmation from the Group that no material factors have been omitted from the information supplied. We consider that we have been provided with sufficient information to reach an informed view, and we have no reason to suspect that any material information has been withheld.

Unless otherwise stated, all monetary figures stated in this report are in Renminbi (RMB). Where PN12 14 necessary, the exchange rates adopted in our valuation are approximately US$ 1 = XOF463 = BWP1, RMB1 = NGN17 = KES8.5447 = ZAR1.2 and RMB7.5 = US$ 1, being the prevailing exchange rates as at the date of valuation.

Our valuations are summarized below and the valuation certificates are attached. I.F.5.06(7)

Yours faithfully, for and on behalf of Sallmanns (Far East) Limited Paul L. Brown B.Sc. FRICS FHKIS Director

Note: Paul L. Brown is a Chartered Surveyor who has 24 years’ experience in the valuation of properties in the PRC, extensive property valuation experience in Hong Kong and the United Kingdom and relevant valuation experience in the Asia-Pacific region and certain African countries.

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SUMMARY OF VALUES

Group I — Property interests held and occupied by the Group in the PRC

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 I.F.5.06(8) RMB RMB Properties held by the Group’s infrastructure construction business 1. Various properties held by the Group’s infrastructure 11,944,754,000 11,308,830,000 construction business****************************** in the PRC Properties held by the Group’s survey and design services business 2. Various properties held by the Group’s survey********* 347,849,000 327,935,000 and design services business in the PRC Properties held by the Group’s engineering equipment and component manufacturing business 3. Various properties held by the Group’s*************** 831,528,000 820,845,000 engineering equipment and component manufacturing business in the PRC Properties held by the Group’s other business 4. Various properties held by the Group’s*************** 309,221,000 285,547,000 other business in the PRC Properties held by the Company 5. Various properties held by the Company ************* No commercial No commercial in the PRC value value Sub-total: ********************************************* 13,433,352,000 12,743,157,000

Group II — Property interests held and occupied by the Group in overseas countries

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 I.F.5.06(8) RMB RMB 6. Various properties held by the Group in************** 177,602,000 150,509,000 South Africa, Cote d’ivoire, Mali, Botswana, Kenya, Nigeria and Papua New Guinea Sub-total: ********************************************* 177,602,000 150,509,000

IV-5 APPENDIX IV PROPERTY VALUATION

Group III — Property interests held for sale by the Group in the PRC

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 I.F.5.06(8) RMB RMB Properties held by the Group’s infrastructure construction business 7. 2 commercial units of Tianhua Mansion************** 19,846,000 19,846,000 No. 241 Beijing Road Guiyang City Guizhou Province The PRC 8. 6 commercial units of Shifu Garden located at Beijing 8,739,000 8,739,000 Road******************************************** Kaili City Guizhou Province The PRC 9. Unsold portions of Phases I and II of **************** 66,390,000 66,390,000 Bailu City Garden located at Houba Qianlin Town Yunyan District Guiyang City Guiyzhou Province The PRC 10. Unsold portions of Xingyuewan Area **************** 106,040,000 53,020,000 No. 168 Dahuang Road Yuzhong District Chongqing The PRC 11. Unsold portions of Bei’an Gongguan located at ******* 109,988,000 109,988,000 Beibinhe West Road Anning District Lanzhou City Gansu Province The PRC 12. Unsold portions of Phase I of Xinglong City Garden *** 98,646,000 98,646,000 No. 57 Lijiang Road Xiaohe District Guiyang City Guozhou Province The PRC 13. Portions of Haowangjiao International Mansion ******* 29,176,000 29,176,000 No. 55 Chaofeng Road Economy and Technology Development Zone Zhengzhou City Henan Province The PRC

IV-6 APPENDIX IV PROPERTY VALUATION

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 RMB RMB

14. Unsold portions of Jiuju Lantian Yuan**************** 12,828,000 12,828,000 located at Wenzhi Li Linghe District Jinzhou City Liaoning Province The PRC 15. Unsold portions of Phase II of Xinglong City Garden *** 109,461,000 109,461,000 No. 57 Lijiang Road Xiaohe District Guiyang City Guizhou Province The PRC 16. Unsold portions of Xinglong Zhujiang**************** 167,721,000 167,721,000 Wan Pan No. 8 Zhujiang Road Xiaohe District Guiyan City Guizhou Province The PRC 17. Unsold portions of Easy City Garden***************** 292,936,000 219,702,000 located at Yingbin Road Lirendong Village Nancun Town Panyu District Guangzhou City Guangdong Province The PRC 18. Unsold portions of Bihai Garden ******************** 16,738,000 16,738,000 located at Jingyang Avenue Jinyang New District Guiyang City Guizhou Province The PRC 19. Unsold portions of Jinsha Suiyue ******************** 58,139,000 58,139,000 No. 18 Jin Ping South Road Qing Yang District Chengdu City Sichuan Province The PRC

IV-7 APPENDIX IV PROPERTY VALUATION

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 RMB RMB

20. Unsold portions of Phase I of Shujun located at ******* 40,651,000 16,830,000 Fulong Village Huayang Town Shuangliu County Chengdu City Sichuan Province The PRC Sub-total: ********************************************* 1,137,299,000 987,224,000

Group IV — Property interests held under development by the Group in the PRC

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 I.F.5.06(8) RMB RMB Properties held by the Group’s infrastructure construction business 21. Phase I of Longjun Mansion ****************** 307,319,000 79,519,000 located at Lishizi Road Dazhou City Sichuan Province The PRC 22. Portions of Phases I and II of Sun International 415,188,000 290,632,000 City *************************************** located at the southern side of Dongshan East Road Tianjia’an District Huainan City Anhui Province The PRC 23. Fengdan Bailu City Garden ******************* 103,854,000 103,854,000 located at Houba Qianlin Town Yunyan District Guiyang City Guiyzhou Province I.F.5.06(8) The PRC 24. Zhongtie Longcheng************************* 119,666,000 119,666,000 No. 869 Deshuizhong Road Hedong New District Suining City Sichuan Province The PRC

IV-8 APPENDIX IV PROPERTY VALUATION

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 RMB RMB

25. Zhongtie Shuanglong Wan ******************* 366,507,000 366,507,000 located at Qingpo Village Qingyang District Chengdu City Sichuan Province The PRC 26. Phase I of Zhongjing Shengshi Chang’an ******* 384,308,000 384,308,000 located at Heping East Road Shijiazhuang City Hebei Province The PRC 27. Portions of Dongshan International New City *** 1,282,271,000 232,251,000 located at the southern side of Longxi River Baihe Town Longquanyi District Chengdu City Sichuan Province The PRC 28. Portions of Shiheng New City***************** 63,303,000 32,785,000 located at Shiheng Town Feicheng City Shandong Province The PRC 29. Phase II of Xinglong City Garden ************** 153,485,000 153,485,000 No. 57 Lijiang Road Xiaohe District Guiyang City Guizhou Province The PRC 30. Xinglong Zhujiang Wan Pan ****************** 90,663,000 90,663,000 No. 8 Zhujiang Road Xiaohe District Guiyang City Guizhou Province The PRC

31. Jinglong Shidai ***************************** 146,156,000 58,564,000 No. 93 Ningxia Street Qingyang District Chengdu City Sichuan Province The PRC

IV-9 APPENDIX IV PROPERTY VALUATION

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 RMB RMB

32. Chengdu Xicheng*************************** 477,559,000 179,849,000 No. 10 Jinxianqiao Road Jinniu District Chengdu City Sichuan Province The PRC 33. Dongshan Jiulong Wan ********************** 8,707,000 8,707,000 located at the northern side of Dongshanzhong Road Tianjia’an District Huainan City Anhui Province The PRC 34. Block B of Dalian Qihuo Square *************** No commercial value No commercial value located at Titan Road Shahekou District Dalian City Liaoning Province The PRC 35. Phase II of Jingqiao Gangwan***************** 106,012,000 68,908,000 No. 448 Yingwu Avenue Hangyang District Wuhang City Hubei Province The PRC 36. Phase II of Shujun*************************** 296,992,000 122,955,000 located at Fulong Village Huayang Town Shuangliu County Chengdu City Sichuan Province The PRC 37. Nuode Holiday Garden*********************** 2,223,749,000 1,334,249,000 located at the junction of Yueliangwang Avenue and Xibu Road Nanshan District Shenzhen City Guangdong Province The PRC 38. Donghai Chuncheng International Mansion ***** 14,000,000 14,000,000 located at Renmin Road Linzi District Zibo City Shandong Province The PRC

IV-10 APPENDIX IV PROPERTY VALUATION

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 RMB RMB

39. Zhongtie Ruicheng ************************** 491,653,000 267,494,000 located at Gaobei Village and Taiping Village Cuqiao Xiang Wuhou District Chengdu City Sichuan Province The PRC 40. Zhongtie Xizi Xianghe *********************** 482,752,000 482,752,000 located at Dong Po Village Qingyang District Chengdu City Sichuan Province The PRC 41. Huayang Nianhua *************************** 209,486,000 209,486,000 No. 100 Dikou Road Tianqiao District Jinan City Shandong Province The PRC Property held by the Group’s property development business 42. Underground car parking spaces ************** 325,942,000 169,490,000 and various retail units located at South Quarter West Station Fengtai District Beijing The PRC Sub-total: *************************************** 8,069,572,000 4,770,124,000

Group V — Property interests held for future development by the Group in the PRC

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 I.F.5.06(8) RMB RMB Properties held by the Group’s infrastructure construction business 43. 3 parcels of land located at ************************ 168,740,000 168,740,000 Xinfang Village Xinjiamiao Street Office Weiyang District Xi’an City Shaanxi Province The PRC

IV-11 APPENDIX IV PROPERTY VALUATION

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 RMB RMB I.F.5.06(8) 44. A parcel of land located at Lot 29 R1**************** 75,621,000 49,154,000 Wuhan Economy and Technology Development Zone Wuhan City Hubei Province The PRC 45. Portions of Dongshan International ****************** 256,034,000 46,374,000 New City located at the southern side of Longxi River Baihe Town Chengdu City Sichuan Province The PRC 46. A parcel of land located at ************************* 409,363,000 155,906,000 Gaobei Village and Taiping Village Cuqiao Xiang Wuhou District Chengdu City Sichuan Province The PRC 47. A parcel of land located at ************************* 65,900,000 27,283,000 Fulong Village Huayang Town Shangliu County Chengdu City Sichuan Province The PRC 48. A parcel of land of Phase II of Sun International******* 41,180,000 28,826,000 I.F.5.06(8) City located at the southern side of Dongshan East Road Tianjia’an District Huainan City Anhui Province The PRC 49. Portions of Phases I and II of Bailu City Garden ******** 152,126,000 152,126,000 located at Houba Qianlin Town Yunyan District Guiyang City Guizhou Province The PRC 50. A parcel of land ********************************** 5,692,000 5,692,000 No. 28 Jinwei Road Baoji City Shaanxi Province The PRC

IV-12 APPENDIX IV PROPERTY VALUATION

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 RMB RMB

51. 2 parcels of land and a portion of a parcel of land located at the western side of ********************** 365,129,000 273,847,000 Yingbin Road Lirendong Village Nancun Town Panyu District Guangzhou City Guangdong Province The PRC 52. 2 parcels of land********************************** 43,512,000 39,679,000 No. 311 Huazhong East Road Yingjiang District Anqing City Anhui Province The PRC 53. 2 parcels of land located at the southern side of Wanqing Road *********************************** 10,456,000 9,535,000 Yingjiang District Anqing City Anhui Province The PRC 54. A parcel of land located at the northern side of******* 5,820,000 5,307,000 Wangqing Road Yingjiang District Anqing City Anhui Province The PRC 55. 4 parcels of land located at the western side of******* 102,480,000 93,452,000 Wanhe Road and the northern side of Wangqing Road Yingjiang District Anqing City Anhui Province The PRC 56. A parcel of land ********************************** 45,959,000 41,924,000 I.F.5.06(8) No. 49 Jichang Road Yingjiang District Anqing City Anhui Province The PRC 57. A parcel of land ********************************** 21,626,000 19,721,000 No. 215 Huazhong East Road Yingjiang District Anqing City Anhui Province The PRC

IV-13 APPENDIX IV PROPERTY VALUATION

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 RMB RMB

58. A parcel of land ********************************** 26,413,000 24,086,000 No. 289 Huazhong East Road Yingjiang District Anqing City Anhui Province The PRC 59. 2 parcels of land located at the northwestern side***** 31,047,000 28,321,000 of the junction of Gongnong Street and Diezitang Yingjiang District Anqing City Anhui Province The PRC 60. 2 parcels of land located at Hedian Road************* 151,681,000 151,681,000 Xincheng Development Zone Hefei City Anhui Province The PRC 61. A parcel of land located at ************************* 43,846,000 43,846,000 Dayi Avenue Jingyuan Town Dayi County Sichuan Province The PRC 62. Phases II and III of Zhongjing Shengshi Chang’an****** 144,699,000 144,699,000 No. 313 Heping East Road Chang’an District Shijiazhuang City Hebei Province The PRC 63. Portion of Phase II of Xinglong City Garden ********** 144,855,000 144,855,000 No 57 Lijiang Road Xiaohe District Guiyang City Guizhou Province The PRC 64. Xinglong Zhujiang Wan Pan ************************ 510,737,000 510,737,000 No. 8 Zhujiang Road Xiaohe District Guiyang City Guizhou Province The PRC

IV-14 APPENDIX IV PROPERTY VALUATION

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 RMB RMB

65. Shiheng New City located at *********************** 40,837,000 21,149,000 Shiheng Town Feicheng City Shandong Province The PRC 66. Portion of Zhongtie Longcheng ********************* 12,690,000 12,690,000 No. 869 Deshuizhong Road Hedong New District Suining City Sichuan Province The PRC 67. A parcel of land located at ************************* 136,075,000 71,933,000 Qingjing Village Qingchengshan Town Dujiangyan City Sichuan Province The PRC 68. A parcel of land located at the eastern side of ******** 128,429,000 51,372,000 Jingshi Mansion and the northern side of Qujian Road Suzhou City Jiangsu Province The PRC Sub-total: ********************************************* 3,140,947,000 2,322,935,000

Group VI — Property interests to be acquired by the Group in the PRC

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 I.F.5.06(8) RMB RMB Properties held by the Group’s infrastructure construction business 69. A parcel of land located at ***************** No commercial value No commercial value Station Back Street Huhehaote City Inner Mongolia The PRC 70. A parcel of land located at ***************** No commercial value No commercial value Pitong Town Pi County Sichuan Province The PRC

IV-15 APPENDIX IV PROPERTY VALUATION

Capital value Capital value attributable to the in existing state as at Group as at No. Property 30 September 2007 30 September 2007 RMB RMB

71. A parcel of land ************************** No commercial value No commercial value I.F.5.06(8) No. 586 Wuge Road Wuhan City Hubei Province The PRC 72. 4 parcels of land located at***************** No commercial value No commercial value Huang Ba Huashuiwan Town Dayi County Chengdu City Sichuan Province The PRC 73. A parcel of land located at ***************** No commercial value No commercial value the southern side of Yongan Road and western side of Yonglian Road the Hi-tech Zone Suzhou City Jiangsu Province The PRC 74. 5 parcels of land located at***************** No commercial value No commercial value Lishizi Road Da County Sichuan Province The PRC Property held by the Group’s survey and design services business 75. A parcel of land located at ***************** No commercial value No commercial value Pi County Chengdu City Sichuan Province The PRC Sub-total: Nil Nil

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Group VII — Property interests rented and occupied by the Group in the PRC

Capital value in existing state as at No. Property 30 September 2007 I.F.5.06(8) RMB 76. 238 leased properties located in ************************************ No commercial value the PRC Sub-total: Nil

Group VIII — Property interests rented and occupied by the Group in Hong Kong, Macau and overseas countries

77. 28 leased properties located in ************************************* No commercial value Hong Kong, Macau, Japan, Singapore, Malaysia, United Arab Emirates, I.F.5.06(8) Bengal, Sri Lanka, Morocco, Mauritania, Botswana, and South Africa

Sub-total: Nil

Capital value Capital value attributable to the in existing state as at Group as at 30 September 2007 30 September 2007 RMB RMB Grand Total: 25,958,772,000 20,973,949,000

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VALUATION CERTIFICATE

Group I — Property interests held and occupied by the Group in the PRC

Properties held by the Group’s infrastructure construction business Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 1. Various properties held The properties comprise The properties are currently 11,944,754,000 by the Group’s 4,273 buildings or units and various occupied by the Group for infrastructure structures mainly completed in production, office and other Interest attributable construction business in various stages between 1960s and ancillary facilities purposes to the Group: the PRC 2006. except for portions of these RMB 11,308,830,000 properties which are rented The properties have a total gross to various independent third floor area of approximately parties (refer to notes 5 and 3,997,515.28 sq.m. Details of the 6). uses and gross floor areas of the properties are listed as follows: No. of Usage Item Area (sq.m.) Office 1,366 1,864,232.93 Production 734 615,638.27 Ancillary 1,275 680,970.81 Others 898 836,673.27 Total: 4,273 3,997,515.28 The properties comprise 999 parcels of land with a total site area of approximately 15,155,200.67 sq.m. for various terms for industrial, office, commercial, composite and education uses and also comprise 7 parcels of leased land with a total site area of approximately 100,649.5 sq.m. The properties also comprise 13 buildings and a structure which are still under construction as at the date of valuation (the ’’CIP building’’).The construction is scheduled to be completed in various stages between December 2007 and July 2008. The total gross floor area of the CIP building upon completion will be approximately 102,262.58 sq.m. The total construction cost is estimated to be approximately RMB130,483,993, of which approximately RMB78,249,093 has been paid up to the date of valuation.

