THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

The following is a text of the letter, summary of values and valuation certificates, prepared for inclusion in this document, received from Savills Valuation and Professional Services Limited, an independent property valuer, in connection with their valuations as of [July 31, 2011] of the properties held by the Group.

Savills Valuation and Professional Services Limited 23/F Two Exchange Square Central, Hong Kong

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

EA LICENSE: C-023750 savills.com

The Directors XCMG Construction Machinery Co., Ltd. Industrial Zone 1 Xuzhou Economic Development Zone Xuzhou, Jiangsu, PRC

Date: [*] 2011

Dear Sirs, In accordance with your instructions for us to value the properties situated in the People’s Republic of China (the “PRC”) in which XCMG Construction Machinery Co., Ltd. (the “Company”) and its subsidiaries (hereinafter referred to as the “Group”) have interests, we confirm that we have carried out inspections, made relevant enquiries and obtained such further information as we consider necessary for the purpose of providing you with our opinion of values of such properties as at [July 31, 2011] (“date of valuation”).

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

The market value is the best price reasonably obtainable in the market by the seller and the most advantageous price reasonably obtainable in the market by the buyer. This estimate specifically excludes an estimated price inflated or deflated by special terms or circumstances such as atypical financing, sale and leaseback arrangements, joint ventures, management agreements, special considerations or concessions granted by anyone

IV-1 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT associated with the sale, or any element of special value. The market value of a property is also estimated without regard to costs of sale and purchase, and without offset for any associated taxes.

[In valuing the Property Nos. 1 to 12 in Group I, which are held for owner occupation in the PRC, due to the specific purpose for which the buildings and structures of the properties have been constructed, there are no readily available market comparables and thus the buildings and structures of the properties cannot be valued on the basis of direct comparison. The properties have been valued on the basis of the depreciated replacement cost (“DRC”). We would define "DRC" to be our opinion of the land value in its existing use and an estimate of the new replacement costs of the buildings and structures, including professional fees and finance charges, from which deductions are then made to allow for age, physical, functional and environmental obsolescence. The DRC is subject to adequate profitability of the concerned business. For the remaining properties in Group I, we have adopted the direct comparison approach by marking reference to the comparable market transactions assuming sale with the benefit of vacant possession.]

[In valuing the properties in Group II, which are held under development by the Group in the PRC, we have valued them on the basis that they will be developed and completed in accordance with the Group’s latest development proposal provided to us and by depreciated replacement cost approach with regard to the prevailing cost levels and status of construction as at the date of valuation. We have also assumed that all consents, approvals and licenses from the relevant government authorities for the development have been granted without any onerous conditions or undue delay.]

[In valuing the properties in Group III, which are held by the Group for future development, we have valued the properties by using direct comparison approach by making reference to the comparable market transactions as available in the market assuming sale with the benefit of vacant possession.]

[In valuing the properties in Group IV, which are leased by the Group in the PRC, we have assigned no commercial value to these properties due to prohibition against assignment or sub-letting or otherwise due to lack of substantial profit rent.]

We have been provided with copies of extracts of title documents relating to the properties in the PRC. However, we have not searched the original documents to ascertain the existence of any amendments which do not appear on the copies handed to us. We have relied to a very considerable extent on information given by the Group and its legal advisers, Jingtian and Gongcheng, regarding the titles to the properties in the PRC.

We have also accepted advice given to us on such matters as planning approvals or statutory notices, easements, tenure, development proposals, expended and outstanding construction costs, particulars of occupancy, site and floor areas and all other relevant matters. Dimensions, measurements and areas included in the valuation certificates are based on information contained in the documents provided by the Group to us and are therefore only approximations. No on-site measurements have been taken. We have had no reason to doubt the truth and confirmation from the Group that no material facts have been omitted from the information supplied. We consider that we have been provided with sufficient information to reach an informed view.

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We have inspected the exterior and where possible, the interior of the properties. During the course of our inspection, we did not note any serious defects. However, no structural survey has been made, we are therefore unable to report that the properties are free from rot, infestation or any other structural defects. No tests were carried out on any of the services.

No allowance has been made in our valuation for any charges, mortgages or amounts owing on any property 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.

Unless otherwise stated, all money amounts stated are in Renminbi.

Our summary of values and valuation certificates are attached.

Yours faithfully, For and on behalf of Savills Valuation and Professional Services Limited

Anthony C K Lau MHKIS MRICS RPS(GP) Director

Note: Mr Anthony C K Lau is a qualified valuer and has over 18 years’ post-qualification experience in the valuation of properties in Hong Kong and the PRC.

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SUMMARY OF VALUES

Group I—Properties held by the Group for owner occupation in the PRC Capital value in existing state as at No. Property [July 31, 2011] 1. An industrial complex located at RMB [418,600,000] No. 165 Tongshan Road, Xuzhou, Jiangsu Province, PRC 2. An industrial complex located at RMB [396,300,000] Tongshan Road, Xuzhou, Jiangsu Province, PRC 3. An industrial complex located RMB [357,400,000] on north of Taoshan Road and south of Miaoshan Road, Xuzhou Economic Development Zone, Xuzhou, Jiangsu Province, PRC 4. An industrial complex located at No. 1 Duolanshan Road, RMB [60,700,000] Xuzhou Economic Development Zone, Xuzhou, Jiangsu Province, PRC 5. An industrial complex located at No. 8 Duolanshan Road, RMB [203,700,000] Xuzhou Economic Development Zone, Xuzhou, Jiangsu Province, PRC 6. An industrial complex located at No. 16 Duolanshan Road, RMB [77,800,000] Xuzhou Economic Development Zone, Xuzhou, Jiangsu Province, PRC 7. An industrial complex located at No. 18 Taoshan Road, RMB [163,500,000] Xuzhou Economic Development Zone, Xuzhou, Jiangsu Province, PRC 8. An industrial complex located at No. 10 Duolanshan Road, RMB [64,400,000] Xuzhou Economic Development Zone, Xuzhou, Jiangsu Province, PRC 9. An industrial complex located at No. 40 C Zone Avenue, RMB [267,000,000] Jiulong Yuanqu, Jiulongpo District, Chongqing, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 10. An industrial complex located at RMB [128,500,000] No. 55 Xuzhou Economic Development Zone, Xuzhou, Jiangsu Province, PRC 11. An industrial complex located at RMB [53,100,000] No. 58 Kuangshan West Road, Jiulishan District, Xuzhou, Jiangsu Province, PRC 12. An industrial complex located in Shizishan County, RMB [36,600,000] Yunlong District, Xuzhou, Jiangsu Province, PRC 13. Unit H, Level 30, No commercial value Block 3, Kaixuan Plaza, No. 875 Shahe Road, Xiamen, Fujian Province, PRC 14. Flat 302, Level 3, RMB [1,580,000] Block 3, Beijing Road Garden, Panlong District, Kunming, Yunnan Province, PRC 15. Flat 1, Levels 3 and 4, RMB [1,150,000] Building No. 2, Block 20, Nanping Fifth Xiaoqu, Dashiqiao, Nan’an District, Chongqing, PRC 16. Flat 8, Level 9, RMB [390,000] Block 1, Nancheng Liju, No. 23 Nanpingnan Road, Nanping Jiedao, Nan’an District, Chongqing, PRC 17. Flat 8, Level 15, RMB [960,000] Jinxin Building, No. 24 Jiangnan Avenue, Nan’an District, Chongqing, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 18. Level 12, RMB [9,000,000] Wanqian Building, No. 2130 Zhongshan North Road, Putuo District, Shanghai, PRC 19. Flats 303 and 403, RMB [1,870,000] Levels 3 and 4, Block 8, Kaixuan Dayuan, Fengyang Road, Hefei, Anhui Province, PRC 20. Level 5, RMB [2,480,000] No. 2 Suzhou East Road, Wulumuqi, Xinjiang Uyghur Autonomous Region, PRC 21. Room 708-710, RMB [3,610,000] No. 359 Hongwu Road, Baixia District, Nanjing, Jiangsu Province, PRC 22. Unit D, Level 22, RMB [1,920,000] Wansheng Building, No. 488 Qingyang Road, Chengguan District, Lanzhou, Gansu Province, PRC 23. Level 2, No commercial value Waimao Gongsi Office Building, No. 38 Dongbei New Street, Daowai District, Harbin, Heilongjiang Province, PRC 24. Two units of Junqu Dayuan, RMB [690,000] Huancheng East Road, Donghe District, Baotou, Inner Mongolia Autonomous Region, PRC 25. Level 1, RMB [1,090,000] No. 8 Huoche Nanzhan west Road, Wuhou District, Chengdu, Sichuan Province PRC Sub-total: RMB [*]