IV-18 APPENDIX IV PROPERTY VALUATION

Notes: 1. These properties are held and occupied by the following directly controlled subsidiaries and their subsidiaries of the Company: Interest attributable Company Name to the Group China Railway NO. 1 Group Co., Ltd. 100% China Railway NO. 2 Group Co., Ltd. 100% China Railway NO. 3 Group Co., Ltd. 100% China Railway NO. 4 Group Co., Ltd 100% China Railway NO. 5 Group Co., Ltd 100% China Railway NO. 6 Group Co., Ltd 100% China Railway NO. 7 Group Co., Ltd 100% China Railway NO. 8 Group Co., Ltd 100% China Railway NO. 9 Group Co., Ltd 100% China Railway NO. 10 Group Co., Ltd 100% China Railway Major Bridge Engineering Group Co., Ltd. 100% China Railway Electrification Engineering Group Co., Ltd. 100% China Railway Construction Group (CRCG) Co., Ltd. 100% China Railway Tunnel Group Co., Ltd. 100% China Overseas Engineering Group Co., Ltd. 91.65% 2. Among the 999 parcels of land, 307 parcels of land with a total site area of approximately 3,207,908.28 sq.m. are granted land with LURCs; 347 parcels of land with a total site area of approximately 5,496,962.11 sq.m. are allocated land with LURCs, the land use rights of which are proposed to be injected into the Company as injected capital in reorganization (‘‘State-capital- injection Land’’); 306 parcels of land with a total site area of approximately 5,762,686.21 sq.m. are State-capital-injection land; 2 parcels of land with a total site area of approximately 8,375.5 sq.m. are authorized land; 35 parcels of land with a total site area of approximately 662,081.57 are contracted to be granted to the Group; 2 parcels of land with a total site area of approximately 17,187 sq.m are allocated land but cannot be contracted to be granted to the Group currently as the 2 parcels of land will be rezoned by local authorities. 3. Pursuant to 7 Lease Agreements, 7 parcels of land with a total site area of approximately 100,649.5 sq.m. are leased from various independent third parties for various terms at a total annual rental of RMB4,387,359.20. 4. Among 4,273 buildings or units, the Group has obtained valid BOCs or RETCs for 2,779 buildings or units with a total gross floor area of approximately 2,819,664.69 sq.m. in which 3 units with a gross floor area of approximately 6,030.42 sq.m purchased by the Group erected on allocated land; 384 buildings or units with a total gross floor area of approximately 311,894.14 sq.m. with title certificates are being changed registered name on BOCs or RETCs to the Group in which the RETCs of 12 units with a total gross floor area of approximately 2,614.51 sq.m. are registered under the staff’s names of the Group; the remaining 1,110 buildings or units with a total gross floor area of approximately 865,956.45 sq.m., we have not been provided with any proper title certificates. 5. Pursuant to various Lease Agreements, portions of the properties with a total site area of approximately 55,319 sq.m. are rented to various independent third parties for various terms at a total annual rental of RMB811,688 for production use. 6. Pursuant to various Tenancy Agreements, portions of the properties with a total gross floor area of approximately 149,582.53 sq.m. are rented to various independent third parties for various terms at a total annual rental of RMB26,460,781.12 for office use. 7. We have been provided with a legal opinion regarding the property interests by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the land use rights of the granted land are legally owned by the Group and the Group has the rights to occupy, use, donate, transfer, lease, mortgage or otherwise dispose of the land use rights of the granted land in accordance with the valid terms stipulated by the LURCs and the PRC laws and without paying any extra payments to the relevant authorities; b) the land use rights of the State-capital-injection land are legally owned by the Group and the Group has the rights to transfer, lease and mortgage the land use rights in compliance with the PRC laws and regulations; c) for the allocated land of which are proposed to be injected into the company, the land use rights of these land are legally owned by the Group and the Group has the rights to transfer, lease and mortgage the land use rights in compliance with the PRC laws and regulations without additionally paying any land premium after obtaining the

IV-19 APPENDIX IV PROPERTY VALUATION

approvals of Ministry of Land and Resource and the State-capital-injection Land Use Rights Certificates. There is no material impediment to obtain these land use rights certificates for the Group; d) the land use rights of the authorized land are legally owned by the Group and the Group is entitled to transfer, lease and mortgage the land use rights in accordance with the PRC laws and regulations; e) for the land of which are contracted to be granted, there will be no impediment to obtain the LURCs for the Group after paying land premium under the grant contracts; and the Group has the legal rights to use these land under the PRC laws and regulations after obtaining the LURCs; f) for the allocated land of which cannot be granted and will be rezoned by local authorities, there would be no adverse material effects and legal risks on the normal operation of the Group; g) for the 7 parcels of leased land, 4 of them with a total site area of approximately 67,762 sq.m. of which the lessors provided with LURCs and can legally be used under the land lease agreements while the remaining 3 parcels of land of which the lessors cannot provide with LURCs, China Railway Engineering Corporation (‘‘CRECG’’) has undertaken to indemnify the Group against any losses, taxes and claims arising from dispute of using the leased land in order to ensure the normal operation of the Group and the aforesaid undertaking is legal, valid and enforceable; and there would be no adverse material effects and legal risks on the normal operation of the Group owing to using the leased land; h) for the buildings or units with BOCs or RETCs, the Group has the rights to transfer, donate, lease, mortgage or otherwise dispose of the buildings or units under the PRC laws without paying any extra costs and expenses to relevant authorities; for the buildings or units of which are being changed registered name on BOCs or RETCs to the Group, there is no material legal impediment to finish the application procedure; for the units of which the RETCs are currently registered under the staff’s names of the Group, the staffs have undertaken the building ownership rights of the units which are owned by the Group and they would unconditionally assist the Group in changing the registered name of the units or transferring the units and the aforesaid undertaking is legal, valid and enforceable; for the units with RETCs purchased by the Group erected on allocated land, the Group has the rights to occupy, use and derive from proceeds of the units but need to pay certain land premium as transferring the units; and for the buildings or units without BOCs or RETCs, CRECG has undertaken to endeavor to apply for these title certificates and to indemnify the Group against any losses and claims arising from the aforesaid application procedures within a year since the incorporation of the Company; and the aforesaid undertaking is legal, valid and enforceable and there would be no adverse material effects and legal risks on the normal operation of the Group and legal disputes owing to these buildings or units without BOCs or RETCs; and i) the land use rights of 19 parcels of land with a total site area of approximately 617,453.55 sq.m. and 10 buildings with a total gross floor area of approximately 121,356.36 sq.m. are subject to mortgages in favour of 6 different banks and a court as security; and CRECG has undertaken to endeavor to release these mortgages before the incorporation of the Company and to indemnify the Group against any losses caused by the existing mortgages after the incorporation of the Company; and the Group can legally occupy, use and derive from the proceeds the land but cannot freely transfer, mortgage and dispose of the land without the consent of mortgagees; save for the aforesaid situation, the remaining properties with relevant title certificates are not subject to any mortgage or any other encumbrances. 8. In the valuation of these properties, we have attributed no commercial value to 1,494 buildings or units without valid title certificate, as well as buildings with BOCs erected on leased land and allocated land, 35 parcels of land contracted to be granted to the Group and 2 parcels of land which are allocated land but cannot be contracted to be granted to the Group. However, for reference purposes, we are of the opinion that the capital value of them (excluding the land) as at the date of valuation would be RMB1,585,757,000 assuming all relevant title certificates had been obtained and they can be freely transferred.

IV-20 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Properties held by the Group’s survey and design services business

Capital value in existing state as at I.F.5.06(8) No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB 2. Various properties held The properties comprise The property is currently 347,849,000 by the Group’s survey 232 buildings or units and various occupied by the Group for and design services structures mainly completed in production, office and other business in the PRC various stages between 1960s and ancillary facilities purposes Interest attributable 2005. except for portions of these to the Group: properties which are rented RMB 327,935,000 The properties have a total gross to various independent third floor area of approximately parties (refer to note 4). 216,466.81 sq.m. Details of the uses and gross floor areas of the properties are listed as follows: No. of Usage Item Area (sq.m.) Office 168 187,593.72 Production 3 1,344.00 Ancillary 39 13,698.17 Others 22 13,830.92 Total: 232 216,466.81 The properties comprise 41 parcels of land with a total site area of approximately 317,930.55 sq.m. for various terms for science research, office, education, residential, public facility and industrial uses. The properties also comprise 3 buildings which are still under construction as at the date of valuation (the ’’CIP building’’).The construction is scheduled to be completed in various stages between December 2007 and May 2008. The total gross floor area of the CIP building upon completion will be approximately 36,023.00 sq.m. The total construction cost is estimated to be approximately RMB 49,873,400, of which approximately RMB 38,467,895 has been paid up to the date of valuation.

IV-21 APPENDIX IV PROPERTY VALUATION

Notes: 1. These properties are held and occupied by the following directly controlled subsidiaries and their subsidiaries of the Company: Interest attributable Company Name to the Group China Railway Engineering Consulting Group Co., Ltd. 88.24% China Railway Major Bridge Reconnaissance & Design Institute Co., Ltd. 64.79% China Railway Northwest Research Institute Co., Ltd. 96.75% China Railway Southwest Research Institute Co., Ltd. 95.89% China Railway Eryuan Engineering Group Co., Ltd. 100% Huatie Engineering Consulting Co., Ltd. 100% 2. Among the 41 parcels of land, 31 parcels of land with a total site area of approximately 279,976.25 sq.m. are granted land with LURCs; a parcel of land with a site area of approximately 4,525.67 sq.m. are State-capital-injection land; 9 parcels of land with a total site area of approximately 33,428.63 sq.m. are contracted to be granted to the Group.

3. Among 232 buildings or units, the Group has obtained valid BOCs or RETCs for 71 buildings or units with a total gross floor area of approximately 97,375 sq.m.; 121 buildings or units with a total gross floor area of approximately 66,866.4 sq.m. with title certificates are being changed the registered name on BOCs or RETCs to the Group in which the RETC of a unit with a gross floor area of approximately 92.79 sq.m. is registered under the staff’s name of the Group; the remaining 40 buildings or units with a total gross floor area of approximately 52,225.41 sq.m, we have not been provided with any proper title certificate. 4. Pursuant to various Tenancy Agreements, portions of the properties with a total gross floor area of approximately 706.8 sq.m. are rented to various independent third parties for various terms at a total annual rental of RMB 109,680 for office use. 5. We have been provided with a legal opinion regarding the property interests by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the land use rights of the granted land are legally owned by the Group and the Group has the rights to occupy, use, donate, transfer, lease, mortgage or otherwise dispose of the land use rights of the granted land in accordance with the valid terms stipulated by the State-owned Land Use Rights Certificates and the PRC laws and without paying any extra payments to the relevant authorities; b) the land use rights of the State-capital-injection land are legally owned by the Group and the Group is entitled to transfer, lease and mortgage the land use rights in accordance with the PRC laws and regulations; c) for the land of which are contracted to be granted, there will be no impediment to obtain the LURCs for the Group after paying land premium under the grant contracts; and the Group has the legal rights to use these land under the PRC laws and regulations after obtaining the LURCs; d) for the buildings or units with BOCs or RETCs, the Group has the rights to transfer, donate, lease, mortgage and otherwise dispose of the buildings or units under the PRC laws without paying any extra costs and expenses to relevant authorities; for the buildings or units of which are being changed registered name on BOCs or RETCs to the Group, there is no material legal impediment to finish the application procedure; for the unit of which the RETC is currently registered under the staff’s name of the Group, the staff has undertaken the building ownership rights of the unit which are owned by the Group and the staff would unconditionally assist the Group in changing the registered name of the units or transferring the units and the aforesaid undertaking is legal, valid and enforceable; and for the buildings or units without BOCs or RETCs, China Railway Engineering Corporation has undertaken to endeavor to apply for these title certificates and to be responsible for any costs, expenses, or claims caused by applying for the BOCs or RETCs, and to indemnify the Group against any losses and claims arising from the aforesaid application procedures within a year since the incorporation of the Company and the aforesaid undertaking is legal, valid and enforceable and there will be no adverse material effects and legal risks on the normal operation of the Group and legal disputes owing to these buildings or units without BOCs or RETCs; and e) the properties with relevant title certificates are not subject to any mortgage or any other encumbrances. 6. In the valuation of these properties, we have attributed no commercial value to 161 buildings or units without valid title certificate, as well as buildings with BOCs erected on the land without LURCs and 9 parcels of land which are contracted to be granted to the Group. However, for reference purposes, we are of the opinion that the capital value of them (excluding the land) as at the date of valuation would be RMB 331,017,000 assuming all relevant title certificates had been obtained and they can be freely transferred.

IV-22 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Properties held by the Group’s engineering equipment and component manufacturing business

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 3. Various properties held The properties comprise The property is currently 831,528,000 by the Group’s 528 buildings or units and various occupied by the Group for engineering equipment structures mainly completed in office and other ancillary and component various stages between 1970s and facilities purposes except for Interest attributable manufacturing business 2006. portions of the properties to the Group: in the PRC which are rented to various RMB 820,845,000 The properties have a total gross independent third parties floor area of approximately (refer to note 4). 559,411.93 sq.m. Details of the uses and gross floor areas of the properties are listed as follows:

No. of Usage Item Area (sq.m.) Office 85 77,230.14 Production 156 337,487.95 Ancillary 232 96,253.34 Others 55 48,440.50 Total: 528 559,411.93 The properties comprise 24 parcels of land with a total site area of approximately 1,273,416.73 sq.m. for various terms for industrial and commercial uses. The properties also comprise 2 buildings and various structures which are still under construction as at the date of valuation (the ’’CIP building’’).The construction is scheduled to be completed in various stages between November 2007 and December 2007. The total gross floor area of the CIP building upon completion will be approximately 359,546 sq.m. The total construction cost is estimated to be approximately RMB 13,931,000, of which approximately RMB13,215,002 has been paid up to the date of valuation

IV-23 APPENDIX IV PROPERTY VALUATION

Notes: 1. These properties are held and occupied by the following directly controlled subsidiaries and their subsidiaries of the Company: Interest attributable Company Name to the Group China Railway Shanhaiguan Bridge Group Co., Ltd. 100% China Railway Heavy Machinery Co., Ltd. 100% China Railway Turnout & Bridge Co., Ltd. 91.911% China Railway Engineering Machinery Research & Design Institute Co., Ltd 92.77% China Railway Baoji Machinery Co. Ltd. 94.17% 2. Among the 24 parcels of land, 6 parcels of land with a total site area of approximately 311,268.66 sq.m. are granted land with LURCs; 4 parcels of land with a total site area of approximately 41,773.29 sq.m. are allocated land, the land use rights of which are proposed to be injected into the Company as injected capital in reorganization (‘‘State-capital-injection Land’’); 13 parcels of land with a total site area of approximately 914,927.38 sq.m. is State-capital-injection land; and the remaining a parcel of land with a site area of approximately 5,447.4sq.m. is allocated land but cannot be contracted to be granted to the Group as the parcel of land will be rezoned by the local authorities. 3. Among 528 buildings or units, the Group has obtained valid BOCs or RETCs for 384 buildings or units with a total gross floor area of approximately 478,504.48 sq.m.; 35 buildings or units with a total gross floor area of approximately 34,999.46 sq.m. are being changed the registered name on BOCs or RETCs to the Group; for the remaining 109 buildings or units with a total gross floor area of approximately 45,907.99 sq.m., we have not been provided with any title certificate. 4. Pursuant to various Tenancy Agreements, portions of the properties with a total gross floor area of approximately 706.8 sq.m. are rented to various independent third parties for various terms at a total annual rental of RMB 109,680 for office use. 5. We have been provided with a legal opinion regarding the property interests by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the land use rights of the granted land are legally owned by the Group and the Group has the rights to occupy, use, donate, transfer, lease, mortgage or otherwise dispose of the land use rights of the granted land in accordance with the valid terms stipulated by the LURCs and the PRC laws and without paying any extra payments to the relevant authorities; b) for the allocated land of which is proposed to be injected into the Company, the land use rights of these land are legally owned by the Group and the Group has the rights to transfer, lease and mortgage the land use rights in compliance with the PRC laws and regulations without additionally paying any land premium after obtaining the approvals of Ministry of Land and Resource and the State-capital-injection Land Use Rights Certificates. There is no material impediment to obtain these land use rights certificates for the Group; c) the land use rights of the State-capital-injection land are legally owned by the Group and the Group has the rights to transfer, lease and mortgage the land use rights in compliance with the PRC laws and regulations; d) for the allocated land of which cannot be granted and will be rezoned by local authorities, there would be no adverse material effects and legal risks on the normal operation of the Group; e) for the buildings or units with BOCs or RETCs, the Group has the rights to transfer, donate, lease, mortgage and I.F.5.09 otherwise dispose of the buildings under the PRC laws without paying any extra costs and expenses to relevant authorities; for the buildings or units of which are being changed registered name on BOCs or RETCs to the Group, there PN12-5.2 is no material legal impediment to finish the application procedure; and for the buildings or units without BOCs or PN12-7 RETCs, China Railway Engineering Corporation (‘‘CRECG’’) has undertaken to endeavor to apply for these title certificates and to indemnify the Group against any losses and claims arising from the aforesaid application procedures within a year since the incorporation of the Company; and the aforesaid undertaking is legal, valid and enforceable and there will be no adverse material effects and legal risks on the normal operation of the Group and legal disputes owing to these buildings or units without BOCs or RETCs; and f) according to various mortgage contracts, 4 parcels of land with a total site area of approximately 572,703.45 sq.m., and 39 buildings with a total gross floor area of approximately 201,239.54 sq.m. are subject to mortgages in favour of various banks as security and CRECG has undertaken to endeavor to release these mortgages before the incorporation of the Company and to indemnify the Group against any losses caused by the existing mortgages after the incorporation of the Company; and the Group can legally occupy, use and derive from the proceeds of the 4 parcels of land and 39 buildings but cannot freely transfer, mortgage and dispose of them without the consent of mortgagees; save for the aforesaid situation the remaining properties with relevant title certificates are not subject to any mortgage or any other encumbrances. 6. In the valuation of these properties, we have attributed no commercial value to 144 buildings or units without valid title certificate, as well as buildings with BOCs erected on the land without LURCs and a parcel of land which is allocated land but cannot be contracted to be granted to the Group. However, for reference purposes, we are of the opinion that the capital value of them (excluding the land) as at the date of valuation would be RMB66,207,000 assuming all relevant title certificates had been obtained and they can be freely transferred.

IV-24 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Properties held by the Group’s other business

Capital value in existing state as at I.F 5.06(8) No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB 4. Various properties held The properties comprise 45 buildings or The properties are 309,221,000 by the Group’s other units and various structures mainly currently occupied by business in the PRC completed in various stages between the Group for office, 1990s and 2005. storage and other Interest attributable to ancillary facilities the Group: The properties have a total gross floor areapurposes except for RMB 285,547,000 of approximately 53,938.96 sq.m. Details the portions of the of the uses and gross floor areas of the property which are properties are listed as follows: rented to various independent third No. of parties (refer to Usage Item Area (sq.m.) notes 4 and 5). Office 15 17,739.58 Production 5 7,628.95 Ancillary 9 5,978.23 Others 16 22,592.20 Total: 45 53,938.96

The properties also comprise 12 parcels of land with a total site area of approximately 577,660.74 sq.m. for various terms for industrial and commercial uses.

Notes: 1. These properties are held and occupied by the following directly controlled subsidiaries and their subsidiaries of the Company: Interest attributable Company Name to the Group Equity Trust Co., Ltd. 68.8% China Railway Chengchengyuan Financial Service Co., Ltd. 100% Turnout & Bridge Development Co., Ltd. 100% 2. Pursuant to various LURCs, 12 parcels of land with a total site area of approximately 577,660.74 sq.m. are granted land with LURCs. 3. Among 45 buildings or units, the Group has obtained valid BOCs or RETCs for 14 buildings or units with a total gross floor area of approximately 6,721.89 sq.m.; 14 buildings or units with a total gross floor area of approximately 30,315.13 sq.m. are being changed the registered name on BOCs or RETCs to the Group, in which the RETCs of 3 units with a total gross floor area of approximately 541.86 sq.m. are registered under the staff’s names of the Group; and for the remaining 17 buildings or units with a total gross floor area of approximately 16,901.94 sq.m., we have not been provided with any title certificate. 4. Pursuant to various Lease Agreements, portions of the properties with a total site area of approximately 518,831.08 sq.m. are rented to China Railway Baoji Machinery Co., Ltd., a 94.17% owned subsidiary of the Company, and various independent third parties for various terms at a total annual rental of RMB 3,866,081.5 for production purpose. 5. Pursuant to various Tenancy Agreements, portions of the properties with a total gross floor area of approximately 7,060.55 sq.m. are rented to various independent third parties for various terms at a total annual rental of RMB1,304,000 for office use.

IV-25 APPENDIX IV PROPERTY VALUATION

6. We have been provided with a legal opinion regarding the property interests by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the land use rights of the granted land are legally owned by the Group and the Group has the rights to occupy, use, donate, transfer, lease, mortgage or otherwise dispose of the land use rights of the granted land in accordance with the valid terms stipulated by the LURCs and the PRC laws and without paying any extra payments to the relevant authorities; b) for the buildings or units with BOCs or RETCs, the Group has the rights to transfer, donate, lease, mortgage and otherwise dispose of the buildings under the PRC laws without paying any extra costs and expenses to relevant authorities; for the buildings or units of which are being changed the registered name on BOCs or RETCs to the Group, there is no material legal impediment to finish the application procedure; for the units of which the RETCs are currently registered under the staff’s names of the Group, the staffs have undertaken the building ownership rights of the units which are owned by the Group and they would unconditionally assist the Group in changing the registered name of the units or transferring the units and the aforesaid undertaking is legal, valid and enforceable; and for the buildings or units without BOCs or RETCs, China Railway Engineering Corporation has undertaken to endeavor to apply for these title certificates and to indemnify the Group against any losses and claims arising from the aforesaid application procedures within a year since the incorporation of the Company; and the aforesaid undertaking is legal, valid and enforceable and there will be no adverse material effects and legal risks on the normal operation of the Group and legal disputes owing to these buildings or units without BOCs or RETCs; c) the properties with relevant title certificates are not subject to any mortgage or any other encumbrances. 7. In the valuation of these properties, we have attributed no commercial value to 31 buildings or units without valid title I.F.5.09 certificate. However, for reference purposes, we are of the opinion that the capital value of them (excluding the land) as at the PN12-5.2 date of valuation would be RMB53,790,000 assuming all relevant title certificates had been obtained and they can be freely transferred. PN12-7

IV-26 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE Properties held by the Company

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB 5. Various properties held The properties comprise 3 office units The properties are No commercial value by the Company in the completed in various stages between 1993 currently occupied by PRC and 1996. the Company for office purpose. The properties have a total gross floor area of approximately 1,685.53 sq.m.

Note: 1. Among 3 office units, an office unit with a gross floor area of approximately 629.53sq.m. with title certificate is being changed the registered name on RETCs to the Group; and the remaining 2 office units with a total gross floor area of approximately 1,056sq.m., no proper title certificate is provided by the Group. 2. We have been provided with a legal opinion regarding the property interests by the Company’s PRC legal advisers, which contains, inter alia, the following: a) for the unit of which is being changed the registered name on RETC to the Group, there is no material legal impediment to finish the application procedure; and for the units without RETCs, China Railway Engineering Corporation has undertaken to endeavor to apply for these title certificates and to be responsible for any costs, expenses or claims caused by applying for the RETCs, and to indemnify the Group against any losses and claims arising from the aforesaid application procedures within a year since the incorporation of the Company and the aforesaid undertaking is legal, valid and enforceable and there will be no adverse material effects and legal risks on the normal operation of the Group and legal disputes owing to these units without RETCs. 3. In the valuation of the properties, we have attributed no commercial value to the 3 units without valid title certificate. However, for reference purposes, we are of the opinion that the capital value of the properties as at the date of valuation would be RMB9,961,000 assuming all relevant title certificates had been obtained and they can be freely transferred.

IV-27 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Group II — Property interests held and occupied by the Group in overseas countries

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 6. Various properties The properties comprise 11 parcels of land The properties are 177,602,000 owned by the Group in with a total site area of approximately currently occupied by South Africa, Cote 397,849.19 sq.m. and 10 various buildings the Group for office, d’ivoire, Mali, completed in various stages between 1994 production and Interest attributable to Botswana, Kenya, and 2006. ancillary facilities the Group: Nigeria and Papua New purposes. RMB 150,509,000 Guinea The buildings have a total gross floor area of approximately 86,413.07 sq.m.

The buildings mainly include office buildings, dormitory buildings and workshops, etc.

Notes 1. The exchange rates adopted in our valuation for the properties in US$1 = XOF463 = BWP1, RMB1 = NGN17 = KES8.5447 = ZAR1.2 and RMB7.5 = US$1, which were approximately the prevailing exchange rates as at the date of valuation.

IV-28 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Group III — Property interests held for sale by the Group in the PRC

Properties held by the Group’s infrastructure construction business

Capital value in existing state as at I.F 5.06(8) No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB 7. 2 commercial units of The property comprises 2 unsold commercial As at the date of 19,846,000 Tianhua Mansion units with a total saleable gross floor area of valuation, the property No. 241 approximately 2,450.09 sq.m. within Tianhua is held by the Group Interest attributable to the Group: Beijing Road Mansion completed in 2001. for sale and currently Guiyang City is leased to an RMB 19,846,000 Guizhou ProvinceThe property is held under the land use rights independent third The PRCfor a term of 50 years expiring on 31 May party (refer to note 3). 2051 for commercial and residential uses.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Yu Deng (2001)Zi Di No. 173 ( ), the land use rights of a parcel of land with a site area of approximately 2,116 sq.m. were granted to the Group for a term of 50 years expiring on 31 May 2051 for commercial and residential uses. 2. Pursuant to 2 Building Ownership Certificates — Zhu Fang Quan Zheng Yun Zi Di Nos. 010016257 and 010023366 ( ), the Group has obtained the building ownership rights for the property with a total gross floor area of approximately 2,450.09 sq.m. 3. Pursuant to a Building Tenancy Agreement, the property is leased to an independent third party for a term of 8 years commencing from 30 April 2004 and expiring on 30 April 2012 at a total rent of whole lease term of RMB 12,100,000. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Tianhua Mansion in compliance with the PRC laws and regulations; and the development and pre-sale are legal and valid; and d) the property is not subject to any mortgage.

IV-29 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 8. 6 commercial units of The property comprises 6 unsold commercial As at the date of 8,739,000 Shifu Garden located at units within Shifu Garden completed in 2003. valuation, the property Beijing Road is vacant and held by Interest attributable Kaili CityThe property has a total saleable gross floor the Group for sale. to the Group: Guizhou Province area of approximately 2,496.84 sq.m. RMB 8,739,000 The PRC The property is held under the land use rights for a term of 70 years expiring on 18 September 2072 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Kai Shi Guo Yong (2002) Zi Di No. 03836 ( ), the land use rights of a parcel of land with a site area of approximately 15,017.2 sq.m. were granted to the Group for a term of 70 years expiring on 18 September 2072 for residential use. 2. Pursuant to 9 Real Estate Register Certificates — Kai Fang (2004) Shang Zi Di Nos.40 to 47 and Kai Fang (2005) Shang Zi Di No. 12 ( , the property has been approved to be sold by relevant local authorities. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Shifu Garden in compliance with the PRC laws and regulations; and the development and pre-sale are legal and valid; and d) the property is not subject to any mortgage.

IV-30 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 9. Unsold portions of The property comprises 3 blocks of 8-storey As at the date of 66,390,000 Phases I and II of residential building and 3 blocks of 6-storey valuation, the property Bailu City Garden residential building within Bailu City Garden is vacant and held by Interest attributable located at Houba completed in 2007. the Group for sale. to the Group: Qianlin Town RMB 66,390,000 Yunyan District Bailu City Garden is a residential estate which Guiyang City includes an unsold portion, the portion under Guizhou Province construction (property no.23) and the portion The PRC of land for future development (property no.49).

The property has a total saleable gross floor area of approximately 23,710.6 sq.m. The property is held under the land use rights for a term of 50 years expiring on 25 August 2054 for commercial residential uses.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Zhu Yu Deng (2004) Zi Di No. 113 ( ), the land use rights of a parcel of land with a site area of approximately 201,356.3 sq.m. were granted to the Group for a term of 50 years expiring on 25 August 2054 for commercial residential uses. The land also includes portions of the land of properties nos. 23 and 49. 2. Pursuant to 3 Real Estate Pre-sale Permits — (2006) Zhu Shang Fang Yu Zi Di Nos. 009, 112 and 096 ((2006) ), the 6 blocks of residential building with a total gross floor area of approximately 25,728.91 sq.m. have been approved to be pre-sold by the relevant local authorities. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Phases I and II of Bailu City Garden in compliance with the PRC laws and regulations; and the development and pre-sale are legal and valid; and d) the property is not subject to any mortgage.

IV-31 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 10. Unsold portions of The property comprises 106 unsold residential As at the date of 106,040,000 Xingyuewan Area units, 47 commercial units and an valuation, the property No. 168 Dahuang Road underground carport within Xingyuewan Area is vacant and held by Interest attributable Yuzhong District (a residential estate) completed in about the Group for sale. to the Group: Chongqing 2007. RMB 53,020,000 The PRC The property has a total saleable gross floor area of approximately 18,534.47 sq.m. The property is held under the land use rights for terms of 40 years expiring on 14 September 2044 for commercial use and 50 years expiring on 14 September 2054 for residential use.

Notes: 1. Pursuant to 3 State-owned Land Use Rights Certificates — 100 Fang Di Zheng 2005 Zi Di Nos. 00836 to 00838 ( ), the land use rights of a parcel of land with a total site area of approximately 21,038 sq.m. were granted to the Group for terms of 40 years expiring on 14 September 2044 for commercial use and 50 years expiring on 14 September 2054 for residential use. 2. Pursuant to a Real Estate Pre-sale Permit — Yu Guo Tu Fang Guan (2006) Yu Zi Di No. 276 ( ), the property has been approved to be pre-sold by the relevant local authorities (save and except the underground carport). 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Xingyuewan Area in compliance with the PRC laws and regulations; and the development and pre-sale are legal and valid; and d) the property is not subject to any mortgage.

IV-32 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 11. Unsold portions of The property comprises 60 unsold As at the date of 109,988,000 Bei’an Gongguan residential units, 35 commercial units and valuation, the property located at 112 car parking spaces together with is vacant and held by Interest attributable Beibinhe West Road ancillary facilities within Bei’an Gongguan the Group for sale. to the Group: Anning District completed in about 2006. RMB 109,988,000 Lanzhou City Gansu Province Bei’an Gongguan is a residential estate. The PRC The property has a total saleable gross floor area of approximately 22,034.12 sq.m., the details of which are shown as follows: Use Area (sq.m.)

Residential 9,616.89 Commercial 6,697.78 Car parking spaces 4,034.92 Other 1,684.53 Total: 22,034.12 The property is held under the land use rights for a term of 50 years expiring on 7 July 2054 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Lan Guo Yong (2004) Di No. A0389 ( ), the land use rights of a parcel of land, with a site area of approximately 50,352.3 sq.m. were granted to the Group for a term of 50 years expiring on 7 July 2054 for residential use. 2. Pursuant to 2 Real Estate Pre-sale Permits — (Lan Jing Fang Yu Zi (2005) Di Nos.011-1 and 001-2 ( )), the aforesaid buildings of the property have been approved to be pre-sold by the relevant local authorities. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Bei’an Gongguan in compliance with the PRC laws and regulations; and the development and pre-sale are legal and valid; and d) the property is not subject to any mortgage.

IV-33 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 12. Unsold portions of Phase I The property comprises 12 unsold residential As at the date of 98,646,000 of Xinglong City Garden units and 7 commercial units within Phase I valuation, the property Interest attributable No. 57 Lijiang Road of Xinglong City Garden completed in various is held by the Group to the Group: Xiaohe District stages between 2002 and 2003. for sale and portions of RMB 98,646,000 Guiyang City the property are leased Phase I of Xinglong City Garden is a Guizhou Province to various independent residential estate. The PRC third parties (refer to The property has a total saleable gross floor note 3) and the area of approximately 72,257.16 sq.m. remaining portions are vacant. The property is held under the land use rights for a term of 50 years expiring on 4 September 2050 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Zhu Jing Kai Yu Deng 2000 Zi Di No 013 , the land use rights of a parcel of land, with a total site area of approximately 469,643.3 sq.m. were granted to the Group for a term of 50 years expiring on 4 September 2050 for residential use. 2. Pursuant to 7 Building Ownership Certificates — Zhu Fang Quan Zheng Xiao He Zi Di Nos. 13000928 and 19730 to 19735 ( ), the Group has obtained the building ownership rights for the property. 3. Pursuant to various Building Tenancy Agreements, portions of the property with a total gross floor area of approximately 13,915.14 sq.m. are leased to various independent third parties for various terms with the latest expiring date on 31 August 2022 at a total annual rental of RMB 676,770.66. 4. We have been provided with a legal opinion regarding the property interests by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Phase I of Xinglong City Garden in compliance with the PRC laws and regulations; and the development and pre-sale are legal and valid; and d) the property is not subject to any mortgage.

IV-34 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 13. Unsold portions of The property comprises 48 unsold commercial As at the date of 29,176,000 Haowangjiao units and 171 car parking spaces within valuation, the property Interest attributable International Mansion . Haowangjiao International Mansion completed in is vacant and held by to the Group: No.55 Chaofeng Road 2007. the Group for sale. RMB 29,176,000 Economy and Technology Haowangjiao International Mansion is a Development Zone residential estate. Zhengzhou City Henan Province The property has a total saleable gross floor area The PRC of approximately 9,665.20 sq.m., the details of which are shown as follows: Use Area (sq.m.)

Commercial 2,715.10 Car parking spaces 6,950.10 Total: 9,665.20 The property is held under the land use rights for a term of 70 years expiring on 24 June 2068 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Zheng Guo Yong (2005) Zi Di No. 0100 ( ), the land use rights of a parcel of land, with a site area of approximately 23,024.6 sq.m. were granted to the Group for a term of 70 years expiring on 24 June 2068 for residential use. 2. Pursuant to a Real Estate Pre-sale Permit — Zheng Fang Guang Yu Zi Di No. D0091 ( ), the aforesaid commercial units and car parking spaces have been approved to be pre-sold by the relevant local authorities. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Haowangjiao International Mansion in compliance with the PRC laws and regulations; and the development and pre- sale are legal and valid; and d) the property is not subject to any mortgage.

IV-35 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 14. Unsold portions of The property comprises 25 unsold As at the date of 12,828,000 Jiuju Lantian Yuan located at commercial units within Jiuju Lantian valuation, the property Wenzhi Li Yuan completed in 2006. is vacant and held by Interest attributable Linghe District the Group for sale. to the Group: Jinzhou City Jiuju Lantian Yuan is a residential estate. RMB 12,828,000 Liaoning Province The property has a total saleable gross The PRC floor area of approximately 4,175.41sq.m. The property is held under the land use rights for terms of 40 years expiring on 1 September 2043 for commercial use and 70 years expiring on 1 September 2073 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of approximately 8,507.8 sq.m. were contracted to be granted to the Group for terms of 40 and 70 years for commercial and residential uses at a consideration of RMB4,500,000. 2. Pursuant to a State-owned Land Use Rights Certificate — Jin Zhou Guo Yong(2004)Zi Di No.000078 ( ), the land use rights of a parcel of land, with a site area of approximately 8,507.8sq.m. were granted under the former name of , a 100% interest owned subsidiary of the Company, for terms of 40 years expiring on 1 September 2043 for commercial use and 70 years expiring on 1 September 2073 for residential use respectively. 3. Pursuant to a Real Estate Pre-sale Permit — (Jin) Fang Yu Shou Zheng Di No.050013 ( ), the aforesaid buildings of the property have been approved to be pre-sold by the relevant local authorities. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Jiuju Lantian Yuan in compliance with the PRC laws and regulations; and the development and pre-sale are legal and valid; and d) the property is not subject to any mortgage.

IV-36 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 15. Unsold portions of The property comprises 266 unsold residential As at the date of 109,461,000 Phase II of units, a commercial unit and 384 car parking valuation, the property Xinglong City Garden spaces within Phase II of Xinglong City is vacant and held by Interest attributable No 57 Lijiang Road Garden completed in 2006. the Group for sale. to the Group: Xiaohe District RMB 109,461,000 Guiyang City Phase II of Xinglong City Garden is a Guizhou Province residential estate which includes the portion The PRC for sale, the portion under construction (property no. 29) and the portion of the land for future development (property no. 63).