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Capital value in existing state as at No. Property [July 31, 2011] Group II—Properties held by the Group under development in the PRC 26. An industrial complex located on the west of Guangde Road, RMB [105,000,000] Xuzhoun Economic Development Zone, Xuzhou, Jiangsu Province, PRC 27. Two parcels of land located at the south of Chengdong Avenue, RMB [468,400,000] Xuzhoun Economic Development Zone, Xuzhou, Jiangsu Province, PRC 28. A parcel of land located at the east of Chang’an Avenue, RMB [183,200,000] Xuzhoun Economic Development Zone, Xuzhou, Jiangsu Province, PRC Sub-total: RMB [*]

Group III—Properties held by the Group for future development in the PRC 29. A parcel of land located in Jiangou Village, RMB [8,900,000] Yunlong District, Xuzhou, Jiangsu Province, PRC 30. A parcel of land located north to Third Rong North Road, RMB [107,900,000] Xuzhou Economic Development Zone, Xuzhou, Jiangsu Province, PRC Sub-total: RMB [*]

Group IV—Properties leased by the Group in the PRC 31. Units 4 to 11 of Levels 1 and 2, No commercial value Xicheng Jingxiu, No. 21 Huoju Avenue, Jiulong Yuanqu, Jiulongpo District, Chongqing, PRC 32. Unit 03, Level 2, No commercial value Building No. 1 of Block 10, Haicheng Garden, Qianjiang Road Central, Xiaohe District, Guiyang, Guizhou Province, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 33. Unit 3, Level 7, No commercial value Building No. 2 of Block 8, Shanghai City, No. 32 Nanping West Road, Nan’an District, Chongqing, PRC 34. No. 2 of Qinglong Group 1, No commercial value Shiban Zhen, Jiulongpo District, Chongqing, PRC 35. Unit 901, No commercial value Building No. 4 of Block 9, Chengnan Jiayuan Yicheng Yuan, Fengtai District, Beijing, PRC 36. Unit 801, No commercial value Building No. 3 of Block 3, Chengnan Jiayuan Yicheng Yuan, Fengtai District, Beijing, PRC 37. Unit 402, No commercial value Building No. 2 of Block 6, Shengzhengfu Jiashu Yuan, No. 1 Jiefang Road, Chengzhong District, Xining, Qinghai Province, PRC 38. Unit 502, No commercial value Building No. 2 of Block 8, Jinhai Garden, Jingangcheng, Qilihe District, Lanzhou, Gansu Province, PRC 39. Unit 702, No commercial value Building No. 4 of Block 10, Jinfu Garden, Jingangcheng, Qilihe District, Lanzhou, Gansu Province, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 40. Unit 602, No commercial value Building No. 1 of Block 42, Binhe Xinyuan, Fumin Road, Hedong District, Tianjin, PRC 41. Unit 502, Block 2, No commercial value Xinnan Garden, Jin’an District, Fuzhou, Fujian Province, PRC 42. Level 5, No commercial value No. 327 Jiaogong Road, Xihu District, Hangzhou, Zhejiang Province, PRC 43. Units 1003 and 1004, No commercial value Building No. 2 of Block 5, Xingyu Mingyuan, No. 55 Youyi Road, Tianxin District, Changsha, Hunan Province, PRC 44. Unit 102, No commercial value Building No. 1 of Block 6, Dongfang Diyuan, No. 171 Jinjiadun, Hankou District, Wuhan, Hubei Province, PRC 45. Unit 703, No commercial value Building No. 2 of Block 8, Dongfang Diyuan, No. 171 Jinjiadun, Hankou District, Wuhan, Hubei Province, PRC 46. Unit 5-1-5, No commercial value Car park, Dongfang Diyuan, No. 171 Jinjiadun, Hankou District, Wuhan, Hubei Province, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 47. Unit 401, No commercial value Building No. 1 of Block 1, Lantian Xiaoqu, Moxiang Street, Nanchang, Jiangxi Province, PRC 48. East portion of Level 6, No commercial value Building No. 2 of Block 33, Jinse Gangwan, Guancheng Huizu District, Zhengzhou, Henan Province, PRC 49. East portion of Level 3, No commercial value Building No. 1 of Block 36, Jinse Gangwan, Guancheng Huizu District, Zhengzhou, Henan Province, PRC 50. Unit 12, No commercial value Level 1, Building No. 1 of Block 2, No. 74 Nongye Road, Zhengzhou, Henan Province, PRC 51. No. 93 Tiantai Road, No commercial value Sanqiao, Weiyang District, Xi’an, Shaanxi Province, PRC 52. Unit 1101, No commercial value Building No. 6 of Block 15, Bali Garden, Tianqiao District, Jinan, Shandong Province, PRC 53. Unit 110, No commercial value Building No. 5 of Block 5, Bali Garden, Tianqiao District, Jinan, Shandong Province, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 54. Unit 604, No commercial value Defeng Gongyu Building, Changfeng Street, Xiaoduan District, Taiyuan, Shanxi Province, PRC 55. Unit 1204, No commercial value Defeng Gongyu Building, Changfeng Street, Xiaoduan District, Taiyuan, Shanxi Province, PRC 56. Unit 1604, No commercial value Block 14, Yuxiang Yuan, Tiyu South Avenue, Yuhua District, Shijiazhuang, Hebei Province, PRC 57. Unit 301, No commercial value Building No. 3 of Block 3, Yuxiang Yuan, Tiyu South Avenue, Yuhua District, Shijiazhuang, Hebei Province, PRC 58. Unit 201, No commercial value Building No. 2 of Block 3, Yuxiang Yuan, Tiyu South Avenue, Yuhua District, Shijiazhuang, Hebei Province, PRC 59. Unit D4-10, No commercial value Nanguo Fayuan Shangcheng, No. 35 Baisha Avenue, Nanning, Guangxi Province, PRC 60. A parking space in No commercial value Car Park No. 2, No. 4-6 Dongbei New Street, Haerbin, Heilongjiang Province, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 61. Unit 1105, Block C, No commercial value Funing Plaza, Qiuhai 1st Cross Road, Xiuying District, Haikou, Hainan Province, PRC 62. Unit 302, Level 3, No commercial value Dongfang Shijnd Road, Xilinhaote, Linguolemeng, Inner Mongolia Autonomous Region, PRC 63. Unit 1505, Block 22, No commercial value Lundun Cheg, West Garden, Baijiahu Gongyu, No. 168 Liyuan Zhong Road, Jiangning District, Nanjing, Jiangsu Province, PRC 64. Unit 602, Block 77, No commercial value Lundun Cheng, West Garden, Baijiahu Gongyu, No. 168 Liyuan Zhong Road, Jiangning District, Nanjing, Jiangsu Province, PRC 65. Unit 602, No commercial value Building No. 3 of Block 16, Kangming Yuan, Suzhou East Road, Wulumuqi, Xinjiang Uyghur Autonomous Region, PRC 66. No. 1 Shahe Street, No commercial value Jiuyuan District, Baotou, Inner Mongolia Autonomous Region, PRC 67. Unit 4 on Level 12 and No commercial value Unit 2 on Level 30, Building No.1 of Block 3, Tianhe Kaixuancheng, No.111 Ruilian Road, Qingyang District, Chengdu, Sichuan Province, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 68. Unit 1102, No commercial value Building No. 4 of Block 16, Fenghequyuan, Fengtai District, Beijing, PRC 69. Unit 2001, No commercial value Block 18, Fenghequyuan, Fengtai District, Beijing, PRC 70. Unit 1701, No commercial value No. 101Gongnong Fourth Village, Shiguang Road, Yangpu District, Shanghai, PRC 71. Unit 101, Block 9, No commercial value Wenxinyuan, Dalian Xinxing Zhuzhaiqu, Qingshan District, Baotou, Inner Mongolia Autonomous Region, PRC 72. Unit 201, No commercial value Building No. 5 of Block 1, Wuyin Xiaoqu, Qingshan District, Baotou, Inner Mongolia Autonomous Region, PRC 73. Unit 52, No commercial value Block 3 of Loulin Jie, No. 22 Qinggong Road, Qingshan District, Baotou, Inner Mongolia Autonomous Region, PRC 74. Unit 501, Block D3, No commercial value Xindongqu, D Zone, Fuao Garden, Weixing Road Shangzhuqu, Jingyue Kaifa District, Changchun, Jilin Province, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 75. Unit 701, No commercial value Building No. 1 of Block 4, Ziteng Garden, No. 241 Xianggang Road, Wuhan, Hubei Province, PRC 76. Unit 1205, Block C, No commercial value Qingyueju, Baiyun Gaoerfu Garden, Huangshi Road, Baiyun District, Guangzhou, Guangdong Province, PRC 77. Unit 1202, No commercial value Hexing Commercial Building, No. 400 Xida Jie, Nangang District, Harbin, Heilongjiang Province, PRC 78. Unit 8, Level 1, Block A, No commercial value Hexing Xiaoqu, Hexing Road, Nangang District, Harbin, Heilongjiang Province, PRC 79. Unit A301, No commercial value Fengyaju, No. 6 Jinlian Road, Haikou, Hainan Province, PRC 80. Unit 902, Block 10, No commercial value Qiushuiyuan, No. 56 Lianhua Jie, Fengtan Road, Hangzhou, Zhejiang Province, PRC 81. Unit 203, No commercial value Block 5, Yuanyi Shidai Garden, Shengli Road, Hefei, Anhui Province, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 82. Unit 101, No commercial value Building No. 1 of Block 8, Xiangjiang Garden, Nanchang Jiangxi Province, PRC 83. Unit 105, No commercial value Block 34, No. 9 Lingshan North Road, Qixia District, Nanjing, Jiangsu Province, PRC 84. Unit 2-802, No commercial value Block 19, Zongluwan Xiaoqu, Nanning, Guangxi Province, PRC 85. Unit 4-5601, No commercial value No. 268-5 Shifu Avenue, Shenhe District, Shenyang, Liaoning Province, PRC 86. Unit 1102, No commercial value Building No. 2 of Block B1, Kaiyuan Garden, No. 1 Dongdajie, Shijiazhuang, Hebei Province, PRC 87. Unit 1001, No commercial value Building No. 2 of Block B, Taihua Chengshi Plaza, No. 125 Zhangfeng Street, Taiyuan, Shanxi Province, PRC 88. Unit 1201, Block A2, No commercial value Shuangfa Wenquan Garden, Jingjing Gonglu, Beicheng District, Tianjin, PRC 89. Unit 1202, Block A2, No commercial value Shuangfa Wenquan Garden, Jingjing Gonglu, Beicheng District, Tianjin, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 90. Unit 1304, No commercial value Building No. 2 of Block 1, Longgang Garden, No. 5 Second Rang North Road west section, Xi’an, Shaanxi Province, PRC 91. Unit 1404, No commercial value Building No. 2 of Block 1, Longgang Garden, No. 5 Second Rang North Road west section, Xi’an, Shaanxi Province, PRC 92. Level 1, No commercial value No. 364 Long’an Road, Jin’an District, Fuzhou Fujian Province, PRC 93. Unit 706, Block 1, No commercial value Jiaojing Sushe, Long’an Road, Jin’an District, Fujian Province, PRC 94. Unit 1202, No commercial value Building No. 2 of Block B, Zuo’an Gongyu, No. 220 Second Rang West Road, Kunming, Yunnan Province, PRC 95. Unit 301, No commercial value Building No. 3 of Block 2, Luneng Taoran Shui’an, Beijing Zhong Road, Yinchuan, Ningxia Hui Autonomous Region, PRC 96. Unit 301, No commercial value Block 1, No. 51 Xidajie, Zhengzhou, Henan Province, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 97. Unit 301, No commercial value Block 3, No. 51 Xidajie, Zhengzhou, Henan Province, PRC 98. Unit 12, No commercial value No. 51A Xidajie, Zhengzhou, Henan Province, PRC 99. Unit 602, No commercial value Block 2, Longhu Xiyuan Jiahuige, No. 133 Longhu West Road, Beibuxinqu, Chongqing, PRC 100. Unit 6, No commercial value Tianshan Jingxuan Xiaoqu, No. 631 Nanhu North Road, Urumqi, Xinjian Province, PRC 101. Unit 1922, No commercial value Jianhui Jiayuan, No. 457 Qiyi Road, Xining, Qinghai Province, PRC 102. Unit 103, No commercial value Block 35, Mogouyan Xiaoqu, Qilihe District, Lanzhou, Gansu Province, PRC 103. Unit 401, No commercial value Block A, Jindeyuan, Huaxi Avenue north section, Guiyang, Guizhou Province, PRC 104. Unit 601, No commercial value Block A, Jindeyuan, Jianzhuxiang, Huaxi Avenue north section, Guiyang, Guizhou Province, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 105. Unit 1, No commercial value Building No. 3 of Block 9, Jinxi Mingzhai, No. 29 Tongsheng Road, Chengdu, Sichuan Province, PRC 106. Unit 101, No commercial value Building No. 2 of Block 5, Dashun Tiancheng, No. 236 Shan Avenue, Lixia District, Jinan Shandong Province, PRC 107. Unit 302, Block 6, No commercial value Xianglin Jiayuan, No. 658 Shaoshan South Road, Tianxin District, Changsha, Hunan Province, PRC 108. Levels 1 to 3, No commercial value No. 17 D Zone, Yuhua Jidian Market, Yuhua District, Changsha, Hunan Province, PRC 109. Unit 804, No commercial value Building No. 2 of Block 2, Mingren Yuyuan, Linquan Road, Yahai District, Hefei, Anhui Province, PRC 110. Unit 401, No commercial value Building No. 5 of Block 1, Xinhai Xiaoqu, Fuzhou North Road, Yinchuan, Ningxia, PRC 111. Unit 2206, Block B, No commercial value Jinfeng Guoji, intersection of Taikang Road and Minggong Road, Zhengzhou, Henan Province, PRC