The property has a total saleable gross floor area of approximately 48,926.90sq.m. the details of which are shown as follows: Use Area (sq.m.)

Residential 34,529.40 Commercial 341.00 Car parking spaces 14,056.50 Total: 48,926.90 The property is held under the land use rights for a term of 50 years expiring on 4 August 2054 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of approximately 286,133 sq.m. were contracted to be granted to the Group for a term of 50 years for residential use at a consideration of RMB24,321,305. 2. Pursuant to a State-owned Land Use Rights Certificate — Zhu Jing Kai Yu Deng (2005) Zi Di No.02 ( ), the land use rights of a parcel of land, with a site area of approximately 286,133sq.m. were granted to the Group for a term of 50 years expiring on 4 August 2054 for residential use. The land also includes portions of properties nos. 29 and 63. 3. Pursuant to 2 Real Estate Pre-sale Permits — (2005) Zhu Shang Fang Yu Zi No. 100 and (2005) Zhu Shang Fang Yu Zi No. 077, the property has been approved to be pre-sold by the relevant local authorities. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Phase II of Xinglong City Garden in compliance with the PRC laws and regulations; and the development and pre-sale are legal and valid; and d) the property is not subject to any mortgage.

IV-37 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 16. Unsold portions of The property comprises 7 unsold commercial As at the date of 167,721,000 Xinglong Zhujiang units, 138 residential units and 747 car valuation, the property Wan Pan parking spaces within Xinglong Zhujiang Wan is vacant and held by Interest attributable No.8 Zhujiang Road Pan completed in January 2007. the Group for sale. to the Group: Xiaohe District RMB 167,721,000 Guiyan City Xinglong Zhujiang Wan Pan is a residential Guizhou Province estate which includes the portion for sale, the The PRC portion under construction (property no. 30) and the portion of the land for future development (property no. 64).

The property has a total saleable gross floor area of approximately 55,653.97sq.m., the details of which are shown as follows: Use Area (sq.m.)

Residential 20,169.13 Commercial 11,588.61 Car parking spaces 23,896.23 Total: 55,653.97 The property is held under the land use rights for a term of 50 years expiring on 9 January 2054 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of 421,136 sq.m. were contracted to be granted to the Group for a term of 50 years for residential use at a consideration of RMB210,000,000. 2. Pursuant to a State-owned Land Use Rights Certificate — Zhu Jing Kai Yu Deng (2004) Zi Di No.06 ( ), the land use rights of a parcel of land, with a site area of approximately 421,136sq.m. were granted to the Group for a term of 50 years expiring on 9 January 2054 for residential use. The land also includes portions of properties nos. 30 and 64. 3. Pursuant to 2 Real Estate Pre-sale Permits — (2006)Zhu Shang Fang Yu Deng Di No.031 and (2005)Zhu Shang Fang Yu Deng Di No.134 ( ), the property has been approved to be pre-sold by the relevant local authorities. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Xinglong Zhujiang Wan Pan in compliance with the PRC laws and regulations; and the development and pre-sale are legal and valid; and d) the property is not subject to any mortgage.

IV-38 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 17. Unsold portions of The property comprises 346 unsold residential As at the date of 292,936,000 Easy City Garden units, 9 commercial units and 98 car parking valuation, the property located at spaces within Easy City Garden completed in is vacant and held by Interest attributable Yingbin Road Lirendong April 2006. the Group for sale. to the Group: Village Nancun Town RMB 219,702,000 Panyu District Easy City Garden is a residential estate which Guangzhou City includes the portion for sale and the portion Guangdong Province under construction (property no. 51). The PRC The property has a total saleable gross floor area of approximately 45,487.04sq.m., the details of which are shown as follows: Use Area (sq.m.)

Residential 42,853.55 Commercial 466.22 Carparking 2,167.27 Total: 45,487.04 The property is held under the land use rights for a term of 70 years expiring on 12 December 2062 for commercial and residential uses.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Pan Fu Guo Yong (2002)Zi Di No.G05-000209 ( ), the land use rights of the parcel of land, with a site area of approximately 120,705.3sq.m. were granted to the Group for a term of 70 years expiring on 12 December 2062 for commercial and residential uses. The land also includes the portion of property no.51. 2. Pursuant to 12 Real Estate Pre-sale Permits — Pan Yu Yu Xu Zi Di 20040050 to 20040054, 20050266, 20060183, 20050267, 20050268, 20060182, 20060118 and 20060119 ( , 20050266, 20060183, 20050267, 20050268, 20060182, 20060118 ), the property has been approved to be pre-sold by the relevant local authorities. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Easy City Garden in compliance with the PRC laws and regulations; and the development and pre-sale are legal and valid; and d) the property is not subject to any mortgage.

IV-39 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 18. Unsold portions of The property comprises 50 unsold residential As at the date of 16,738,000 Bihai Garden located at units within Bihai Garden completed in April valuation, the property Jingyang Avenue 2004. is vacant and held by Interest attributable Jinyang New District the Group for sale. to the Group: Guiyang City Bihai Garden is a residential estate. RMB 16,738,000 Guizhou Province The property has a total saleable gross floor The PRC area of approximately 3,542.05sq.m. The property is held under the land use rights for a term of 70 years expiring on 12 December 2062 for commercial and residential uses.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Qian Zhu Gao Xin Guo Yong (2006) Di No.270 ( ), the land use rights of a parcel of land, with a site area of approximately 3,766.98sq.m. were granted to the Group for a term of 70 years expiring on 12 December 2062 for commercial and residential uses. 2. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Bihai Garden in compliance with the PRC laws and regulations; and the development is legal and valid; and d) the property is not subject to any mortgage.

IV-40 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 19. Unsold portions of The property comprises various unsold As at the date of 58,139,000 Jinsha Suiyue residential units and 136 car parking spaces valuation, the property No.18 Jin Ping South Road within Jinsha Suiyue completed in June is vacant and held by Interest attributable Qing Yang District 2006. the Group for sale. to the Group: Chengdu City RMB 58,139,000 Sichuan Province The property has a total saleable gross floor The PRC area of approximately 7,406.76sq.m., the details of which are shown as follows: Use Area (sq.m.)

Residential 3,635.28 Car parking spaces 3,771.48 Total: 7,406.76 The property is held under the land use rights for a term of 70 years for commercial and residential uses.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Cheng Guo Yong (2005) Di No.631 ( ), the land use rights of a parcel of land, with a site area of approximately 8,664.64sq.m. were granted to the Group for a term of 70 years for commercial and residential uses. 2. Pursuant to a Building Ownership Certificate — Cheng Fang Quan Zheng Jian Zheng Zi Di No.1534416 ( ), the Group has obtained the building ownership rights of the property with a total gross floor area of approximately 7,424.76 sq.m. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Jinsha Suiyue in compliance with the PRC laws and regulations; and the development is legal and valid; and d) the property is not subject to any mortgage.

IV-41 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 20. Unsold portions of The property comprises 7 unsold residential As at the date of 40,651,000 Phase I of Shujun units with a total saleable gross floor area of valuation, the property located at approximately 2,688.4sq.m.and 431 car is vacant and held by Interest attributable Fulong Village parking spaces within Phase I of Shujun the Group for sale. to the Group: Huayang Town completed in May 2007. RMB 16,830,000 Shuangliu County Chengdu City The property is held under the land use rights Sichuan Province for a term of 70 years expiring on 26 August The PRC 2074 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Shung Guo Yong (2006) Di No.00761 ( ), the land use rights of the parcel of land, with a site area of approximately 81,064.07sq.m. were granted to the Group for a term of 70 years expiring on 26 August 2074 for residential use. 2. Pursuant to 4 Real Estate Pre-sale Permits — Shuang Fang Yu Shou Zi Di Nos. 6033, 6049, 6065 and 6076 ( ), the property has been approved to be pre-sold by the relevant local authorities. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights relating to the property; b) the Group has the legal rights to occupy, use, transfer and mortgage the property; c) the Group has obtained all requisite approvals from relevant authorities for the construction and pre-sale of Phase I of Shujun in compliance with the PRC laws and regulations; and the development and pre-sale are legal and valid; and d) the property is not subject to any mortgage.

IV-42 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE Group IV — Property interests held under development by the Group in the PRC Property held by the Group’s infrastructure construction business

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 21. Phase I of Longjun The property comprises a parcel of land with As at the date of 307,319,000 Mansion located at a site area of approximately 139,521.95 sq.m. valuation, the property Lishizi Road on which are being constructed 13 blocks of is under construction Interest attributable Dazhou City residential building together with ancillary to the Group: Sichuan Province facilities. RMB 79,519,000 The PRC As advised by the Group, the development is scheduled to be completed at the end of November 2007. The total planned gross floor area upon completion will be approximately 143,193.29 sq.m. The estimated development cost to completion for the property is about RMB346,450,000, of which about RMB229,215,036 was incurred up to the date of valuation. The land use rights of the property were granted for a term of 50 years expiring on 10 April 2056 for residential use. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB354,944,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Da Guo Yong (2006) Di No. 01994 ( ), the land use rights of the property with a site area of approximately 139,521.95 sq.m. were granted to the Group for a term of 50 years expiring on 10 April 2056 for residential use. 2. Pursuant to 2 Construction Work Planning Permits — Da Jian Gui 2005-43-1 and 2005-43( ), 13 blocks of building of the property with a total gross floor area of approximately 143,193.29 sq.m. have been approved for construction. 3. Pursuant to a Construction Commencement Permit — No. 513001200606290101, permission by the relevant local authorities have been given to commence the construction of the property. 4. Pursuant to a Mortgage Agreement entered into between Daxian Branch, Industrial and Commercial Bank of China Limited and , an indirectly controlled subsidiary of the Company, the land use rights of portion of the land with a site area of approximately 69,760.98 sq.m. under the LURC stated in note 1 were subject to a mortgage. 5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property; b) the Group has obtained all requisite construction approvals in respect of the construction and the development of the property are legal and valid; and c) the Group can legally occupy, use and derive from the proceeds of the land but cannot freely transfer, mortgage and dispose of the land without the consent of the mortgagee.

IV-43 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 22. Portions of Phases I and The property comprises 5 parcels of land with As at the date of 415,188,000 II of Sun International a total site area of approximately 129,708.3 valuation, the property City located at the sq.m. on which are being constructed 40 is under construction. Interest attributable southern side of blocks of building together with ancillary to the Group: Dongshan East Road facilities. RMB 290,632,000 Tianjia’an District Huainan City Sun International City is a residential estate Anhui Province which includes the portion under construction The PRC and the portion for future development (property no. 48).

As advised by the Group, the development is scheduled to be completed in December 2008. The total planned gross floor area upon completion will be approximately 248,531.00 sq.m., the details of which are shown as follows: Use Area (sq.m.)

Residential 195,204.80 Retail 9,123.46 Car parking spaces 26,680.00 Others 17,522.74 Total: 248,531.00 The estimated development cost to completion for the property is about RMB525,662,200, of which about RMB169,059,327 was incurred up to the date of valuation. The land use rights of the property were granted for a term of 50 years expiring on 5 May 2048 for composite use. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB599,900,000.

Notes: 1. Pursuant to 5 State-owned Land Use Rights Certificates — Huai Guo Yong (98) Zi Di Nos.003113 to 003116 and 030051 ( ), the land use rights of the property with a total site area of approximately 129,708.3 sq.m. were granted to the Group for a term of 50 years expiring on 5 May 2048 for composite use. The land also includes the portion of property no.48. 2. Pursuant to 3 Construction Work Planning Permits — Huai Cheng Gui Jian Xu (2006) No. 55 and (2007) Nos. 9 and 55 ( ), 30 blocks of building of the property with a total gross floor area of approximately 140,800 sq.m. have been approved for construction. 3. Pursuant to 7 Construction Commencement Permits — Nos. 040306080067, 040306080068, 040307070065, 040307030027, 040307090073, 040307040028 and 040307050035, permissions by the relevant local authorities have been given to commence the construction of the property.

IV-44 APPENDIX IV PROPERTY VALUATION

4. Pursuant to 8 Real Estate Pre-sale Permits — (Huai) Fang Yu Shou Zheng Di Nos.2006054, 2006055, 2006084 to 2006086 and 2007093 to 2007095( 2006054, 2006055, 2006084-2006086 2007093 2007095 ), the aforesaid buildings of the property have been approved to be pre-sold by the relevant local authorities. 5. As advised by the Company, 290 units of the property with a total gross floor area of approximately 36,391.48 sq.m. have been contracted to be sold to various parties with a total consideration of RMB90,760,072.10. Capital value in respect of this portion of the property is stated at total consideration aforesaid, and also is included in our valuation report. 6. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sale of the property; and the development and pre-sale of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

IV-45 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 23. Fengdan Bailu City The property comprises a portion of a parcel As at the date of 103,854,000 Garden located at of land with a site area of approximately valuation, the property Houba Qianlin Town 201,356.3 sq.m. on which are being is under construction. Interest attributable Yunyan District constructed 4 blocks of residential building to the Group: Guiyang City together with ancillary facilities. RMB 103,854,000 Guizhou Province The PRC Fengdan Bailu City Garden is a residential estate which includes an unsold portion (property no. 9), the portion under construction and the portion of land for future development (property no. 49). As advised by the Group, the development is scheduled to be completed in various stages between 2007 and 2009. The total planned gross floor area upon completion will be approximately 65,044.48 sq.m., the details of which are shown as follows: Use Area (sq.m.)

Residential 63,105.48 Ancillary 1,939.00 Total: 65,044.48 The estimated development cost to completion for the property is about RMB129,427,931.53, of which about RMB88,575,999.88 was incurred up to the date of valuation. The property is held under the land use rights for a term of 50 years expiring on 25 August 2054 for commercial and residential uses. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB170,707,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the land with a site area of 206,804.2 sq.m. were contracted to be granted to the Group for a term of 50 years for commercial, residential and educational uses at consideration of RMB10,580,000. This land also includes portions of properties nos. 9 and 49. 2. Pursuant to a State-owned Land Use Rights Certificate — Zhu Yu Deng (2004) Zi Di No. 113 ( ), the land use rights of a parcel of land, with a site area of approximately 201,356.30 sq.m. were granted to the Group for a term of 50 years expiring on 25 August 2054 for commercial and residential uses. 3. Pursuant to 2 Construction Work Planning Permits — Nos. 2005-201 and 2007-052, the buildings of the property with a total gross floor area of approximately 66,100.46 sq.m. have been approved for construction. 4. Pursuant to 2 Construction Commencement Permits — No. 520101200511090101 and 520101200701090101, permissions by the relevant local authorities have been given to commence the construction on the property.

IV-46 APPENDIX IV PROPERTY VALUATION

5. Pursuant to 3 Real Estate Pre-sale Permits — (2006) Zhu Shang Fang Yu Zi Di Nos. 009, 112 and 096((2006) )), the aforesaid buildings of the property have been approved to be pre-sold by the relevant local authorities. 6. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sale of the property; and the development and pre-sale of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

IV-47 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 24. Zhongtie Longcheng The property comprises a parcel of land and a As at the date of 119,666,000 No. 869 Deshuizhong portion of another parcel of land with a total valuation, the property Road site area of approximately 83,837.03 sq.m. is under construction Interest attributable Hedong New District which are being constructed 14 blocks of to the Group: Suining City residential building together with ancillary RMB 119,666,000 Sichuan Province facilities. The PRC Zhongtie Longcheng is a residential estate which includes the portion under construction and the portion of land for future development (property no. 66) As advised by the Group, the development is scheduled to be completed in February 2008. The total planned gross floor area upon completion will be approximately 78,893.3 sq.m. The estimated development cost to completion for the property is about RMB117,197,208, of which about RMB106,625,979 was incurred up to the date of valuation. The land use rights of the property were granted for terms of 40 and 70 years expiring on 19 September 2045 and 19 September 2075 for commercial and residential uses. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB145,699,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the land with a site area of approximately 83,980.42 sq.m. were contracted to be granted to the Group for terms of 40 and 70 years for commercial and residential uses at consideration of RMB45,349,200. 2. Pursuant to 2 State-owned Land Use Rights Certificates — Sui Guo Yong (2006) Di No. 10069 and Sui Guo Yong (2007) Di No. 8558 ( ) , the land use rights of 2 parcels of land with a total site area of approximately 134,483.71 sq.m. (including the subject property) were granted to the Group for terms of 40 and 70 years commencing from 19 September 2005 and expiring on 19 September 2045 and 19 September 2075 for commercial and residential uses. The land also includes a portion of land for future development (property no. 66). 3. Pursuant to 2 Construction Work Planning Permits — (2006) Nos. 0083 and 0093, the buildings of the residential estate, also including property no. 66, with a total gross floor area of approximately 120,493.00 sq.m. have been approved for construction. 4. Pursuant to 6 Construction Commencement Permits — He Dong (2006) Nos.14,15,18 and 19 and He Dong (2007) Nos. 09 and 10 ( (2006)14,15,18 19 ), permissions by the relevant local authorities have been given to commence the construction of the property. 5. Pursuant to 11 Real Estate Pre-sale-Permits — (Sui) Fang Yu Shou Zheng Di Nos. 2006-306 to 311, 323, 324 and 359 to 361 ( ), the aforesaid building of the property have been approved to be pre-sold by the relevant local authorities.