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Capital value in existing state as at No. Property [July 31, 2011] 112. Unit 201, No commercial value Block 1, Huicheng Dongfang Shuidou, No. 508 Yuanyang Road, Jin’an District, Fuzhou, Fujian Province, PRC 113. Unit 19-2, Block 1, No commercial value Jiazhou Chengshi Garden, Longxizhen Yubei District, Chongqing, PRC 114. Unit 1302, No commercial value East Unit of Block 107, Yuanyi Yujing, Wulanchabu East Road, Saihan District, Huhhot, Inner Mongolia Autonomous Region, PRC 115. Unit 2501, No commercial value No. 249 Hanyun Road, Huangshi East Road, Baiyun Road, Baiyun District, Guangzhou, Guangdong Province, PRC 116. Unit 503, No commercial value Building No. 2 of Block 4, Huaqiao Xincun, Yinghua Road, Xuanwu District, Nanjing, Jiangsu Province, PRC 117. Unit 101, No commercial value Building No. 1 of Block 5, No. 17 Gongshanghe, Tianqiao District, Jinan, Shandong Province, PRC

IV-19 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property [July 31, 2011] 118. Unit 704, Block 8, No commercial value Sanxiang Xiaoqu, Shaoshan South Road, Yuhua District, Changsha, Hunan Province, PRC 119. Unit 702, No commercial value Building No. 3 of Block 16, Fenghequyuan, Fengtai District, Beijing, PRC 120. Unit 401, No commercial value Building No. 3 of Block 6, Xita Xiaoqu, Huichun Road, Heping District, Shenyang, Liaoning Province, PRC 121. Room 501 of Unit 3, No commercial value Block 17, Government Family Building, No. 1 Jiefang Road, Chengzhong District, Xining, Qinghai Province, PRC 122. Room 101 of Unit 4, No commercial value Block 23, Binhe Xinyuan, Fumin Road, Hedong District, Tianjin, PRC 123. Room 707, No commercial value Block 1, Jinri Jiayuan, Hangzhou, Zhejiang Province, PRC 124. Room 808, No commercial value Block 9, Xingyu Linmingyuan, No. 155 Youyi Road, Tianxin District, Changsha, Hunan Province, PRC

IV-20 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property [July 31, 2011] 125. A Garage on Level 1, No commercial value Nantian Residential Zone, Moxiang Street, Nanchang, Jiangxi Province, PRC 126. Room 202 of Unit 2, No commercial value Block 4, Xibei Zhengquan Building, Hubin Garden, Xingqing District, Yinchuan, Ningxia Hui Autonomous Region, PRC 127. Unit D1-11, No commercial value Nanguo Garden Arcade, No. 35 Baisha Main Road, Nanning, Guangxi Province, PRC 128. Room 702 of Unit 1, No commercial value Block 40, Linhe Fengjing Residence, Changchun, Jilin Province, PRC 129. Room 252, No commercial value No. 338-9 Fengtian Street, Shenhe District, Shenyang, Liaoning Province, PRC 130. Room 302 of Unit 1, No commercial value Block 6, Shujun Garden, Jieyuan West Road, Nankai District, Tianjin, PRC 131. Room 602, No commercial value No. 21 of 1100 Nong Jiangpu Road, Yangpu District, Shanghai, PRC

IV-21 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property [July 31, 2011] 132. Room 101 of Unit 1, No commercial value Block 9, Haihong Residence, Gongren New Village, Tangjiahun, Hangkou, Wuhan, Hubei Province, PRC 133. Room 302 of Unit 2, No commercial value Block 3, Phase 3 of Xiangjiang Garden, Sanyanqiao Road, Jianghan District, Hankou, Wuhan, Hubei Province, PRC 134. Room 10203 of Level 2, No commercial value Block 5, Shanglinyuan Residence, No. 966 Beierhuan East, Xi’an, Shaanxi Province, PRC 135. Nos. 1–2, Block 4, No commercial value Jinse Chitang, No. 359 Shuhan Road, Jinniu District, Chengdu, Sichuan Province, PRC 136. Room 302, Unit 1 of Block 13, No commercial value Luting Yayuan, Panyu District, Guangzhou, Guangdong province, PRC 137. Room 103, No commercial value Block 1, Baijiahu Xiyuan, No. 18 Hubin Road, Jiangning District, Nanjing, Jiangsu Province, PRC

IV-22 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property [July 31, 2011] 138. Room 1-2-201, No commercial value Block E, Riyue Huating, No. 728 Xinhua West Road, Jianghan District, Wuhan, Hubei Province, PRC 139. Room 302 of Unit 2, Block 3, No commercial value Longchang Residence, Luoyang Road, Nanchang, Jiangxi Province, PRC 140. A residential unit on Level 2, No commercial value Nos. 27–30 Dongsan Street, Huijing Garden, Panyu District, Guangzhou, Guangdong Province, PRC 141. Room 201, No commercial value Block 11, Yunxixiang Hill, Zhuaitang Town, Xihu District, Hangzhou, Zhejiang Province, PRC 142. Room 305 of Unit 4, No commercial value Block 7, Jinqing Yuan, No. 2 Tongde Street, Qingyang District, Chengdu, Sichuan Province, PRC 143. Room 801 of Unit 3, No commercial value Block 24, Feicuijun South Zone, Xigongshanghe Road, Tianqiao District, Jinan, Shandong Province, PRC 144. Room 1602 of Unit 1, No commercial value Block 2, Chengji Jingmao Center, Nanjing Road, Heping District, Tianjin, PRC

IV-23 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property [July 31, 2011] 145. Room 302 of Unit 5, No commercial value Block 13, Dama New Village, Taiyuan, Shanxi Province, PRC 146. Room 2 of Level 26, No commercial value Block 2, No. 358 Shifu Main Road, Shenyang, Liaoning Province, PRC 147. Room H07-3-1B, No commercial value Yahe Zhineng, No. 169 Fengzheng First Road, Weiyang District, Xi’an, Shaanxi Province, PRC 148. Room 1-2-402, No commercial value Block 4, Zhongheng Garden, Erdao Street, Zhengzhou, Henan Province, PRC 149. Room 408, No commercial value Block 9, Phase 1, Wanzhen Xiaoyaoyuan, Maanshan South Road, Hefei, Anhui Province, PRC 150. A residential unit of Level 1, No commercial value No. 130 Changan Road, Huli District, Xiamen, Fujian Province, PRC 151. Unit 1104, No commercial value Jingyuan Xincheng, Xingsha County, Changsha, Hunan Province, PRC

IV-24 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property [July 31, 2011] 152. Unit 1-3-1 on Level 3, No commercial value Chunfeng Yuan, Lumingdao Estate, Yuliangzhou District, Xiangfan, Hubei Province, PRC 153. Unit 504, Block B, No commercial value Liziyuan, Liziyuan Road, Zhu Village, Tianhe District, Guangzhou, Guangdong Province, PRC 154. Room No.2 on Level 3, No commercial value Unit 1, Block 8, No.9 Guoxiang Huayuan, Linghang Road, Liuzhou, Guangxi Province, PRC 155. Room No.505, No commercial value Unit 3, Block 5, Dahua Xincun, No.79 Haixiu Middle Road, Longhua District, Haikou, Hainan Province, PRC 156. Room No.303, No commercial value JIatong Yuan, Zhongting Street, Taijiang District, Fuzhou, Fujian Province, PRC 157. Unit 3-4-602, No commercial value Mingzhu Huadu, No.203 Jinzhou East Road, Xinshi District, Urumqi, Xinjiang Uyghur Autonomous Region, PRC

IV-25 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property [July 31, 2011] 158. Room No.801, No commercial value Block 1, Linzhao Estate, Xigu District, Lanzhou, Gansu Province, PRC 159. Room No.501, No commercial value Unit 2, Block 16, Sanxingyuan Estate, Zhuque South Road, Xian, Shanxi Province, PRC 160. No.9 of Unit 3, No commercial value Block 3, Jincui Yuan, Zhanqi Estate, Qingyang District, Chengdu, Sichuan Province, PRC 161. A unit on Level 12, No commercial value No.14-2, Phase 3, Kangju Garden, Baimahan, Jiulongpo District, Chongqing, PRC 162. Room No.8 on Level 3, No commercial value Unit 3, Block 3, No.512 Baoshan South Road, Guiyang Guizhou Province, PRC 163. Room No.502, No commercial value Unit 1, Block 22, Dormitory of Yunnan Dyeing Factory, Xishan District, Kunming, Yunnan Province, PRC 164. Room No.402, No commercial value Unit 5, Block 26, Kangan Estate, Daoli District, Harbin, Heilongjiang Province, PRC

IV-26 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property [July 31, 2011] 165. Room No.723, No commercial value Door No.7, No.20-5 Shuxun Street, Nanhutong, Jiefang Main Road, Nanguan District, Changchun, Jilin Province, PRC 166. A unit on Level 3, No commercial value Block 12-1, No.112 Huanghe South Main Street, Shenyang, Liaoning Province, PRC 167. A unit on Level 4, No commercial value No.93 Jiujinci Road, Taiyuan, Shanxi Province, PRC 168. Room No.202, No commercial value Unit 3, Block 29, Xili Estate, No.288 Zhongshan West Road, Shijiazhuang, Hebei Province, PRC 169. Level 2, No commercial value Jiangtai Road, Chaoyang District, Beijing, PRC 170. A unit on Level 2, No commercial value No.7 Dikou Road, Jinan, Shandong Province, PRC 171. Room No.402, No commercial value Western Unit, Block 2, No.2 Jiankang Street, Saihan District, Hohhot, Inner Mongolia, PRC

IV-27 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property [July 31, 2011] 172. Room No.302, No commercial value No.755 Beier Street, Chenzai Village, Miaoli Town, Jinshui District, Zhengzhou, Henan Province, PRC 173. Room No.502 No commercial value No.2 Bing, Linyuan Xincun, Tianning District, Changzhou, Jiangsu Province, PRC 174. Room No.315, No commercial value Block B, Baowen Dasha, Zhanxi Road, Yaohai District, Hefei, Anhui Province, PRC 175. Room No.503, No commercial value No.120 of 615 Nong, Jipu Road, Baoshan District, Shanghai, PRC 176. A unit on Level 3, No commercial value No.46 of Block 9, Yuanye Qipei Shichang, Xiaoshan District, Hangzhou, Zhejiang Province, PRC 177. Room 1-6-1302, No commercial value Xinxhou Chengshi Huayuan (Haojingyuan), Liyushan Road, Urumqi, Xinjiang Uyghur Autonomous Region, PRC 178. Room 403, of Unit 3, No commercial value Block 1, Zone B, Youde, No. 33 Jialing Road, Wuhou District, Chengdu, Sichuan Province, PRC

IV-28 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property [July 31, 2011] 179. An [office] unit of a composite building located at No. 120 No commercial value Shaoshan South Road, Changsha, Hunan Province, PRC 180. Room 601 of Unit 1, No commercial value Block 22, Guojicheng, Huaizhong Road, Shijiazhuang, Hebei Province, PRC 181. Room 402, No commercial value Block 11, Lunduncheng, Baijiayuan Xihuanyuan, Jiangning District, Nanjing, Jiangsu Province, PRC 182. Room 406, No commercial value Block C3, No. 140 Huangcun West Road, Dongpu Town, Tianhe District, Guangzhou, Guangdong Province, PRC 183. Room 505 of Unit 3, No commercial value Block 5, Meigui Yuan, Quanjiao Road, Yaohe District, Hefei, Anhui Province, PRC 184. Room 2-2-5, No commercial value Hanghai Garden, Hanghai Road, Zhengzhou, Henan Province, PRC 185. Room 9-3-402, No commercial value Jinhai Garden, Jingangcheng, Qilihe District, Lanzhou, Ningxia Hui Autonomous Region, PRC

IV-29 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property [July 31, 2011] 186. Room 4-2-201, No commercial value Huangjia Yuanlin Residence, Fengcheng First Road, Xi’an, Shaanxi Province, PRC 187. Room No.201, No commercial value Unit 15, Block 201, Yongping Estate, Daowai District, Harbin, Heilongjiang Province, PRC 188. Room No.1702, No commercial value Block 10, Tianhe Shidai Estate, Guibei Road, Jiangnan District, Nanning, Guangxi Province, PRC 189. Room No.402, No commercial value Unit 1, Block 61, Songyu Xili, Chaoyang District, Beijing, PRC 190. Room No.7 on Level 4, No commercial value Unit 1, Block 30, Kouan Huayuan, Qingshan District, Baotou, Inner Mongolia Autonomous Region, PRC 191. Room No.901, No commercial value Unit 1, Block 1, Phase 4, Hankou Garden, Wuhan, Hubei Province, PRC 192. Room No.502, No commercial value Block 7, No.24-1 Jihong Street, Tiexi District, Shenyang, Liaoning Province, PRC