IV-48 APPENDIX IV PROPERTY VALUATION

6. As advised by the Company, 488 units of the property with a total gross floor area of approximately 48,631.33 sq.m. have been contracted to be sold to various parties with a total consideration of RMB90,904,469.00. Capital value in respect of this portion of the property is stated at total consideration aforesaid, and is included in our valuation report. 7. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sale of the property and the development and pre-sale of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

IV-49 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 25. Zhongtie Shuanglong The property comprises a parcel of land with As at the date of 366,507,000 Wan located at a site area of approximately 19,430.54 sq.m. valuation, the property Qingpo Village on which are being constructed 9 blocks of is under construction Interest attributable Qingyang District building together with ancillary facilities. to the Group: Chengdu City RMB366,507,000 Sichuan Province As advised by the Group, the development is The PRC scheduled to be completed in December 2008. The total planned gross floor area upon completion will be approximately 96,962.61 sq.m. The estimated development cost to completion for the property is about RMB262,480,440, of which about RMB213,381,744 was incurred up to the date of valuation. The land use rights of the property were granted for terms of 40 years expiring on 21 December 2045 for commercial use and 70 years expiring on 21 December 2075 for residential use. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB390,558,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the land with a site area of approximately 19,430.54 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at consideration of RMB81,608,240. 2. Pursuant to a State-owned Land Use Rights Certificate — Cheng Guo Yong (2006) No. 768 ( ), the land use rights of a parcel of land with a site area of approximately 19,430.54 sq.m. were granted to the Group for terms of 40 years expiring on 21 December 2045 for commercial use and 70 years expiring on 21 December 2075 for residential use respectively. 3. Pursuant to a Construction Work Planning Permit — Cheng Gui Jian Zhu (2006) Di No. 524 ( ), the buildings of the property with a total gross floor area of approximately 96,962.61 sq.m. have been approved for construction. 4. Pursuant to a Construction Commencement Permit — No.X510100200701120101, permissions by the relevant local authorities have been given to commence the construction of the property. 5. Pursuant to a Mortgage Agreement entered into by Chengdu Branch, China Minsheng Banking Corp., Ltd. and , an indirectly controlled subsidiary, the land use rights of the property were subject to a mortgage for a maximum loan of RMB80,000,000. 6. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sale of the property; and the development and pre-sale of the property are legal and valid; and c) the Group can legally occupy, use and derive from the proceeds of the land but cannot freely transfer, mortgage and dispose of the land without the consent of the mortgagee.

IV-50 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 26. Phase I of Zhongjing The property comprises a portion of a parcel As at the date of 384,308,000 Shengshi Chang’an of land with an apportioned site area of valuation, the property located at Heping East approximately 48,623.452 sq.m. on which are is under construction. Interest attributable Road being constructed 7 blocks of residential to the Group: Shijiazhuang City building, retail area and a clubhouse. RMB 384,308,000 Hebei Province The PRC Zhongjing Shengshi Chang’an is a residential estate which also includes a portion of land for future development (property no.62). As advised by the Group, the development is scheduled to be completed in June 2008. The total planned gross floor area upon completion will be approximately 121,057.59 sq.m The estimated development cost to completion for the property is about RMB276,950,663, of which about RMB184,257,869 was incurred up to the date of valuation. The land use rights of the property are held under the land use rights for a term of 70 years expiring on 22 November 2075 for residential use. Based on the development plan provided by the Group, the capital value of the property as if completed as at the valuation date would be RMB507,597,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of a parcel of land with a site area of approximately 130,491.348 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at consideration of RMB235,000,000. 2. Pursuant to a State-owned Land Use Rights Certificate — Chang An Guo Yong (2006) Di No. 085 ( ), the land use rights of a parcel of land with a site area of approximately 118,444.492 sq.m. were granted to the Group for a term of 70 years commencing from 23 November 2005 and expiring on 22 November 2075 for residential use. The land also includes a portion of the land of property no.62. 3. Pursuant to a Construction Work Planning Permit — Shi Jian Guan Zi (2006) Di No. 183 ( ), buildings of the property with a total gross floor area of approximately 126,421 sq.m. have been approved for construction. 4. Pursuant to 5 Construction Commencement Permits — Nos.130101S060900101, 130101S060900201, 130101S060900301, 130101S060900401 and 130101S060900501, permissions by the relevant local authorities have been given to commence the construction of the property. 5. Pursuant to a Mortgage Agreement entered into between Guang’an, Shijiazhuang Branch, Agricultural Bank of China ( ) and Beijing Jingxu Real Estate Development Company Limited, a 100% owned subsidiary of the Company, the land use rights of a parcel of land with a site area of approximately 118,444.492 sq.m. were subject to a mortgage for a maximum loan of RMB164,500,000. 6. Pursuant to a Real Estate Pre-sale Permit — (No.2007016), the aforesaid buildings of the property have been approved to be pre- sold by the relevant local authorities.

IV-51 APPENDIX IV PROPERTY VALUATION

7. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sale of the property; and the development and pre-sale of the property are legal and valid; and c) the Group can legally occupy, use and derive from the proceeds of the land but cannot freely transfer, mortgage and dispose of the land without the consent of the mortgagee.

IV-52 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 27. Portions of Dongshan The property comprises 4 parcels of land with As at the date of 1,282,271,000 International New City a total site area of approximately valuation, the property located at southern 297,240.00 sq.m. on which are being is under construction Interest attributable side of Longxi River constructed 81 blocks of residential buildings to the Group: Baihe Town together with ancillary facilities. RMB 232,251,000 Longquanyi District Chengdu City Dongshan International New City is a Sichuan Province residential estate which includes the portion The PRC under construction and the portion of land for future development (property no.45).

As advised by the Group, the development is scheduled to be completed in various stages between October 2007 and June 2008. The total planned gross floor area upon completion will be approximately 600,296.1 sq.m. The estimated development cost to completion for the property is about RMB1,222,998,207, of which about RMB954,513,456 was incurred up to the date of valuation. The land use rights of the property were granted for various terms of 40 years expiring on 25 May 2046 and 5 December 2046 for commercial use and 70 years expiring on 25 May 2076 and 5 December 2076 for residential use respectively. Based on the development plan provided by the Group, the capital value of the property as if completed as at the valuation date would be RMB2,087,856,000.

Notes: 1. Pursuant to 4 State-owned Land Use Rights Certificates — Long Guo Yong 2006 Di Nos. 63726, 63731, 63728 and 71925 ( ), the land use rights of 4 parcels of land with a total site area of approximately 297,240.00 sq.m. were granted to the Group for various terms of 40 years expiring on 25 May 2046 and 5 December 2046 for commercial use and 70 years expiring on 25 May 2076 and 5 December 2076 for residential use respectively. 2. Pursuant to 4 Construction Work Planning Permits — Long Cheng Gui Guan 2006 Nos.034,050 and 051 Long Cheng Gui Guan 2007 No.018 ( ), the buildings of the property with a total gross floor area of approximately 600,296.10 sq.m. have been approved for construction. 3. Pursuant to 5 Construction Commencement Permits — No. 510112200709030101, 510112200709030201, 5101122006050301, 5101122006052502, 5101122006052503, permissions by the relevant local authorities have been given to commence the construction on the property. 4. Pursuant to 4 Real Estate Pre-sales Permits — Cheng Fang Yu Shou Zi Di Nos. 233, 244, 255 and 258 ( ), the property has been approved to be pre-sold by the relevant local authorities. 5. As advised by the Company, portions of the property with a total gross floor area of approximately 240,783.00 sq.m. have been contracted to be sold to various parties with a total consideration of RMB817,483,800. Capital value in respect of this portion of the property is stated at total consideration aforesaid, and is included in our valuation report.

IV-53 APPENDIX IV PROPERTY VALUATION

6. Pursuant to a Mortgage Agreement entered into between Longquan, Chengdu Branch, Industrial and Commercial Bank of China Limited and , an indirectly controlled subsidiary of the Company, the land use rights of 6 parcels of land with a total site area of approximately 264,406.67 sq.m., which includes 3 parcels of land of this property and also includes 3 parcels of land of property no. 45, were subject to a mortgage for a maximum loan of RMB266,000,000. 7. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights to the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sale of the property; and the development and pre-sale of the property are legal and valid; and c) for the 3 parcels of mortgaged land, the Group can legally occupy, use and derive from the proceeds of the land but cannot freely transfer, mortgage and dispose of the land without the consent of the mortgagee while the Group is entitled to use, develop, lease, mortgage, transfer and dispose of the remaining parcel of land of the property without mortgage.

IV-54 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at I.F 5.06(8) No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB 28. Portions of Shiheng The property comprises a portion of a parcel As at the date of 63,303,000 New City located at of land with an apportioned site area of valuation, the property Shiheng Town approximately 54,147 sq.m. on which are is under construction. Interest attributable Feicheng City being constructed 18 blocks of building to the Group: Shandong Province together with ancillary facilities. RMB 32,785,000 The PRC Shiheng New City is a residential estate which includes the portion under construction and the portion for future development (property no.65). As advised by the Group, the development is scheduled to be completed in May 2008. The total planned gross floor area upon completion will be approximately 62,270.39sq.m., the details of which are shown as follows:

Use Area (sq.m.)

Residential 48,300.88 Retail 5,658.68 Car parking spaces 2,942.02 Others 5,368.81 Total: 62,270.39 The estimated development cost to completion for the property is about RMB67,665,275, of which about RMB32,672,599 was incurred up to the date of valuation. The land use rights of the property were granted for a term of 70 years expiring on 24 November 2075 for residential use. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB79,956,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of a parcel of land with a total site area of approximately 116,973 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at a consideration of RMB15,206,490. 2. Pursuant to a State-owned Land Use Rights Certificate — Fei Cheng Guo Yong (2005) Di No.060022 ( ) , the land use rights of a parcel of land, with a site area of approximately 116,792.92 sq.m. were granted to the Group for a term of 70 years expiring on 24 November 2075 for residential use. The land also includes the portion of the land of property no.65. 3. Pursuant to a Construction Work Planning Permit — Cun Zhen F2005 Nian No.000121( ), various blocks of building of the property with a total gross floor area of approximately 149,313.82sq.m. have been approved for construction.

IV-55 APPENDIX IV PROPERTY VALUATION

4. Pursuant to 6 Construction Commencement Permits — Fei Jian Guan Shi Bu Zi Nos.200704091 to 200704093, 200704005 to 200704007 ( 200704091 200704093, 200704005 200704007 ), permissions by the relevant local authorities have been given to commence the construction of the property. 5. Pursuant to 2 Real Estate Pre-sale Permits — Fei Fang Zhu Zi Di Nos.2007017 and 2007028 ( 2007017 2007028 ), the aforesaid buildings of the property have been approved to be pre-sold by the relevant local authorities. 6. As advised by the Company, 374 units of the property with a total gross floor area of approximately 24,215sq.m. have been contracted to be sold to various parties with a total consideration of RMB31,498,908. Capital value in respect of this portion of the property is stated at total consideration aforesaid, and also is included in our valuation report. 7. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sale of the property; and the development and pre-sale of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

IV-56 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 29. Phase II of Xinglong The property comprises a portion of a parcel As at the date of 153,485,000 City Garden of land with a site area of approximately valuation, the property No. 57 Lijiang Road 286,133 sq.m. on which are being is under construction Interest attributable Xiaohe District constructed 13 blocks of residential building to the Group: Guiyang City together with ancillary facilities. RMB 153,485,000 Guizhou Province The PRC Phase II of Xinglong City Garden is a residential estate which also includes the portion for sale (property No.15), the portion under construction and the portion of the land for future development (property No.63) As advised by the Group, the development is scheduled to be completed at the end of 2007. The total planned gross floor area upon completion will be approximately 58,295 sq.m, the details of which are shown as follows:

Area Use (sq.m.)

Residential 46,969.27 Retail 8,080.00 Other 3,245.73 Total: 58,295.00 The estimated development cost to completion for the property is about RMB114,866,677, of which about RMB119,206,398 was incurred up to the date of valuation. The land use rights of the property were granted for a term of 50 years expiring on 5 August 2054 for residential use. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB160,110,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the land with a site area of approximately 286,133 sq.m. were contracted to be granted to the Group for a term of 50 years for residential use at a consideration of RMB24,321,305. 2. Pursuant to a State-owned Land Use Rights Certificate — Zhu Jing Kai Yu Deng (2005) Zi Di No. 02 ( ), the land use rights of a parcel of land with a site area of approximately 286,133 sq.m. were granted to the Group for a term of 50 years commencing from 5 August 2004 and expiring on 5 August 2054 for residential use. The land also includes portions of properties nos.15 and 63. 3. Pursuant to 7 Construction Work Planning Permits — Nos. 2004-042, 2006-003, 2005-0882005-090, 2005-0912005-093, 2005-1012005-103, 2005-1062005-107 and 2005-1122005-115, buildings of the property with a total gross floor area of approximately 217,090.77 sq.m. have been approved for construction. 4. Pursuant to 2 Construction Commencement Permits — Nos. 520106200512200101 and 5201062000101104701, permissions by the relevant local authorities have been given to commence the construction of the property.

IV-57 APPENDIX IV PROPERTY VALUATION

5. Pursuant to a Real Estate Pre-sale Permit — ((2006) Zhu Shang Fang Yu Zi Di No.118 ((2006) ), the aforesaid buildings of the property have been approved to be pre-sold by the relevant local authorities. 6. As advised by the Company, 418 units of the property with a total gross floor area of approximately 45,913.89 sq.m. have been contracted to be sold to various parties with a total consideration of RMB108,621,022.84. Capital value in respect of this portion of the property is stated at total consideration aforesaid, and is included in our valuation report. 7. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sale of the property; and the development and pre-sale of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

IV-58 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 30. Xinglong Zhujiang Wan The property comprises a portion of a parcel As at the date of 90,663,000 Pan of land with a site area of approximately valuation, the property No. 8 Zhujiang Road 421,136 sq.m. on which are being is under construction. Interest attributable Xiaohe District constructed 2 blocks of residential building to the Group: Guiyang City together with ancillary facilities. RMB90,663,000 Guizhou Province The PRC Xinglong Zhujiang Wan Pan is a residential estate which includes the portion for sale (property no. 16), the portion under construction and the portion of the land for future development (property no. 64). As advised by the Group, the development is scheduled to be completed in 2008. The total planned gross floor area upon completion will be approximately 34,180.78 sq.m, the details of which are shown as follows:

Use Area (sq.m.)

Residential 28,241.52 Car parking spaces 5,939.26 Total: 34,180.78 The estimated development cost to completion for the property is about RMB72,663,721, of which about RMB44,809,568 was incurred up to the date of valuation. The land use rights of the property were granted for a term of 50 years expiring on 9 January 2054 for residential use. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB110,697,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the land with a site area of approximately 421,136 sq.m. were contracted to be granted to the Group for a term of 50 years for residential use at a consideration of RMB210,000,000. 2. Pursuant to a State-owned Land Use Rights Certificate — Zhu Jing Kai Yu Deng (2004) Zi Di No. 06 ( ), the land use rights of a parcel of land, with a site area of approximately 421,136 sq.m. were granted to the Group for a term of 50 years commencing from 9 January 2004 and expiring on 9 January 2054 for residential use. The land also includes portions of properties nos. 16 and 64. 3. Pursuant to 2 Construction Work Planning Permits — Nos. 2004-094 and 2004-096, buildings of the property with a total gross floor area of approximately 223,603 sq.m., including planned gross floor area of property no. 64, have been approved for construction. 4. Pursuant to a Construction Commencement Permit — No. 520106200409270101, permissions by the relevant local authorities have been given to commence the construction of the property.

IV-59 APPENDIX IV PROPERTY VALUATION

5. Pursuant to a Real Estate Pre-sale Permit — ((2006)Zhu Shang Fang Yu Zi Di No.031 ((2006) , the aforesaid buildings of the property have been approved to be pre-sold by the relevant local authorities. 6. As advised by the Company, 106 units of the property with a total gross floor area of approximately 14,292.84 sq.m. have been contracted to be sold to various parties with a total consideration of RMB48,426,018.68. Capital value in respect of this portion of the property is stated at total consideration aforesaid, and is included in our valuation report. 7. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sale of the property; and the development and pre-sale of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

IV-60 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 31. Jinlong Shidai The property comprises a parcel of land with As at the date of 146,156,000 No.93 Ningxia Street a site area of approximately 3,897.25 sq.m. valuation, the property Qingyang District on which are being constructed a residential is under construction. Interest attributable Chengdu City building together with ancillary facilities. to the Group Sichuan Province 58,564,000 The PRC As advised by the Group, the development is scheduled to be completed in September 2008. The total planned gross floor area upon completion will be approximately 36,305.23 sq.m, The estimated development cost to completion for the property is about RMB85,230,856, of which about RMB29,296,750 was incurred up to the date of valuation. The land use rights of the property were granted for terms of 40 years for commercial use and 70 years for residential use. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB269,332,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract — Cheng Guo Tu Qing (2002) Chu Rang He Tong Di No. 39 ( ) and an Alteration Agreement ( ), the land use rights of the property with a site area of approximately 3,897.25 sq.m. were granted to the Group commencing from 4 September 2007 for terms of 40 years for commercial use and 70 years for residential use at consideration of RMB467,334.94. 2. Pursuant to a State-owned Land Use Rights Certificate — Chuan Guo Yong (2007) Di No. 00942 ( ), the land use rights of the property with a site area of approximately 3,897.25 sq.m. were granted to the Group for terms of 40 years expiring on 3 September 2047 for commercial use and 70 years expiring on 3 September 2077 for residential use. 3. Pursuant to a Construction Work Planning Permit — Cheng Gui Guan (2007) Di No. 124( ), the property with a total planned gross floor area of approximately 36,305.23 sq.m. has been approved for construction. 4. Pursuant to a Construction Commencement Permit — No. 510100200706130301, permissions by the relevant local authorities have been given to commence the construction of the property. 5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and the development of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

IV-61 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 32. Chengdu Xicheng The property comprises a parcel of land with a As at the date of 477,559,000 No.10 Jinxianqiao Road site area of approximately 16,992.06 sq.m. on valuation, the property Interest attributable Jinniu District which are being constructed 7 blocks of buildings is under construction. to the Group: Chengdu City with underground carports. RMB179,849,000 Sichuan Province As advised by the Group, the development is The PRC scheduled to be completed in August 2008.

The total planned gross floor area upon completion will be approximately 131,254.67 sq.m.

The estimated development cost to completion for the property is about RMB669,381,600, of which about RMB226,375,318 was incurred up to the date of valuation.

The land use rights of the property were granted for terms of 40 years for commercial use and 70 years for residential use.

Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB878,766,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Cheng Guo Yong (2006) Di No.1236 ( ), the land use rights of the property with a site area of approximately 16,992.06 sq.m. were granted to the Group for terms of 40 years expiring on 19 December 2046 for commercial use and 70 years expiring on 19 December 2076 for residential use respectively. 2. Pursuant to a Construction Work Planning Permit — Cheng Gui Jian Zhu (2007) No.75 ( ), the property with a total planned gross floor area of approximately 131,191.67 sq.m. has been approved for construction. 3. Pursuant to a Construction Commencement Permit — No.X510100200703270601, permission by the relevant local authorities has been given to commence the construction of the property. 4. Pursuant to 3 Real Estate Pre-sale Permits — Cheng Fang Yu Shou Zhong Xin Cheng Qu Zi Di Nos.4917, 4969 and 5080 ( ), the property have been approved to be pre-sold by the relevant local authorities. 5. As advised by the Company, portions of the property with a total gross floor area of approximately 54,888.38 sq.m. have been contracted to be sold to various parties with a total consideration of RMB385,183,352.82. Capital value in respect of this portion of the property is stated at total consideration aforesaid, and is included in our valuation report. 6. Pursuant to a Mortgage Agreement entered into between Chengdu Branch, China Minsheng Banking Corp., Ltd. ( ) and , an indirectly controlled subsidiary of the Company, the land use rights of the property with a site area of approximately 16,992.06 sq.m. are subject to a mortgage for a maximum loan amount of RMB12,000,000 7. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sale of the property and the development and pre-sale of the property are legal and valid; and c) the Group can legally occupy, use and derive from the proceeds of the land but cannot freely transfer, mortgage and dispose of the land without the consent of mortgagee.

IV-62 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 33. Dongshan Jiulong Wan The property comprises a parcel of land with As at the date of 8,707,000 located at the a site area of approximately 19,717 sq.m. on valuation, the property northern side of which are being constructed a residential is under construction. Interest attributable Dongshanzhong Road development. to the Group: Ti’an District RMB 8,707,000 Huainan City As advised by the Group, the development is Anhui Province scheduled to be completed in 2008. The PRC The total planned gross floor area upon completion will be approximately 47,087 sq.m.

The estimated development cost to completion for the property is about RMB66,686,142, of which about RMB7,734,523 was incurred up to the date of valuation. The land use rights of the property were granted for a term of 70 years expiring on 30 December 2076 for residential use. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB116,130,000

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of approximately 19,717 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at a consideration of RMB4,005,620. 2. Pursuant to a State-owned Land Use Rights Certificate — Huai Guo Yong (2007) Di No. 030012 ( ), the land use rights of a parcel of land with a site area of approximately 19,717 sq.m. were granted to the Group for a term of 70 years expiring on 30 December 2076 for residential use. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of a parcel of land and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; and b) the property is not subject to any mortgage and other encumbrances.

IV-63 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 34. Block B of Dalian Qihuo The property comprises a parcel of land with As at the date of No commercial Square located at an apportioned site area of approximately valuation, the property value Titan Road 7,000 sq.m. on which are being constructed a is under construction. Shahekou District block of 53-storey building together with Dalian City ancillary facilities. Liaoning Province The PRC As advised by the Group, the development is scheduled to be completed in August 2008. The total planned gross floor area upon completion will be approximately 129,787 sq.m, the details of which are shown as follows:

Use Area (sq.m.)

Commercial 118,758 Car parking spaces 5,508 Others 5,521 Total: 129,787 The estimated development cost to completion for the property is about RMB1,172,430,000, of which about RMB160,949,751 was incurred up to the date of valuation. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB1,366,347,000.

Notes: 1. All relevant proper title certificates and approvals for construction of the property are not provided by the Group. 2. According to an Association Agreement entered into between the Group and (the ‘‘party’’) dated 9 August 2005, if the party do not participate in construction of the property development along with the Group, the party would transfer their owned property interest of the property development to the Group; and as confirmed by the Group, they have paid the transfer payment to the party in compliance with the Association Agreement. 3. In the valuation of the property, we have attributed no commercial value to the property without title certificates. However, for reference purposes, we are of the opinion that the capital value of the property as at the date of valuation would be RMB500,853,000 (including the land) assuming all proper title certificates and approvals from the local authorities have been obtained and the property can be freely transferred. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has the rights to use the land under the PRC’s laws and regulations after the party paying the land premium of the land and changing the registered name to the Group; there is no material effects on the development of the property to the Group.

IV-64 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 35. Phase II of Jinqiao The property comprises a parcel of land with a As at the date of 106,012,000 Gangwan site area of approximately 59,719.81 sq.m. on valuation, the property Interest attributable No. 448 Yingwu Avenue which are being constructed 12 blocks of is under construction. to the Group: Hangyang District building together with ancillary facilities. RMB68,908,000 Wuhang City As advised by the Group, the development is Hubei Province scheduled to be completed in 2009. The PRC The total planned gross floor area upon completion will be approximately 85,188 sq.m, the details of which are shown as follows: Use Area (sq.m.)

Residential 73,023.72 Retail 10,234.74 Car parking spaces 208.00 Others 1,721.54 Total: 85,188.00

The estimated development cost to completion for the property is about RMB300,264,972, of which about RMB101,069,988 was incurred up to the date of valuation.

The land use rights of the property were granted for a term of 70 years expiring on 4 February 2075 for residential use.

Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB477,074,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of approximately 59,719.81 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at a consideration of RMB11,605,500. 2. Pursuant to a State-owned Land Use Rights Certificate — Wu Guo Yong (2005)No.0204( ) , the land use rights of the property with a site area of approximately 59,719.81 sq.m. were granted to the Group for a term of 70 years expiring on 4 February 2075 for residential use. 3. Pursuant to 2 Construction Work Planning Permits — Wu Gui Jiang (2007) Nos.010 and 071( ), 11 blocks of building of the property with a total gross floor area of approximately 84,346.83 sq.m. have been approved for construction. 4. Pursuant to 2 Construction Commencement Permits — Nos.4201052007021008140114001 and 201052007020100814024001, permissions by the relevant local authorities have been given to commence the construction of the property. 5. Pursuant to a Real Estate Pre-sale Permit — Wu Kai Guang Yu Shou (2007) No.194 ( ), the aforesaid buildings of the property have been approved to be pre-sold by the relevant local authorities. 6. As advised by the Company, 171 units of the property with a total gross floor area of approximately 19,167.65 sq.m. have been contracted to be sold to various parties with a total consideration of RMB102,665,347. Capital value in respect of this portion of the property is stated at total consideration aforesaid, and is included in our valuation report.

IV-65 APPENDIX IV PROPERTY VALUATION

7. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sale of the property and the development and pre-sale of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

IV-66 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 36. Phase II of Shujun The property comprises a parcel of land with As at the date of 296,992,000 located at a site area of approximately 45,280.32 sq.m. valuation, the property Fulong Village on which are being constructed 2 blocks of is under construction. Interest attributable Huayang Town building with a total planned gross floor area to the Group: Shuangliu County of approximately 51,104.5 sq.m. RMB122,955,000 Chengdu City Sichuan Province Shujun is a residential estate which also The PRC includes the portion for sale (property no. 20) and portion of land for future development (property no. 47).

As advised by the Group, the development is scheduled to be completed in December 2007. The estimated development cost to completion for the property is about RMB310,196,763, of which about RMB188,641,612 was incurred up to the date of valuation. The land use rights of the property were granted for a term of 70 years expiring on 25 August 2074 for residential use. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB355,592,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Shuang Guo Yong (2006) Di No. 00762 ( ), the land use rights of the property with a site area of approximately 45,280.32 sq.m. were granted to the Group for a term of 70 years expiring on 25 August 2074 for residential use. 2. Pursuant to a Construction Work Planning Permit — No.2006007, the property with a total planned gross floor area of approximately 51,104.5 sq.m. has been approved for construction. 3. Pursuant to a Construction Commencement Permit — Shuang Shi (2006) Bian Hao No. 208 ( ), permission by the relevant local authorities has been given to commence the construction of the property. 4. Pursuant to a Real Estate Pre-sales Permit — Shuang Fang Yu Shou Zi Di No. 7004 ( ), the property have been approved to be pre-sold by the relevant local authorities. 5. As advised by the Company, portions of the property with a total gross floor area of approximately 24,078.7 sq.m. have been contracted to be sold to various parties with a total consideration of RMB168,473,797. Capital value in respect of this portion of the property is stated at total consideration aforesaid, and is included in our valuation report. 6. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sales of the property and the development and pre-sales of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

IV-67 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 37. Nuode Holiday Garden The property comprises a parcel of land with As at the date of 2,223,749,000 located at the junction a site area of approximately 69,217.33 sq.m. valuation, the property of Yueliangwang on which are being constructed 9 blocks of is under construction. Interest attributable Avenue and Xibu Road building together with ancillary facilities. to the Group: Nanshan District RMB1,334,249,000 Shenzhen City As advised by the Group, the development is Guangdong Province scheduled to be completed in December The PRC 2008. The total planned gross floor area upon completion will be approximately 265,167.68 sq.m., the details of which are shown as follows: Use Area (sq.m.)

Residential 195,711.07 Retail 6,999.44 Car parking spaces 50,226.6 Others 12,230.57 Total: 265,167.68 The estimated development cost to completion for the property is about RMB1,543,479,736, of which about RMB580,010,672 was incurred up to the date of valuation. The land use rights of the property were granted for a term of 70 years expiring on 7 August 2070 for residential use. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB3,299,856,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Shen Fang Di Zi Di 4000332212 ( ), the land use rights of the property with a site area of approximately 69,217.33 sq.m. were granted to the Group for a term of 70 years expiring on 7 August 2070 for residential use. 2. Pursuant to a Construction Work Planning Permit — Shen Gui Jian Xu Zi ZS-2007-0670 ( ), 9 blocks of building of the property with a total gross floor area of approximately 265,167.68 sq.m. have been approved for construction. 3. Pursuant to 2 Construction Commencement Permits — No. 44030020070043002 and No. 44030020070043001, permissions by the relevant local authorities have been given to commence the construction of the property. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and the development of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

IV-68 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 38. Donghai Chuncheng The property comprises 2 parcels of land with As at the date of 14,000,000 International Mansion a total site area of approximately valuation, the property located at Renmin Road 10,602.3sq.m. on which are being is under construction. Interest attributable Linzi District constructed 2 blocks of building together with to the Group: Zibo City ancillary facilities (the ‘‘CIP buildings’’). RMB14,000,000 Shandong Province The PRC As advised by the Group, the development is scheduled to be completed in December 2008. The estimated development cost to completion for the property is about RMB118,000,000 of which about RMB11,909,000 was incurred up to the date of valuation. The land use rights of the property were granted for a term of 40 years expiring on 16 November 2045 for commercial and 27 November 2046 for residential uses.

Notes: 1. Pursuant to a Transfer Contract, the land use rights of the property with a total site area of approximately 10,602.3 sq.m. were contracted to be transferred to the Group at a consideration of RMB14,000,000. 2. Pursuant to 2 State-owned Land Use Rights Certificates — Zi Guo Yong (2007) Di Nos.E00799 and E00800 ( ), the land use rights of the property with a total site area of approximately 10,602.3 sq.m. were transferred to the Group for terms of 40 years expiring on 16 November 2045 for commercial use and expiring on 27 November 2046 for residential use. 3. The approvals for construction by local authorities related to the property are not provided by the Group. 4. In valuation of the property, we have attributed no commercial value to the CIP buildings as no approvals for constructing the CIP buildings have been obtained by the Group. However, for reference purposes, we are of the opinion that the capital value of the CIP buildings (excluding the land) would be RMB8,298,000 assuming relevant approvals for constructing the CIP buildings have been obtained by the Group and the CIP buildings can be freely transferred. 5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; and b) the property is not subject to any mortgage and other encumbrances.

IV-69 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 39. Zhongtie Ruicheng The property comprises 10 parcels of land As at the date of 491,653,000 located at Gaobei with a total site area of approximately valuation, the property Village and Taipin 78,480.18 sq.m. on which are being is under construction. Interest attributable Village Cuqiao Xiang constructed 9 blocks of buildings together to the Group: Wuhou District with ancillary facilities. RMB267,494,000 Chengdu City Sichuan Province As advised by the Group, the development is The PRC scheduled to be completed in December 2009. The total planned gross floor area upon completion will be approximately 125,070 sq.m., the details of which are shown as follows: Use Area (sq.m.)

Residential 91,505.6 Retail 12,140.0 Car parking spaces 21,424.4 Total: 125,070.0 The estimated development cost to completion for the property is about RMB583,617,417, of which about RMB387,021,050 was incurred up to the date of valuation. The land use rights of the property were granted for various terms expiring on 10 August 2046, 10 August 2056 and 10 August 2076 for commercial, educational, public facilities and residential uses respectively. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB767,054,000.

Notes: 1. Pursuant to 10 State-owned Land Use Rights Certificates — Cheng Guo Yong (2007) Di Nos.653 to 655, 657, 658, 660, 661, Cheng Guo Yong (2006) Di Nos. 804, 806 and 809 ( ), the land use rights of the property with a total site area of approximately 78,480.18 sq.m. were granted to the Group for various terms expiring on 10 August 2046, 10 August 2056 and 10 August 2076 for commercial, educational, public facilities and residential uses respectively. 2. Pursuant to 2 Construction Work Planning Permits — Cheng Gui Jian Zhu (2007) Nos.51 and 251 ( ), the property with a total gross floor area of approximately 125,070sq.m. has been approved for construction. 3. Pursuant to 2 Construction Commencement Permits — Nos. X510100200703270201 and X510100200708210101, permissions by the relevant local authorities have been given to commence the construction of the property. 4. Pursuant to a Real Estate Pre-sales Permit — Cheng Fang Yu Shou Zhong Xin Cheng Qu Zi Di Nos.4971 and 5051 ( ), the property has been approved to be pre-sold by the relevant local authorities. 5. As advised by the Company, portions of the property with a total gross floor area of approximately 32,094.45 sq.m. have been contracted to be sold to various parties with a total consideration of RMB193,117,281. Capital value in respect of this portion of the property is stated at total consideration aforesaid, and is included in our valuation report.

IV-70 APPENDIX IV PROPERTY VALUATION

6. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sale of the property and the development and pre-sale of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

IV-71 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 40. Zhongtie Xizi Xianghe The property comprises a parcel of land with As at the date of 482,752,000 located at Dong Po a site area of approximately 33,081.01 sq.m. valuation, the property Village on which are being constructed a composite is under construction. Interest attributable Qingyang District development. to the Group: Chengdu City RMB482,752,000 Sichuan Province As advised by the Group, the development is The PRC scheduled to be completed in December 2009. The total planned gross floor area upon completion will be approximately 104,941.02 sq.m. The estimated development cost to completion for the property is about RMB402,110,000, of which about RMB43,300,583 was incurred up to the date of valuation. The land use rights of the property were granted for terms of 40 years expiring on 14 December 2046 for commercial use and 70 years expiring on 14 December 2076 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract — Qing (2006) Chu Rang He Tong Di No. 34( ), the land use rights of the property with a site area of approximately 33,081.01 sq.m. were granted to the Group for terms for residential and commercial uses at a consideration of RMB414,339,525. 2. Pursuant to a State-owned Land Use Rights Certificate — Cheng Guo Yong (2007) Di No. 848 ( ), the land use rights of the property with a site area of approximately 33,081.01 sq.m. were granted to the Group for terms of 40 years expiring on 14 December 2046 for commercial use and 70 years expiring on 14 December 2076 for residential use. 3. Pursuant to a Construction Work Planning Permit — Cheng Gui Jian Zhu (2007) No. 232( ), the property with a total gross floor area of approximately 221,438.54 sq.m. has been approved for construction. 4. Pursuant to a Construction Commencement Permit — No.X510100200707110101, permissions by the relevant local authorities have been given to commence the construction of the property. 5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and the development of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

IV-72 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 41. Huayang Nianhua The property comprises 2 parcels of land with As at the date of 209,486,000 No.100 a total site area of approximately valuation, the property Di Kou Road 27,494.17sq.m. on which are being is under construction. Interest attributable Tianqiao District constructed 5 blocks of building together with to the Group: Jinan City ancillary facilities. RMB209,486,000 Shandong Province The PRC As advised by the Group, the development is scheduled to be completed in November 2007. The total planned gross floor area upon completion will be approximately 58,472.14sq.m, the details of which are shown as follows: Use Area (sq.m.)

Residential 41,082.66 Retail 7,278.62 Others 10,110.86 Total: 58,472.14 The estimated development cost to completion for the property is about RMB203,473,005, of which about RMB171,152,283 was incurred up to the date of valuation. The land use rights of the property were granted for a term of 50 years expiring on 28 July 2054 for residential use. Based on the development plan provided by the Group, the capital value of the property as if completed as at the date of valuation would be RMB226,245,000.

Notes: 1. Pursuant to a Transfer Contract, the land use rights of the property with a site area of approximately 29,112.55 sq.m. are contracted to be transferred to the Group for a term of 50 years for residential use at a consideration of RMB27,117,975. 2. Pursuant to 2 State-owned Land Use Rights Certificates — Tian Qiao Guo Yong (2006) Di Nos.0400042 and 0400043 ( ), the land use rights of the property with a total site area of approximately 27,494.17 sq.m. were granted to the Group for a term of 50 years expiring on 28 July 2054 for residential use. 3. Pursuant to a Construction Work Planning Permit — (2006)Lu No.01-04-001((2006) 01-04-001), 5 blocks of building of the property with a total gross floor area of approximately 59,669 sq.m. have been approved for construction. 4. Pursuant to 2 Construction Commencement Permits — Nos.20060215 and 20060028, permissions by the relevant local authorities have been given to commence the construction of the property. 5. Pursuant to 3 Real Estate Pre-sale Permits — Ji Jian Kai Yu Zi Di (2006) No.055 to 057 ( ), the aforesaid buildings of the property have been approved to be pre-sold by the relevant local authorities. 6. As advised by the Company, 683 units of the property with a total gross floor area of approximately 50,087.44sq.m. have been contracted to be sold to various parties with a total consideration of RMB205,540,680. Capital value in respect of this portion of the property is stated at total consideration aforesaid, and also is included in our valuation report.