IV-30 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property [July 31, 2011] 193. Room No.402, No commercial value Unit 4, Block 3, Shifan Estate, Tianqiao District, Jinan, Shandong Province, PRC 194. Room No.07 on Level 4, No commercial value Unit 1, Block B4, Lijiang Huayuan, Lijiang Road, Xiaohe District, Guiyang, Guizhou Province, PRC 195. Room No.1003 on Level 10, No commercial value Jingyuanju, Jinan District, Fuzhou, Fujian Province, PRC 196. Room No.802, No commercial value Unit 2, Block 1, Hongshulin Garden, No235 Tiancheng Road, Jianggan District, Hangzhou, Zhejiang Province, PRC Sub-total: Nil Grand total: RMB [*]

IV-31 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

VALUATION CERTIFICATE

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

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 1. An industrial The property comprises an The property is RMB [418,600,000] complex industrial complex erected on occupied by the located at five parcels of land with a total Group for workshop, No. 165 site area of approximately office and ancillary Tongshan Road, [253,594.87] sq.m. uses. Xuzhou, ([2,729,695] sq.ft.) completed Jiangsu in phases between 1988 and Province, 2009. PRC The property comprises 32 single to 13-storey workshop, office and ancillary buildings with a total gross floor area of approximately [161,589.57] sq.m. ([1,739,350] sq.ft.) and various structures. The land use rights of the property were granted for three terms expiring on November 23, 2045, July 14, 2058 and June 24, 2058 respectively for industrial use. Notes: 1. Pursuant to five Land Use Rights Certificates Nos. Xu Tu Guo Yong (2005) Di 05300, 05301, 3999, Xu Tu Guo Yong (2008) Di 23868 and 25713, the land use rights of 5 parcels of land with a total site area of 253,594.87 sq.m. were granted to Xuzhou Heavy Machinery Co., Ltd. (“Xugong Heavy”), a subsidiary held as to 90% by the Company and 10% by Xuzhou Construction Machinery Group Import and Export Co., Ltd., for three terms expiring on November 23, 2045, July 14, 2058 and June 24, 2058 respectively for industrial use. 2. Pursuant to 23 Building Ownership Certificates, the building ownership of the buildings with a total gross floor area of approximately 165,042.71 sq.m. is vested in Xugong Heavy. [As advised, portion of the buildings mentioned in the Building Ownership Certificates with a total gross floor area of approximately [161,589.57] sq.m. are occupied by the Group.] 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, Xugong Heavy is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.]

IV-32 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 2. An industrial The property comprises an The property is RMB [396,300,000] complex industrial complex erected on a occupied by the located at parcel of land with a site area Group for workshop, Tongshan of approximately office and ancillary Road, [254,480.00] sq.m. uses. Xuzhou, ([2,739,223] sq.ft.) completed Jiangsu in phases between 2008 and Province, 2010. PRC The property comprises 10 single to 3-storey workshop, office and ancillary buildings with a total gross floor area of approximately [127,254.44] sq.m. ([1,369,767] sq.ft.) and various structures. The land use rights of the property were granted for a term expiring on April 19, 2056 for industrial use. Notes: 1. Pursuant to the Land Use Rights Certificate No. Xu Tu Guo Yong (2007) Di 56182, the land use rights of a parcel of land with a site area of 254,480 sq.m. were granted to XCMG Construction Machinery Co., Ltd. (the “Company”), for a term expiring April 19, 2056 for industrial use. 2. Pursuant to six Building Ownership Certificates, the building ownership of 10 buildings with a total gross floor area of approximately 127,824.13 sq.m. is vested in the Company. [As advised, portion of the buildings mentioned in the Building Ownership Certificates with a total gross floor area of approximately [127,254.44] sq.m. are occupied by the Group.] 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, the Company is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the land use rights of the property.]

IV-33 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 3. An industrial The property comprises an The property is RMB[357,400,000] complex industrial complex erected on occupied by the located on two parcels of land with a total Group for workshop, north of site area of approximately office and ancillary Taoshan Road [242,961.81] sq.m. uses. and south of ([2,615,241] sq.ft.) completed Miaoshan in phases between 2007 and Road, 2009. Xuzhou The property comprises Economic 6 single to 3-storey workshop, Development office and ancillary buildings Zone, with a total gross floor area of Xuzhou, approximately 88,566.12 sq.m. Jiangsu (953,326 sq.ft) and various Province, structures. PRC The land use rights of the property were granted for two terms expiring on June 24, 2057 and April 19, 2059 respectively for industrial use. Notes: 1. Pursuant to two Land Use Rights Certificates Nos. Xu Tu Guo Yong (2008) Di 23908 and Xu Tu Guo Yong (2009) Di 23399, the land use rights of two parcels of land with a total site area of 242,961.81 sq.m. were granted to Xuzhou Heavy Machinery Co., Ltd. (“Xugong Heavy”), a subsidiary held as to 90% by the Company and 10% by Xuzhou Construction Machinery Group Import and Export Co., Ltd., for two terms expiring on June 24, 2057 and April 19, 2059 respectively for industrial use. 2. Pursuant to Building Ownership Certificates Nos. Guo Xu Fang Quan Zheng Jing Ji Kai Fa Qu Zi Di 20772 and 20773, the building ownership of the property with a total gross floor area of approximately 88,566.12 sq.m. is vested in Xugong Heavy. 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, Xugong Heavy is entitled to use, make profit from, transfer, lease, mortgage or by other legal means dispose of the property]

IV-34 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 4. An industrial The property comprises an The property is RMB [60,700,000] complex industrial complex erected on a occupied by the located at No. 1 parcel of land with a site area Group for workshop, Duolanshan of approximately office and ancillary Road, [44,672.00] sq.m. uses. Xuzhou ([480,849] sq.ft.) completed in Economic phases between 1994 and Development 2006. Zone, The property comprises Xuzhou, 11 single to 3-storey workshop, Jiangsu office and ancillary buildings Province, with a total gross floor PRC area of approximately [24,882.04] sq.m. ([267,830] sq.ft.) and various structures. The land use rights of the property were granted for a term expiring on July 7, 2044 for industrial use. Notes: 1. Pursuant to the Land Use Rights Certificate No. Xu Tu Guo Yong (2009) Di 18082, the land use rights of a parcel of land with a site area of 44,672 sq.m. were granted to XCMG Construction Machinery Co., Ltd. (the “Company”) for a term expiring on July 7, 2044 for industrial use. 2. Pursuant to three Building Ownership Certificate Nos. Guo Xu Fang Quan Zheng Jin Shan Qiao Zi Di 12707, 12708 and 12826, the building ownership of 11 buildings with a total gross floor area of approximately 24,882.04 sq.m. is vested in the Company. 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, the Company is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.]

IV-35 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 5. An industrial The property comprises an The property is RMB [203,700,000] complex industrial complex erected on occupied by the located at No. 8 2 parcels of land with a total Group for workshop Duolanshan site area of approximates and office uses. Road, [135,478.19] sq.m. Xuzhou ([1,458,287] sq.ft.) completed Economic in phases between 1995 and Development 2008. Zone, The property comprises Xuzhou, 11 single-storey workshop Jiangsu buildings with a total gross Province, floor area of approximately PRC [87,615.72] sq.m. ([943,096] sq.ft.) and various structures. The land use rights of the property were granted for two terms expiring on May 5, 2044 and July 20, 2052 for industrial use. Notes: 1. Pursuant to two Land Use Rights Certificate Nos. Xu Tu Guo Yong (2006) Di 04441 and 04442, the land use rights of two parcels of land with a total site area of 135,478.19 sq.m. were granted to XCMG Construction Machinery Co., Ltd. (the “Company”) for two terms expiring on May 5, 2044 and July 20, 2052 for industrial use. 2. Pursuant to four Building Ownership Certificate Nos. Xu Fang Fang Quan Zheng Jin Shan Qiao Di 9533, 9779, 9923 and 9924 the building ownership of 11 buildings with a total gross floor area of approximately 87,615.72 sq.m. is vested in the Company. 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, the Company is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.]

IV-36 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 6. An industrial The property comprises an The property is RMB [77,800,000] complex industrial complex erected on occupied by the located at two parcels of land with a total Group for industrial No. 16 site area of approximately use. Duolanshan [111,415.26] sq.m. Road, ([1,199,274] sq.ft.) completed Xuzhou in between 2005 and 2007. Economic The property comprises a Development single-storey workshop Zone, building with a gross floor area Xuzhou, of approximately [7,677.29] Jiangsu sq.m. ([82,628] sq.ft.) and Province, various structures. PRC The land use rights of the property were granted for two terms both expiring on July 20, 2052 for industrial use. Notes: 1. Pursuant to two Land Use Rights Certificates Nos. Xu Tu Guo Yong (2006) Di 04443 and 04444, the land use rights of 2 parcels of land with a total site area of 111,415.26 sq.m. were granted to XCMG Construction Machinery Co., Ltd. (the “Company”) for two terms both expiring on July 20, 2052 for industrial use. 2. Pursuant to the Building Ownership Certificate No. Xu Fang Quan Zheng Jin Shan Qiao Zi 10098, the building ownership of the building with a gross floor area of approximately 10,989.3 sq.m. is vested in the Company. [As advised, the building of the property comprises portion of the mentioned Building Ownership Certificate with a gross floor area of approximately [7,677.29] sq.m. 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, the Company is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.]

IV-37 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 7. An industrial The property comprises an The property is RMB [163,500,000] complex industrial complex erected on a occupied by the located at parcel of land with a site area Group for workshop, No. 18 of approximately [90,340.40] office and ancillary Taoshan Road, sq.m. ([972,424] sq.ft.) uses. Xuzhou completed in 2007. Economic The property comprises Development 8 single to 3-storey workshop, Zone, office and ancillary buildings Xuzhou, with a total gross floor area of Jiangsu approximately [59,455.29] Province, sq.m. ([639,977] sq.ft.) and PRC various structures. The land use rights of the property were granted for a term expiring on December 9, 2056 for industrial use. Notes: 1. Pursuant to the Land Use Rights Certificate No. Xu Tu Guo Yong (2008) Di 22677, the land use rights of a parcel of land with a site area of 90,340.4 sq.m. were granted to Xuzhou Hydraulic Component Factory Co., Ltd. (“Xugong Hydraulic”), a subsidiary held as to 50% by the Company and 50% by Xugong Heavy, for a term expiring on December 9, 2056 for industrial use. 2. Pursuant to the Building Ownership Certificate No. Xu Fang Quan Zheng Jin Shan Qiao Zi Di 11677, the building ownership of the property with a total gross floor area of approximately 59,455.29 sq.m. is vested in Xugong Hydraulic. 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. during the valid period of land use rights, Xugong Hydraulic is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

IV-38 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 8. An industrial The property comprises an The property is RMB[64,400,000] complex industrial complex erected occupied by the located at No. upon two parcels of land with a Group for workshop, 10 Duolanshan total site area of approximately office and ancillary Road, [73,767.00] sq.m. uses. Xuzhou ([794,028] sq.ft.) completed in Economic phases between 1990 and Development 2009. Zone, The property comprises 6 Xuzhou, single to 4-storey workshop, Jiangsu office and ancillary buildings Province, with a total gross floor area of PRC approximately [20,872.60] sq.m. ([224,673] sq.ft.) and various structures. The land use rights of the property were granted for two terms expiring on November 5, 2042 and June 27, 2050 for industrial use. Notes: 1. [Pursuant to two Land Use Rights Certificate Nos. Xu Tu Guo Yong (2000) Zi Di 15511 and Xu Tu Guo Yong (2011) Zi Di 31982, the land use rights of two parcels of land with a total site area of 76,230.2 sq.m. were granted to (which has been renamed as XCMG Construction Machinery Co., Ltd.) (the “Company”) and Xuzhou Xugong Road Construction Machinery Co., Ltd. (“Xugong Road Construction”), a wholly-owned subsidiary of the Company, for two terms expiring on June 27, 2050 and November 5, 2042 for industrial use respectively. As advised, the Land Use Rights Certificate No. Xu Tu Guo Yong (2000) Zi Di 15511 in the process of changing the name of the owner from to Xugong Road Construction.] 2. Pursuant to two Building Ownership Certificate Nos. Guo Xu Fang Quan Zheng Jing Ji Kai Fa Qu Zi Di 20218 and 20219, the building ownership of the property with a total gross floor area of approximately 20,872.6 sq.m. is vested in Xugong Road Construction. 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. during the valid period of land use rights, Xugong Road Construction is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

IV-39 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 9. An industrial The property comprises an The property is RMB [267,000,000] complex industrial complex erected on occupied by the located at [11] parcels of land with a total Group for workshop No. 40 C Zone site area of approximately and office uses. Avenue, [295,962.80] sq.m. Jiulong ([3,185,744] sq.ft.) completed Yuanqu, in phases between 2007 and Jiulongpo 2010. District, The property comprises Chongqing, 10 single to 3-storey workshop PRC and office buildings with a total gross floor area of approximately [53,847.85] sq.m. ([579,618] sq.ft.) and various structures. The land use rights of the property were granted for terms all expiring in 2056 for industrial use. Notes: 1. Pursuant to 11 Realty Title Certificate Nos. 105D Fang De Zheng 2007 Zi Di 00464 and 105D Fang De Zheng 2010 Zi Di 00674 to 00682 and 00685, the land use rights of 11 parcels of land with a total site area of 295,962.8 sq.m. were granted to Xugong Chongqing Construction Machinery Co., Ltd. (“Chongqing Machinery”), a subsidiary held as to 90% by the Company and 10% by Xuzhou Construction Machinery Shanghai Marketing Co., Ltd., for terms all expiring in 2056 for industrial use. 2. Pursuant to 10 Building Ownership Certificates, the building ownership of the property with a total gross floor area of approximately 53,847.85 sq.m. is vested to Chongqing Machinery. 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter-alia, the following information: i. [during the valid period of land use rights, Chongqing Machinery is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of portion of the land use rights of the property with a site area of 97,294.705 sq.m.; and ii. portion of the land use rights of the property with a total site area of approximately 198,668.10 sq.m. and the buildings are subject to mortgage. Chongqing Machinery’s property interest of such portion are restricted by the mortgage.

IV-40 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 10. An industrial The property comprises an The completed RMB [128,500,000] complex industrial complex erected on portion of the property located at two parcel of land with a total is occupied by the No. 55 Xuzhou site area of approximately Group for workshop Economic [118,670.60] sq.m. and office uses while Development (1,277,370 sq.ft.). the remaining portion Zone, of the property is The property comprises Xuzhou, under construction. 4 single to 4-storey workshop Jiangsu and office buildings with a total Province, gross floor area of PRC approximately [30,496.03] sq.m. ([328,259] sq.ft.) and various structures completed in 2008. Moreover, 4 buildings with a total gross floor area of 31,702.21 sq.m. (341,243 sq.ft.) and some structures are being constructed. They are scheduled to be completed in 2011. The land use rights of the property were granted for two terms expiring on February 10, 2059 and March 24, 2061 both for industrial use. Notes: 1. Pursuant to two Land Use Rights Certificate Nos. Xu Tu Guo Yong (2008) Di 34976 and Xu Tu Guo Yong (2011) Di 14271 the land use rights of two parcels of land with a total site area of 118,670.60 sq.m. were granted to Xuzhou Xugong Truck-Mounted Crane Co., Ltd. (“Xugong Truck-Mounted”), a subsidiary held as to 90% by the Company and 10% by Xugong Heavy, for two terms expiring on February 10, 2059 and March 24, 2061 both for industrial use. 2. Pursuant to the Building Ownership Certificate No. Xu Fang Quan Zheng Jin Shan Qiao Zi Di 11726, the building ownership of four buildings with a total gross floor area of approximately 30,496.03 sq.m. is vested in Xugong Truck-Mounted. 3. Pursuant to the Construction Land Planning Permit No. Xu Shi Gui Di Zi Di 320300201102021, the property with a site area of 57.937 mu have been approved for construction. 4. Pursuant to the Construction Works Planning Permit No. 2011js14, the construction project is approved with a construction scale of 31,702.3 sq.m. 5. Pursuant to the Construction Works Commencement Permit No. Xu Jian Shi Zheng Bian Hao J2011028, the construction works of the property with a construction scale of 31,702.21 sq.m. have been permitted to commence. 6. [As advised by the Group, the estimated total construction cost for the completion of the proposed portion of the development is approximately RMB[39,000,000] of which RMB[30,490,000] was spent as at the date of valuation. We have taken into account the said amounts in our valuation.]

IV-41 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

7. In our opinion, the capital value of the proposed development as if completed as at the date of valuation is RMB[137,000,000]. 8. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, Xugong Truck-Mounted is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the land use rights of the property and portion of the buildings with a total gross floor area of approximately 30,496.03 sq.m.; and ii. all permits and approvals for the construction works have been obtained.