IV-73 APPENDIX IV PROPERTY VALUATION

7. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction and pre-sale of the property and the development and pre-sale of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

IV-74 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Property held by the Group’s property development business

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 42. Underground car The property comprises a parcel of land with As at the date of 325,942,000 parking spaces and a site area of approximately 33,734.31 sq.m. valuation, the property various retail units on which are being constructed underground is under construction. Interest attributable located at South car parking spaces and various retail units. to the Group: Quarter West Station RMB 169,490,000 Fengtai District As advised by the Group, the development is Beijing scheduled to be completed at the end of The PRC 2007. The total planned gross floor area upon completion will be approximately 73,827 sq.m. The estimated development cost to completion for the property is about RMB333,907,310, of which about RMB96,126,829 was incurred up to the date of valuation. The land use rights of the property were granted for terms of 40 years expiring on 15 May 2045 for commercial use and 50 years expiring on 15 May 2055 for carparking use. Based on the development plan provided by the Group, the capital value of the property as if completed as at date of valuation would be RMB717,550,000.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the land with a site area of approximately 39,294 sq.m. were contracted to be granted to the Group for a term of 40 and 50 years for commercial and carparking uses at a consideration of RMB17,338,920. 2. Pursuant to a State-owned Land Use Rights Certificate — Jing Fen Guo Yong (2005 Zhuan) Di No. 002586 ( ), the land use rights of a parcel of land with a site area of approximately 33,734.31 sq.m. were granted to the Group for terms of 40 years expiring on 15 May 2045 for commercial use and 50 years expiring on 15 May 2055 for carparking use. 3. Pursuant to a Construction Work Planning Permit — 2006 Gui (Feng) Jian Zi No. 0157 ( ), buildings of the property with a total gross floor area of approximately 73,827 sq.m. have been approved for construction. 4. Pursuant to a Construction Commencement Permit — 2007Shi Jian Zi No. 0001(2007 0001 ), permissions by the relevant local authorities have been given to commence the construction of the property. 5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease, mortgage, transfer and dispose of the land; b) the Group has obtained all requisite construction approvals in respect of the construction of and pre-sales the property and the development and pre-sales of the property are legal and valid; and c) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Group V — Property interests held for future development by the Group in the PRC

Properties held by the Group’s infrastructure construction business

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 43. 3 parcels of land The property comprises 3 parcels of land with The site is currently 168,740,000 located at a total site area of approximately 125,985.9 vacant. Xinfang Village sq.m. Interest attributable Xinjiamiao Street Office to the Group: Weiyang District The land use rights of the property were RMB 168,740,000 Xi’an City granted for a term of 70 years expiring on Shaanxi Province 18 August 2076 for residential use. The PRC

Notes: 1. Pursuant to 3 State-owned Land Use Rights Grant Contracts, the land use rights of the property with a total site area of approximately 125,985.2 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at a total consideration of RMB158,590,000. 2. Pursuant to 3 State-owned Land Use Rights Certificates — Xi Wei Guo Yong (2007 Chu) Di Nos.014 to 016 ( ), the land use rights of the property with a total site area of approximately 125,985.9 sq.m. were granted to the Group for a term of 70 years commencing from 18 August 2006 and expiring on 18 August 2076 for residential use. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 44. A parcel of land located The property comprises a parcel of land with The site is currently 75,621,000 at Lot 29 R1 Wuhan a site area of approximately 59,590.76 sq.m. vacant. Economy and Interest attributable Technology The land use rights of the property were to the Group: Development Zone granted for terms of 50 years expiring on RMB 49,154,000 Wuhan City 1 January 2056 for office use and 70 years Hubei Province expiring on 11 January 2076 for residential The PRC use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of approximately 59,590.76 sq.m. were contracted to be granted to the Group for terms of 50 and 70 years for office and residential uses respectively at a consideration of RMB25,885,000. 2. Pursuant to a State-owned Land Use Rights Certificate — Wu Guo Yong Di (2006) No. 19 ( ), the land use rights of a parcel of land with a site area of approximately 59,590.76 sq.m. were granted to the Group for terms of 50 years expiring on 1 January 2056 for office use and 70 years expiring on 11 January 2076 for residential use. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights to the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 45. Portions of Dongshan The property comprises 4 parcels of The site is currently vacant. 256,034,000 International New City land with a total site area of located at the southern approximately 181,842.67 sq.m. Interest attributable side of Longxi River to the Group: Baihe Town Dongshan International New City is a RMB 46,374,000 Longquanyi District residential estate which includes the Chengdu City portion under construction (property Sichuan Province no. 27) and the portion for future development. The PRC The land use rights of the property were granted for a term of 40 and 70 years expiring on 5 December 2046 and 5 December 2076 for commercial and residential uses respectively.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a total site area of approximately 214,676.00 sq.m. were contracted to be granted to the Group for terms of 40 and 70 years for commercial and residential uses respectively at a total consideration of RMB54,742,380. 2. Pursuant to 4 State-owned Land Use Rights Certificates — Long Guo Yong 2006 Di Nos. 63727, 63729, 63730 and 71926 ( ), the land use rights of 4 parcels of land with a total site area of approximately 181,842.67 sq.m. were granted to the Group for terms of 40 and 70 years and expiring on 5 December 2046 and 5 December 2076 for commercial and residential uses respectively. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. Pursuant to a Mortgage Agreement entered into Longquan, Chendu Branch, Industrial and Commercial Bank of China Limited and , an indirectly controlled subsidiary of the Company, the land use rights of 6 parcels of land with a total site area of approximately 264,406.67 sq.m., (including 3 parcels of land of property no. 27), were subject to a mortgage for a maximum loan of RMB266,000,000. 5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) for the 3 parcels of mortgaged land, the Group can legally occupy, use and derive from the proceeds of the land but cannot freely transfer, mortgage and dispose of the land without the consent of mortgagee while the Group is entitled to use, develop, lease, mortgage, transfer and dispose of the remaining parcel of land of the property without mortgage.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 46. A parcel of land located The property comprises a parcel of The site is currently vacant. 409,363,000 at Gaobei Village and land with a site area of approximately Taiping Village Cuqiao 59,465.87 sq.m. Interest attributable Xiang District to the Group: Chengdu City The land use rights of the property RMB 155,906,000 Sichuan Province were granted for a term of 70 years The PRC expiring on 10 August 2076 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Cheng Guo Yong (2007) Di No. 659 ( ), the land use rights of a parcel of land with a site area of approximately 59,465.87 sq.m. were granted to the Group for a term of 70 years expiring on 10 August 2076 for residential use. 2. As advised by the Group, the detailed planning of the subject development is in the process of research. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F 5.06(8) RMB 47. A parcel of land located The property comprises a parcel of land The site is currently 65,900,000 at Fulong Village with a site area of approximately vacant. Huayang Town 66,565.93 sq.m. Interest attributable Shuangliu County to the Group: Chengdu City The land use rights of the property were RMB 27,283,000 Sichuan Province granted for a term of 70 years expiring on The PRC 25 August 2074 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Shuang Guo Yong (2006) Di No. 00347 ( ), the land use rights of the property with a site area of approximately 66,565.93 sq.m. were granted to the Group for a term of 70 years commencing from 26 August 2006 and expiring on 25 August 2074 for residential use. 2. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 48. A parcel of land of The property comprises a parcel of The site is currently vacant. 41,180,000 Phase II of Sun land with a site area of approximately International City 40,201.9 sq.m. Interest attributable located at the southern to the Group: side of Dongshan East Sun International City is a residential RMB 28,826,000 Road estate which includes the portion Tianjia’an District which is under construction (property Huainan City no.22) and the portion for future Anhui Province development. The PRC The land use rights of the property were granted for a term of 50 years expiring on 5 May 2048 for composite use.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Huai Guo Yong (98) Zi Di No.030052 ( ), the land use rights of the property with a site area of approximately 40,201.9 sq.m. were granted to the Group for a term of 50 years expiring on 5 May 2048 for composite use. 2. As advised by the Group, the detailed planning of the subject development is in the process of research. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 49. Portions of Phases I and The property comprises a portion of a The site is currently vacant. 152,126,000 II of Bailu City Garden parcel of land with a site area of located at Houba approximately 116,127.00 sq.m. Interest attributable Qianlin Town to the Group: Yunyan District Bailu City Garden is a residential RMB 152,126,000 Guiyang City estate which includes the unsold Guizhou Province portion (property no.9), the portion The PRC under construction (property no.23), and the portion of land for future development.

The property is held under the land use rights for a term of 50 years expiring on 25 August 2054 for commercial and residential, uses.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of a parcel of land with a site area of approximately 206,804.2 sq.m. (including the subject property) were contracted to be granted to the Group for a term of 50 years for commercial and residential uses at a consideration of RMB10,580,000. 2. Pursuant to a State-owned Land Use Rights Certificate — Zhu Yu Deng (2004) Zi Di No. 113 ( ), the land use rights of a parcel of land with a site area of approximately 201,356.30 sq.m. (including the subject property with a site area of approximately 116,127 sq.m.) were granted to the Group for a term of 50 years expiring on 25 August 2054 for commercial, residential and educational uses. The land also includes portions of properties nos. 9 and 23. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 50. A parcel of land The property comprises a parcel of The site is currently vacant. 5,692,000 No. 28 Jinwei Road land with a site area of approximately Baoji City 7,142 sq.m. Interest attributable Shaanxi Province to the Group: The PRC The land use rights of the property RMB 5,692,000 were granted for a term expiring on 23 June 2067 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of approximately 7,142 sq.m. were contracted to be granted to the Group for a term of 65 years for residential use at a consideration of RMB1,378,406. 2. Pursuant to a State-owned Land Use Rights Certificate — Bao Shi Guo Yong (2003) Zi Di No. 142 ( ), the land use rights of the property with a site area of approximately 7,142 sq.m. were granted to the Group for a term of 65 years expiring on 23 June 2067 for residential use. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 51. 2 parcels of land and a The property comprises Part A The site is currently vacant. 365,129,000 portion of a parcel of and Part B. land located at the Interest attributable western side of Yingbin Part A comprises 2 parcels of to the Group: Road land with a total site area of RMB 273,847,000 Lirendong Village approximately 78,730.6 sq.m. Nancun Town The land use rights of the 2 Fanyu District parcels of land were granted for Guangzhou City a term of 70 years for residential Guangdong Province and commercial uses. The PRC Part B comprises a portion of a parcel of land with site area of approximately 45,000 sq.m. (please refer to note 2)

Notes: 1. Pursuant to 2 State-owned Land Use Rights Certificates — Pan Fu Guo Yong (2002) Zi Di Nos. G05-000208 and G05-000210 ( ), the land use rights of the property (Part A) with a total site area of approximately 78,730.6 sq.m. were granted to the Group for a term of 70 years for residential and commercial uses. 2. Pursuant to a State-owned Land Use Rights Certificate — Pan Fu Guo Yong (2002) Zi Di No. G05-000209 ( ), the land use rights of a parcel of land with a site area of approximately 120,705.3 sq.m. were granted to the Group for a term of 70 years for commercial and residential uses, of which the land use rights pertaining to Part B of the property are held under the aforesaid LURC. The land also includes the portion of Property No. 17. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 52. 2 parcels of land The property comprises 2 parcels of land with The site is currently 43,512,000 No. 311 Huazhong East a total site area of approximately 44,354.22 vacant. Road sq.m. Interest attributable Yingjiang District to the Group: Anqing City The land use rights of the property were RMB 39,679,000 Anhui Province granted for terms of 40 and 70 years expiring The PRC in April 2046 and April 2076 for commercial and residential uses respectively.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of approximately 44,354.13 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at a consideration of RMB27,125,011. 2. Pursuant to 2 State-owned Land Use Rights Certificates — Qing Guo Yong (2006) Di Nos. 490 and 491 ( ), the land use rights of the property with a total site area of approximately 44,354.22 sq.m. were granted to the Group for terms of 40 years expiring in April 2046 for commercial use and 70 years expiring in April 2076 for residential use. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 53. 2 parcels of land The property comprises 2 parcels of land with The site is currently 10,456,000 located at the southern a total site area of approximately vacant. side of Wanqing Road 10,382.84 sq.m. Interest attributable Yingjiang District to the Group: Anqing City The land use rights of the property were RMB 9,535,000 Anhui Province granted for a term of 40 years expiring in The PRC April 2046 for commercial use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of approximately 10,383.39 sq.m. were contracted to be granted to the Group for a term of 40 years for commercial use at a consideration of RMB3,251,308. 2. Pursuant to 2 State-owned Land Use Rights Certificates — Qing Guo Yong (2006) Di Nos. 494 and 495 ( 494 495 ), the land use rights of the property with a total site area of approximately 10,382.84 sq.m. were granted to the Group for a term of 40 years expiring in April 2046 for commercial use. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 54. A parcel of land located The property comprises a parcel of land with The site is currently 5,820,000 at the northern side of a site area of approximately 7,193.57 sq.m. vacant. Wangqing Road Interest attributable Yingjiang District The land use rights of the property were to the Group: Anqing City granted for a term of 70 years expiring in RMB5,307,000 Anhui Province April 2076 for residential use. The PRC

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of approximately 7,193.63 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at a consideration of RMB2,256,981. 2. Pursuant to a State-owned Land Use Rights Certificate — Qing Guo Yong (2006) Di No. 493 ( ), the land use rights of the property with a site area of approximately 7,193.57 sq.m. were granted to the Group for a term of 70 years expiring in April 2076 for residential use. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 55. 4 parcels of land The property comprises 4 parcels of land with The site is currently 102,480,000 located at the western a total site area of approximately vacant. side of Wanhe Road 121,154.64 sq.m. Interest attributable and the northern side to the Group: of Wangqing Road The land use rights of the property were RMB93,452,000 Yingjiang District granted for terms of 40, 50 and 70 years Anqing City expiring in April 2046, April 2056, April 2076 Anhui Province for commercial, public facility and residential The PRC uses respectively.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a total site area of approximately 121,154.53 sq.m. were contracted to be granted to the Group for terms of 40 and 70 years for commercial and residential uses at consideration of RMB40,788,070. 2. Pursuant to 4 State-owned Land Use Rights Certificates — Qing Guo Yong (2006) Di Nos. 256 to 258 and Qing Guo Yong (2006) Di No. 075,( ), the land use rights of the property with a total site area of approximately 121,154.64 sq.m. were granted to the Group for terms of 40 years expiring in April 2046 for commercial use, 70 years expiring in April 2076 for residential use and 50 years expiring in April 2056 for public facility use. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 56. A parcel of land The property comprises a parcel of land with The site is currently 45,959,000 No. 49 Jichang Road a site area of approximately 57,448.57 sq.m. vacant. Yingjiang District Interest attributable Anqing City The land use rights of the property were to the Group: Anhui Province granted for a term of 70 years expiring in RMB 41,924,000 The PRC April 2076 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of approximately 57,448.57 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at consideration of RMB36,849,652. 2. Pursuant to a State-owned Land Use Rights Certificate — Qing Guo Yong (2007) Di No. 256 ( 256 ), the land use rights of the property with a site area of approximately 57,448.57 sq.m. were granted to the Group for a term of 70 years expiring in April 2076 for residential use. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 57. A parcel of land The property comprises a parcel of land with The site is currently 21,626,000 No. 215 Huazhong East a site area of approximately 24,829.14 sq.m. vacant. Road Interest attributable Yingjiang District The land use rights of the property were to the Group: Anqing City granted for a term of 70 years expiring in RMB 19,721,000 Anhui Province March 2076 for residential use. The PRC

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of approximately 24,829.14 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at consideration of RMB15,703,749. 2. Pursuant to a State-owned Land Use Rights Certificate — Qing Guo Yong (2006) Di No. 380 ( 380 ), the land use rights of the property with a site area of approximately 24,829.14 sq.m. were granted to the Group for a term of 70 years expiring in March 2076 for residential use. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

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VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 58. A parcel of land The property comprises a parcel of land with The site is currently 26,413,000 No. 289 Huazhong East a site area of approximately 29,981.08 sq.m. vacant. Road Interest attributable Yingjiang District The land use rights of the property were to the Group: Anqing City granted for a term of 70 years expiring in RMB 24,086,000 Anhui Province April 2076 for residential use. The PRC

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of approximately 29,981.08 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at a consideration of RMB18,962,229. 2. Pursuant to a State-owned Land Use Rights Certificate — Qing Guo Yong (2006) Di No. 492 ( 492 ), the land use rights of the property with a site area of approximately 29,981.08 sq.m. were granted to the Group for a term of 70 years expiring in April 2076 for residential use. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights to the site of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

IV-91 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 59. 2 parcels of land The property comprise 2 parcels of land with The site is currently 31,047,000 located at the a total site area of approximately 15,783.7 vacant. northwestern side of sq.m. Interest attributable the junction of to the Group: Gongnong Street and The land use rights of the property were RMB 28,321,000 Diezitang granted for terms of 40 and 70 years expiring Yingjiang District in June 2046 and June 2076 for commercial Anqing City and residential uses respectively. Anhui Province The PRC

Notes: 1. Pursuant to 2 State-owned Land Use Rights Grant Contracts, the land use rights of 2 parcels of land with a total site area of approximately 15,783.7 sq.m. were contracted to be granted to the Group for terms of 40 years for commercial use and 70 years for residential use at a total consideration of RMB2,700,000. 2. Pursuant to 2 State-owned Land Use Rights Certificates — Qing Guo Yong (2007) Di Nos. 077 and 078 ( ), the land use rights of the property with a total site area of approximately 15,783.7 sq.m. were granted to the Group for terms of 40 years expiring in June 2046 for commercial use and 70 years expiring in June 2076 for residential use. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

IV-92 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 60. 2 parcels of land The property comprises 2 parcels of land with The site is currently 151,681,000 located at Hedian Road a total site area of approximately vacant. Xincheng Development 261,971 sq.m. Interest attributable Zone to the Group: Hefei City The development is scheduled to commence RMB 151,681,000 Anhui Province in 2008. The PRC The land use rights of the property were granted for terms of 40 years expiring on 29 May 2047 for commercial use, 50 years expiring on 29 May 2057 for composite use and 70 years expiring on 29 May 2077 for residential use respectively.

Notes: 1. Pursuant to 2 State-owned Land Use Rights Grant Contracts, the land use rights of the property with a total site area of approximately 261,971 sq.m. were contracted to be granted to the Group for various terms at a total consideration of RMB131,640,427. 2. Pursuant to 2 State-owned Land Use Rights Certificates — Dong Guo Yong (2007) Nos.206 and 207 ( ), the land use rights of the property with a total site area of approximately 261,971 sq.m. were granted to the Group for terms of 40 years expiring on 29 May 2047 for commercial use, 50 years expiring on 29 May 2057 for composite use and 70 years expiring on 29 May 2077 for residential use. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

IV-93 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 61. A parcel of land located The property comprises a parcel of land with The site is currently 43,846,000 at Dayi Avenue a site area of approximately 56,917sq.m. vacant. Jingyuan Town Interest attributable Dayi County The land use rights of the property were to the Group: Sichuan Province granted for terms of 40 years expiring on RMB 43,846,000 The PRC 25 June 2046 for commercial use and 70 years expiring on 25 June 2076 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract — No. 2006-00455, the land use rights of the property with a site area of approximately 56,917 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at a consideration of RMB26,467,800. 2. Pursuant to a State-owned Land Use Rights Certificate — Da Yi Guo Yong 2007 Di No.355 ( ), the land use rights of the property with a site area of approximately 56,917 sq.m. were granted to the Group for terms of 40 years expiring on 25 June 2046 for commercial use and 70 years expiring on 25 June 2076 for residential use. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

IV-94 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 62. Phases II and III of The property comprises a portion of a parcel The site is currently 144,699,000 Zhongjing Shengshi of land with site area of approximately vacant. Chang’an 69,821.04 sq.m. Interest attributable No.313 Heping East to the Group: Road Chang’an District Zhongjing Shengshi Chang’an is a residential RMB 144,699,000 Shijiazhuang City estate which also includes portion under Hebei Province construction (property no.26). The PRC The property is held under the land use rights for a term of 70 years expiring on 22 November 2075 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of a parcel of land with a site area of approximately 130,491.348 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at a consideration of RMB235,000,000. 2. Pursuant to a State-owned Land Use Rights Certificate — Chang An Guo Yong (2006) Di No.085 ( ), the land use rights of a parcel of land with a site area of approximately 118,444.492 sq.m. (including the subject property with a site area of approximately 69,821.04 sq.m.) were granted to the Group for a term of 70 years commencing from 23 November 2005 and expiring on 22 November 2075 for residential use. The land also includes the portion of the land of property no.26. 3. Pursuant to a Construction Work Planning Permit — Shi Jian Guan Zi (2007) Di No.159 ( ), buildings of the property with a total gross floor area of approximately 100,654 sq.m. have been approved for construction. 4. Pursuant to a Mortgage Agreement entered into between Guang’an, Shijiazhuang Branch, Agricultural Bank of China ( ) and Beijing Jingxu Real Estate Development Company Limited, a 100% owned subsidiary of the Company, the land use rights of a parcel of land with a site area of approximately 118,444.492 sq.m. were subject to a mortgage for a maximum loan amount of RMB164,500,000. 5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property; and b) the Group can legally occupy, use and derive from the proceeds of the land but cannot freely transfer, mortgage and dispose of the land without the consent of the mortgagee.

IV-95 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 63. Portion of Phase II of The property comprises a portion of a parcel The site is currently 144,855,000 Xinglong City Garden of land with a site area of approximately vacant. No.57 Lijiang Road 91,104 sq.m. Interest attributable Xiaohe District to the Group: Guiyang City Phase II of Xinglong City Garden is a RMB 144,855,000 Guizhou Province residential estate which includes the portion The PRC for sale (property no.15), the portion under construction (property no.29) and the portion of the land for future development. The development is scheduled to commence at the end of 2007. The property is held under the land use rights for a term of 50 years expiring on 5 August 2054 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of a parcel of land with a site area of approximately 286,133 sq.m. were contracted to be granted to the Group for a term of 50 years for residential use at a consideration of RMB24,321,305. 2. Pursuant to a State-owned Land Use Rights Certificate — Zhu Jing Kai Yu Deng (2005) Zi Di No.02 ( ), the land use rights of a parcel of land with a site area of approximately 286,133 sq.m. (including the subject property with a site area of approximately 91,104 sq.m) were granted to the Group for a term of 50 years expiring on 5 August 2054 for residential use. The land also includes portions of the land of properties no.15 and no.29. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

IV-96 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 64. Xinglong Zhujiang The property comprises a portion of a parcel The site is currently 510,737,000 Wan Pan of land with a site area of approximately vacant. No.8 Zhujiang Road 282,175sq.m. Interest attributable Xiaohe District to the Group: Guiyang City Xinglong Zhujiang Wan Pan is a residential RMB 510,737,000 Guizhou Province estate which includes portion for sale The PRC (property no.16), portion under construction (property no.30) and the portion of the land for future development. The development is scheduled to commence in 2008. The property is held under the land use rights for a term of 50 years expiring on 9 January 2054 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of a parcel of land (including the subject property) with a site area of approximately 421,136 sq.m. were contracted to be granted to the Group for a term of 50 years for residential use at a total consideration of RMB210,000,000. 2. Pursuant to a State-owned Land Use Rights Certificate — Zhu Jing Kai Yu Deng (2004) Zi Di No.06 ( ), the land use rights of a parcel of land with a site area of approximately 421,136 sq.m. (including the subject property with a site area of approximately 282,175 sq.m.) were granted to the Group for a term of 50 years commencing from 9 January 2004 and expiring on 9 January 2054 for residential use. The land also includes portions of the land of properties no.16 and no.30. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

IV-97 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 65. Shiheng New City The property comprises a portion of a parcel The site is currently 40,837,000 located at of land with a site area of approximately vacant. Shiheng Town 62,825.92 sq.m. Interest attributable Feicheng City to the Group: Shandong Province The Shiheng New City is a residential estate which RMB 21,149,000 PRC includes the portion under construction (property no. 28) and the portion of the land for future development. As advised by the Group, the planned total gross floor area is approximately 77,275sq.m.

The development is scheduled to commence in 2008. The property is held under the land use rights for a term of 70 years expiring on 24 November 2075 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of a parcel of land (including the subject property) with a site area of approximately 116,973 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at a consideration of RMB15,206,490. 2. Pursuant to a State-owned Land Use Rights Certificate — Fei Cheng Guo Yong (2005) Di No.060022 ( ), the land use rights of a parcel of land with a site area of approximately 116,792.92 sq.m. (including the subject property with a site area of approximately 62,825.92 sq.m.) were granted to the Group for a term of 70 years commencing from 24 November 2005 and expiring on 24 November 2075 for residential use. The land also includes the portion of the land of property no. 28. 3. As advised by the Group, the detailed planning of the subject development is in the process of research. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

IV-98 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 66. Portion of Zhongtie The property comprises a portion of a parcel The site is currently 12,690,000 Longcheng of land with a site area of approximately vacant. No.869 Deshuizhong 9,000sq.m. Interest attributable Road to the Group: Hedong New District Zhongtie Longcheng is a residential estate RMB 12,690,000 Suining City which includes the portion which is under Sichuan Province construction (property no. 24) and the portion The PRC of land for future development. The property is held under the land use rights for terms of 40 years expiring on 19 September 2045 and 70 years expiring on 19 September 2075 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Sui Guo Yong 2007 Di No.8558 ( ), the land use rights of a parcel of land with a site area of approximately 50,503.29 sq.m. (including the subject property with a site area of approximately 9,000 sq.m.) were granted to the Group for a term of 70 years expiring on 19 September 2075 for residential use. The land also includes portion of land of property no. 24. 2. As advised by the Group, the detailed planning of the subject development is in the process of research. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

IV-99 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 67. A parcel of land located The property comprises a parcel of land with The site is currently 136,075,000 at Qingjing Village a site area of approximately 129,471.7sq.m. vacant. Qingchengshan Town Interest attributable Dujiangyan City The land use rights of the property were to the Group: Sichuan Province granted for a term of 70 years expiring on RMB 71,933,000 The PRC 19 August 2072 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Certificate — Du Guo Yong (2004) Di No.5639 ( ), the land use rights of the property with a site area of approximately 129,471.7 sq.m. were granted to the Group for a term of 70 years expiring on 19 August 2072 for residential use. 2. As advised by the Group, the detailed planning of the subject development is in the process of research. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

IV-100 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 68. A parcel of land located The property comprises a parcel of land with The site is currently 128,429,000 at the eastern side of a site area of approximately 5,242sq.m. vacant. Jingshi Mansion and Interest attributable the northern side of As advised by the Group, the planned total to the Group: Qujian Road gross floor area is approximately RMB 51,372,000 Suzhou City 105,976.17sq.m. Jiangsu Province The development is scheduled to commence The PRC at the end of 2007. The land use rights of the property were granted for a term of 40 years expiring on 24 April 2047 for commercial use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the property with a site area of approximately 5,242 sq.m. were contracted to be granted to the Group for a term of 40 years for commercial use at a consideration of RMB120,000,000. 2. Pursuant to a State-owned Land Use Rights Certificate — Su Xin Guo Yong (2007) Di No.005555 ( ), the land use rights of the property with a site area of approximately 5,242 sq.m. were granted to the Group for a term of 40 years expiring on 24 April 2047 for commercial use. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) the Group has obtained the land use rights of the property and is entitled to use, develop, lease and mortgage the land; the land use rights of the property can be transferred after the construction cost paid is more than 25% of the total development cost or obtaining the transfer approvals from relevant authorities; and b) the property is not subject to any mortgage and other encumbrances.

IV-101 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE Group VI — Property interests to be acquired by the Group in the PRC Property held by the Group’s infrastructure construction business

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB I.F 5.06(8) 69. A parcel of land located The property comprises a parcel of land with The site is currently No commercial at Station Back Street a site area of approximately 9,343.679 sq.m. vacant. value Huhehaote City Inner Mongolia The land use rights of the property were The PRC granted for a term of 70 years for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of a parcel of land with a site area of approximately 9,343.679 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at a consideration of RMB9,250,242. 2. As advised by the Group, the detailed planning of the subject development is in the process of research. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) there would be no legal impediment for the Group to obtain the LURCs after paying off the land premium; and b) the Group will have the legal rights to use the land under the PRC laws and regulations upon obtaining the LURCs.

IV-102 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 70. A parcel of land located The property comprise a parcel of The site is currently vacant. No commercial value at Pitong Town land with a site area of approximately Pi County 30,357.34 sq.m. Sichuan Province The PRC The land use rights of the property were granted for a term of 50 years for composite use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of a parcel of land with a site area of approximately 30,357.34 sq.m. were contracted to be granted to the Group for a term of 50 years for composite use at a consideration of RMB92,901,600. 2. As advised by the Group, the detailed planning of the subject development is in the process of research. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) there would be no legal impediment for the Group to obtain the LURCs after paying off the land premium; and b) the Group will have the legal rights to use the land under the PRC laws and regulations upon obtaining the LURC.

IV-103 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 71. A parcel of land The property comprise a parcel of The site is currently vacant. No commercial value No. 586 Wuge Road land with a site area of approximately Wuhan City 532,618.44 sq.m. Hubei Province The PRC The land use rights of the property were granted for a term of 70 years for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of a parcel of land with a site area of approximately 532,618.44 sq.m. were contracted to be granted to the Group for a term of 70 years for residential use at a consideration of RMB88,840,040. 2. As advised by the Group, the detailed planning of the subject development is in the process of research. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) there would be no legal impediment for the Group to obtain the LURCs after paying off the land premium; and b) the Group will have the legal rights to use the land under the PRC laws and regulations upon obtaining the LURC.

IV-104 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 72. 4 parcels of land The property comprises 4 parcel of The site is currently vacant. No commercial value located at Huang Ba land with a total site area of Huashuiwan Town approximately 190,515.62 sq.m. Dayi County Chengdu City Sichuan Province The PRC

Notes: 1. Pursuant to 4 written verdicts, the land use rights of 4 parcels of land with a total site area of approximately 190,515.62 sq.m. were acquired by auction by the Group. 2. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) as the Group has paid off the auction payment, there would be no legal impediment to change the LURCs under the Group’s name; and b) the Group will have the legal rights to use these land under the PRC laws and regulations upon obtaining the LURCs.

IV-105 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB 73. A parcel of land located The property comprises a parcel of The site is currently vacant. No commercial value at the southern side of land with a site area of approximately Yongan Road and the 66,190.3 sq.m. western side of Yonglian Road The development is scheduled to Hi-tech Zone commence at the end of 2007. Suzhou City The land use rights of the property Jiangsu Province were contracted to be granted for a The PRC term of 70 years commencing from 26 September 2007 for residential use.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of the land with a site area of approximately 66,190.3 sq.m. were contracted to be granted to the Group for a term of 70 years commencing from 26 September 2007 for residential use. 2. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) there would be no legal impediment for the Group to obtain the LURCs after paying off the land premium; and b) the Group will have the legal rights to use the land under the PRC laws and regulations upon obtaining the LURC.

IV-106 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 RMB 74. 5 parcels of land The property comprises 5 parcels of The site is currently vacant. No commercial value located at Lishizi Road land with a total site area of Da County approximately 152,447.4 sq.m. Sichuan Province The PRC The land use rights of the property were transferred to the Group.

Notes: 1. Pursuant to a Project Transfer Contract dated 8 June 2006, 3 parcels of land with a total site area of approximately 11,613.1 sq.m were transferred to the Group at a total consideration of RMB16,300,000. 2. Pursuant to a Construction Land Planning Permit — Da Jian Gui No.2007-4-1 ( ) issued by the Da County Planning and Construction Bureau, the land use rights of a parcel of land with a site area of approximately 134,545.3 sq.m. were obtained by the Group. 3. Pursuant to a Project Transfer Contract dated 12 October 2006, the land use rights of a parcel of land with a site area of approximately 6,289 sq.m. were transferred to the Group at a consideration of RMB2,350,000. 4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) there would be no legal impediment for the Group to obtain the LURCs or change the LURCs under the name of the Group after paying off the land premium or the transfer payment of the land; and b) the Group will have the legal rights to use these land under the PRC laws and regulations upon obtaining the LURCs.

IV-107 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE Property held by the Group’s survey and design services business

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 75. A parcel of land located The property comprises a parcel of The site is currently vacant. No commercial value at Pi County land with a site area of approximately Chengdu City 90,970.4 sq.m. Sichuan Province The PRC The land use rights of the property were granted for terms of 40 and 70 years expiring on 22 May 2046 and 22 May 2076 for commercial and residential uses respectively.

Notes: 1. Pursuant to a State-owned Land Use Rights Grant Contract, the land use rights of a parcel of land with a site area of approximately 90,970.4 sq.m. were contracted to be granted to the Group for terms of 70 and 40 years expiring on 22 May 2076 and 22 May 2046 for residential and commercial uses respectively. 2. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: a) there would be no legal impediment for the Group to obtain the LURCs after paying off the land premium; and b) the Group will have the legal rights to use the land under the PRC laws and regulations upon obtaining the LURC.

IV-108 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE Group VII — Property interests rented and occupied by the Group in the PRC

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 76. 238 leased properties The properties comprise The property is currently No commercial value located in the PRC 238 buildings or units with a total occupied by the Group for gross floor area of approximately office, residential and 292,436.02 sq.m., which were mainly production purposes. completed in various stages between 1980 and 2006. The properties are leased to the subsidiaries of the Company (the ‘‘Tenants’’) from various independent third parties and connected parties (the ‘‘Lessors’’) for various terms.

Notes: 1. Pursuant to various Tenancy Agreements entered into between the Company or its subsidiaries and various independent third parties, 19 buildings or units with a total gross floor area of approximately 10,854.66 sq.m. are leased to the Group from various independent third parties for various terms at a total annual rental of RMB3,556,817.8 for office and staff dormitory uses. 2. Pursuant to a Tenancy Agreement entered into between the Group and China Railway Engineering Corporation (‘‘CRECG’’), 219 buildings or units with a total gross floor area of approximately 281,581.36 sq.m. are leased to the Group for a term of 3 years at an annual rental of not more than RMB50,000,000 and to be reviewed at the then prevailing market rate but not more than an increase rate of 5% of the rent of the previous year for production and office uses. 3. We have been provided with a legal opinion regarding the property interests by the Company’s PRC legal advisers, which I.F.5.09 contains, inter alia, the following: PN 12-5.2 a) for the 14 buildings with a total gross floor area of approximately 45,907.84 sq.m., of which the relevant Lessors have PM 12-7 provided with valid title documents, the Group has legal rights to use these properties under the PRC laws and the tenancy agreements; the tenancy agreements are legal and valid; and b) for the 224 buildings or units with a total gross floor area of approximately 246,528.18 sq.m., of which the relevant Lessors have not provided with valid title documents, CRECG has undertaken to resolve any issue arising from the title dissents for the leased properties and will be responsible for any costs, expenses, claims and any other losses to the Group and the aforesaid undertaking is legal, valid and enforceable and there will be no adverse material effects and legal risks on the normal operation of the Group.

IV-109 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE Group VIII — Property interests rented and occupied by the Group in Hong Kong, Macau and overseas countries

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy 30 September 2007 I.F.5.06(8) RMB 77. 28 leased properties The properties comprise 28 buildings or The property is currently No commercial located in Hong Kong, units with a total gross floor area of occupied by the Group for value Macau, Japan, approximately 13,620.88 sq.m., which office, residential and Singapore, Malaysia, were mainly completed in various stages production purposes. United Arab Emirates, between 1989 and 1996. Bengal, Sri Lanka, Morocco, Mauritania, The properties are leased to the Botswana and South subsidiaries of the Company (the Africa ‘‘Tenants’’) from various independent third parties (the ‘‘Lessors’’) for various terms.

Notes: 1. Pursuant to various Tenancy Agreements entered into between the Group and various independent third parties, 28 buildings or units with a total gross floor area of approximately 13,620.88 sq.m. are leased from various independent third parties for various terms at a total annual rental of RMB10,764,963.12 for residential and office uses.

IV-110