IV-42 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 11. An industrial The property comprises an The property is RMB [53,100,000] complex industrial complex erected on occupied by the located two parcels of land with a total Group for workshop, at No. 58 site area of approximately office and ancillary Kuangshan [48,388.00] sq.m. uses. West Road, ([520,848] sq.ft.) completed in Jiulishan phases between 1993 and District, 2006. Xuzhou, The property comprises 24 Jiangsu single to 2-storey workshop, Province, office and ancillary buildings PRC with a total gross floor area of approximately [19,525.80] sq.m. ([210,176] sq.ft.) and various structures. The land use rights of the property were granted for two terms expiring on October 15, 2048 and October 15, 2058 for commercial and industrial uses respectively. Notes: 1. Pursuant to two Land Use Rights Certificate Nos. Xu Tu Guo Yong (2008) Di 30361 and 30362, the land use rights of two parcels of land with a total site area of 48,388 sq.m. were granted to Xuzhou Xugong Special Construction Machinery Co., Ltd (“Xugong Special Machinery”), a subsidiary held as to 90% by the Company and 10% by Xuzhou Construction Machinery Group Import and Export Co., Ltd., for two terms expiring on October 15, 2048 and October 15, 2058 for commercial and industrial uses respectively. 2. Pursuant to eight Building Ownership Certificates, the building ownership of the buildings with a total gross floor area of approximately 20,915.14 sq.m. is vested in Xugong Special Machinery. As advised, the property comprises portion of the buildings mentioned in the Building Ownership Certificates with a total gross floor area of approximately [19,525.8] sq.m. 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, Xugong Special Machinery is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the land use rights of the property and the buildings.

IV-43 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 12. An industrial The property comprises a The property is RMB [36,600,000] complex parcel of land with a site area occupied by the located in of approximately [43,236.90] Group for workshop, Shizishan sq.m. ([465,402] sq.ft.) office and ancillary County, completed in phases between uses. Yunlong 1992 and 2006. District, The property comprise 4 single Xuzhou, to 5-storey workshop, office Jiangsu and ancillary buildings with a Province, total gross floor area of PRC approximately [13,307.27] sq.m. ([143,239] sq.ft.) and various structures. The land use rights of the property were granted for a term expiring on November 23, 2045 for industrial use. Notes: 1. Pursuant to the Land Use Rights Certificate No. Xu Tu Guo Yong (2005) Di 05923, the land use rights of a parcel of land with a site area of 43,236.9 sq.m. were granted to Xuzhou Heavy Machinery Co., Ltd. (“Xuzhou Heavy”), a subsidiary held as to 90% by the Company and 10% by Xuzhou Construction Machinery Group Import and Export Co., Ltd., for a term expiring on November 23, 2045 for industrial use. 2. Pursuant to three Building Ownership Certificates, the building ownership of the property with a total gross floor area of approximately 13,307.27 sq.m. is vested in Xuzhou Heavy. 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, Xuzhou Heavy is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

IV-44 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 13. Unit H, Kaixuan Plaza is a office The property is No commercial Level 30, development. Block 3 is a 30- occupied by the value Block 3, storey building completed in Group for office use. Kaixuan Plaza, 1998. No. 875 Shahe The property comprises a Road, Xiamen, office unit on the 30th level of Fujian Block 3 of Kaixuan Plaza with Province, a gross floor area of PRC approximately 124.37 sq.m. (1,339 sq.ft.). Notes: 1. [Pursuant to two documents issued by People’s Court of Huli District, Xiamen, the owner of the property, Wang Jiliang, should transfer the property to XCMG Construction Machinery Co., Ltd. (the “Company”). ] 2. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the owner of the property should transfer the property to the Company.

IV-45 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 14. Flat 302, [Beijing Road Garden] is a The property is RMB [1,580,000] Level 3, [residential] development. vacant. Block 3, Block 3 is a 6-storey building Beijing Road completed in 2001. Garden, The property comprises a Panlong [residential] unit on the 3rd District, level of Block 3 of [Beijing Kunming, Road Garden] with a gross Yunnan floor area of approximately Province, 210.33 sq.m. (2,264 sq.ft.). PRC The land use rights of the property were granted for a term expiring on May 20, 2068 for residential use. Notes: 1. Pursuant to the Land Use Rights Certificate No. Kun Guan Guo Yong (2004) Di 10410811835, the land use rights of a parcel of land with a site area of 22.53 sq.m. were granted to XCMG Construction Machinery Co., Ltd. (the “Company”) for a term expiring on May 20, 2068 for residential use. 2. Pursuant to the Building Ownership Certificate No. Kun Ming Shi Fang Quan Zheng Guan Zi Di 200014142, the building ownership of the property with a gross floor area of approximately 210.33 sq.m. is vested in the Company. 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. during the valid period of land use rights, the Company is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

IV-46 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 15. Flat 1, Nanping Fifth Xiaoqu is a The property is RMB [1,150,000] Levels 3 and 4, residential development. Block vacant. Building No. 2, 20 is a 6-storey building Block 20, completed in 2003. Nanping Fifth The property comprises [a Xiaoqu, residential unit] on the 3rd and Dashiqiao, 4th levels of Building No. 2 of Nan’an District, Block 20 of Nanping Fifth Chongqing, Xiaoqu with a gross floor area PRC of approximately 239.70 sq.m. (2,580 sq.ft.). The land use rights of the property were granted for a term expiring on October 19, 2065 for residential use. Notes: 1. Pursuant to two Land Use Rights Certificates Nos. Yu Kai Fa Qu Guo Yong (2001) Zi Di 1282 and 1283, the land use rights of the property with a total site area of 22.74 sq.m. were granted to Xugong Chongqing Construction Machinery Co., Ltd. (“Chongqing Machinery”), a subsidiary held as to 90% by the Company and 10% by Xuzhou Construction Machinery Shanghai Marketing Co., Ltd. for a term expiring on October 19, 2065 for residential use. 2. Pursuant to the Building Ownership Certificate No. Fang Quan Zheng Guan 111 Zi Di 000496, the building ownership of the property with a gross floor area of approximately 239.7 sq.m. is vested in Chongqing Machinery.] 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, Chongqing Machinery is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

IV-47 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 16. Flat 8, Level 9, Nancheng Liju is a residential The property is RMB [390,000] Block 1, development. Block 1 is a vacant. Nancheng Liju, 22-storey building completed in No. 23 2002. Nanpingnan The property comprises a Road, residential unit on the 9th level Nanping of Block 1 of Nancheng Liju Jiedao, with a gross floor area of Nan’an District, approximately 54.97 sq.m. Chongqing, (592 sq.ft.). PRC The land use rights of the property were granted for a term expiring on October 29, 2046 for residential use. Notes: 1. Pursuant to the Realty Title Certificate No. 106 Fang De Zheng 2008 Zi Di 30379, the land use rights of the property with a site area of 7.43 sq.m. and the building ownership of the property with a gross floor area of approximately 54.97 sq.m. were granted to Xugong Chongqing Construction Machinery Co., Ltd. (“Chongqing Machinery”), a subsidiary held as to 90% by the Company and 10% by Xuzhou Construction Machinery Shanghai Marketing Co., Ltd., for a term expiring on October 29, 2046 for residential use. 2. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, Chongqing Machinery is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

IV-48 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 17. Flat 8, The property comprises a The property is RMB [960,000] Level 15, residential unit of a 22-storey vacant. Jinxin Building, residential building completed No. 24 in 2002. Jiangnan The gross floor area of the Avenue, property is approximately Nan’an District, 147.71 sq.m. (1,490 sq.ft.). Chongqing, PRC The land use rights of the property were granted for a term expiring on February 11, 2049 for residential use. Notes: 1. Pursuant to the Realty Title Certificate No. 106 Fang De Zheng 2008 Zi Di 30313, the land use rights of the property with a site area of 12.63 sq.m. were granted to Xugong Chongqing Construction Machinery Co., Ltd. (“Chongqing Machinery”), a subsidiary held as to 90% by the Company and 10% by Xuzhou Construction Machinery Shanghai Marketing Co., Ltd., for a term expiring on February 11, 2049 for residential use and the building ownership of the property with a gross floor area of approximately 147.71 sq.m. is vested in Chongqing Machinery. 2. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, Chongqing Machinery is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 18. Level 12, Wanqian Building is a The property is RMB [9,000,000] Wanqian 24-storey office building occupied by the Building, completed in 1998. Group for office use. No. 2130 The property comprises Level Zhongshan 12 of Wanqian Building North Road, Wanqian Building with a gross Putuo District, floor area of approximately Shanghai, 691.60 sq.m. (7,444 sq.ft.). PRC Notes: 1. Pursuant to the Realty Title Certificate No. Hu Fang De Pu Zi (2000) Di 009960, the title of the property with a gross floor area of approximately 691.6 sq.m. is vested in Xuzhou Construction Machinery Shanghai Marketing Co., Ltd. a subsidiary held as to 90% by the Company and 10% by Xuzhou Luyou Industrial General Co., Ltd. 2. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, Xuzhou Construction Machinery Shanghai Marketing Co., Ltd. is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.]

IV-49 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 19. Flats 303 and Kaixuan Dayuan is a The property is RMB [1,870,000] 403, [residential] development. occupied by the Levels 3 and 4, Block 8 is a 6-storey building Group for [retail] use. Block 8, completed in 2000. Kaixuan The property comprises two Dayuan, [residential units] on the 3rd Fengyang and 4th level of Block 8 of Road, Kaixuan Dayuan with a total Hefei, gross floor area of Anhui Province approximately 297.44 sq.m. PRC (3,202 sq.ft.). The land use rights of the property were granted for a term expiring in May 2064 for residential use. Notes: 1. Pursuant to two Land Use Rights Certificate Nos. He Guo Yong (2005) Di Xin Zhan Qu 1267 and 1294, the apportioned site area of the property of 67.60 sq.m. were granted to XCMG Construction Machinery Co., Ltd. (the “Company”), for a term expiring in May 2064 for residential use. 2. Pursuant to two Building Ownership Certificate Nos. He Fei Shi Fang Quan Zheng Dong Zi Di 045711 and 045712, the building ownership of the property with a total gross floor area of approximately 297.44 sq.m. is vested in the Company. 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, the Company is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

IV-50 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 20. Level 5, The property is an office unit The property is RMB [2,480,000] No. 2 Suzhou on Level 5 of a 6-storey office occupied by the East Road, building completed in 2001. Group for office use. Wulumuqi, The gross floor area of the Xinjiang property is approximately Uyghur 496.43 sq.m. (5,344 sq.ft.). Autonomous Region, The land use rights of the PRC property were granted for a term expiring on August 23, 2049 for residential/commercial uses. Notes: 1. Pursuant to the Land Use Rights Certificate No. Wu Xian Guo Yong (2000) Zi Di 7250, the apportioned site area of the property of 314.06 sq.m. were granted to XCMG Construction Machinery Co., Ltd. (the “Company”), for terms expiring on August 23, 2049 for residential use. 2. Pursuant to the Building Ownership Certificate No. Wu Zheng Fang Zi (200) Di 0079379, the building ownership of the property with a gross floor area of approximately 496.44 sq.m. is vested in the Company. 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, the Company is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

IV-51 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 21. Room 708-710, The property comprises three The property is RMB [3,610,000] No. 359 [office units] on the 7th level of occupied by the Hongwu Road, an 18-storey [commercial] Group for [office] use. Baixia District, building completed in 2007. Nanjing, The total gross floor area of Jiangsu the property is approximately Province, 301.12 sq.m. (3,241 sq.ft.). PRC The land use rights of the property were granted for a term expiring on October 8, 2042 for commercial use. Notes: 1. Pursuant to the Land Use Rights Certificate No. Ning Bai Guo Yong (2010) Di 13579, the apportioned site area of the property of 10.2 sq.m. were granted to XCMG Construction Machinery Co., Ltd. (the “Company”), for terms expiring on October 8, 2042 for commercial use. 2. Pursuant to the Building Ownership Certificate No. Ning Fang Quan Zheng Bai Zi Di 351554, the building ownership of the property with a gross floor area of approximately 301.12 sq.m. is vested in the Company. 3. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, the Company is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

IV-52 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 22. Unit D, The property comprises an The property is RMB [1,920,000] Level 22, [office unit] on the 22nd level of occupied by the Wansheng a 28-storey [commercial] Group for [office] use. Building, building completed in 2008. No. 488 Qingyang The gross floor area of the Road, property is approximately Chengguan 274.40 sq.m. (2,954 sq.ft.). District, Lanzhou, Gansu Province, PRC Notes: 1. Pursuant to the Building Ownership Certificate No. Lan Fang (Cheng Gu) Chan Zi Di 149583, the building ownership of the property with a gross floor area of 274.4 sq.m. is vested in XCMG Construction Machinery Co., Ltd. (the “Company”). 2. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, the Company is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 23. Level 2, The property is an office unit The property is No commercial Waimao on Level 2 of a 6-storey office occupied by the value Gongsi Office building completed in 2000. Group for [office] use. Building, The gross floor area of the No. 38 Dongbei property is approximately New Street, 199.87 sq.m. (2,151 sq.ft.). Daowai District, Harbin, Heilongjiang Province, PRC Notes: 1. [Pursuant to a document issued by People’s Court of Daowai District, Harbin, Heilongjiang, the owner of the property, Harbin Port Authority, should transfer the property to XCMG Construction Machinery Co., Ltd (the “Company”). ] 2. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the owner of the property should transfer the property to the Company.

IV-53 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 24. Two units of Junqu Dayuan is a 6-storey The property is RMB [690,000] Junqu Dayuan, [residential] building completed vacant. Huancheng in 2001. East Road, The property comprises two Donghe [residential units] on the 2nd District, level of Junqu Dayuan with a Baotou, total gross floor area of Inner Mongolia approximately 172.22 sq.m. Autonomous (1,854 sq.ft.). Region, PRC Notes: 1. Pursuant to two Building Ownership Certificate Nos. Bao Fang Quan Zheng Dong Zi Di 044498 and 044499, the building ownership of the property with a total gross floor area of 172.22 sq.m. is vested in XCMG Construction Machinery Co., Ltd. (the “Company”). 2. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, the Company is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 25. Level 1, The property comprises a The property is RMB [1,090,000] No. 8 Huoche [commercial] unit on the 1st vacant. Nanzhan west level of a 6 storey building Road, completed in 1998. Wuhou District, The gross floor area of the Chengdu, property is approximately Sichuan 72.46 sq.m. (780 sq.ft.). Province PRC Notes: 1. Pursuant to the Building Ownership Certificate No. Cheng Fang Quan Zheng Jian Zheng Zi Di 2124603, the building ownership of the property with a gross floor area of 72.46 sq.m. is vested in Xugong Chongqing Construction Machinery Co., Ltd. (“Chongqing Machinery”), a subsidiary held as to 90% by the Company and 10% by Xuzhou Construction Machinery Shanghai Marketing Co., Ltd.. 2. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, Chongqing Machinery is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

IV-54 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

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

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 26. An industrial The property comprises a The property is under RMB [105,000,000] complex parcel of land with a site area construction. located on the of approximately [123,962.00] west of sq.m. ([1,334,327] sq.ft.). Guangde According to the latest Road, development proposal Xuzhoun provided by the Group, the Economic property will be developed into Development an industrial complex to be Zone, completed in [2011]. Upon Xuzhou, completion, the property will Jiangsu provide a total gross floor area Province, of approximately [47,133.30 PRC sq.m. (507,343 sq.ft.)] and some structures. The land use rights of the property were granted for a term expiring on May 18, 2060 for industrial use. Notes: 1. Pursuant to the Land Use Rights Certificate No. Xu Tu Guo Yong (2010) Di 22319, the land use rights of a parcel of land with a site area of 123,962 sq.m. were granted to Xuzhou Xugong Special Construction Machinery Co., Ltd. (“Xugong Special Machinery”), a subsidiary held as to 90% by the Company and 10% by Xuzhou Construction Machinery Group Import and Export Co., Ltd., for a term expiring on May 18, 2060 for industrial use. 2. Pursuant to the Construction Land Planning Permit No. Xu Shi Gui De Zi Di 320300201002079, the property with a site area of 185.943 mu have been approved for construction. 3. Pursuant to the Construction Works Planning Permit No. 201js28, the construction project is approved with a construction scale of 49,665.8 sq.m.. 4. Pursuant to two Construction Works Commencement Permit Nos. Xu Jian Shi Zheng J2010053 and J2010054, the construction works of the property with a construction scale of 48,377.68 sq.m. have been permitted to commence. 5. [As advised by the Group, the estimated total construction cost for the completion of the proposed development is approximately RMB53,146,300 of which RMB50,846,000 was spent as at the date of valuation]. We have taken into account the said amounts in our valuation. 6. In our opinion, the capital value of the proposed development as if completed as at the date of valuation is RMB[107,300,000]. 7. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [Xugong Special Machinery has obtained the Land Use Rights Certificate of the property; and ii. Xugong Special Machinery has obtained all necessary permits or approvals for the construction of the property.

IV-55 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 27. Two parcels of The property comprises a The property is under RMB [468,400,000] land located at parcel of land with a site area construction. the south of of approximately Chengdong [441,049.00] sq.m. Avenue, ([4,747,451] sq.ft.). Xuzhoun According to the latest Economic development proposal Development provided by the Group, the Zone, property will be developed into Xuzhou, an industrial complex to be Jiangsu completed in 2013. Upon Province, completion, the property will PRC provide a total gross floor area of approximately 289,120.00 sq.m. (3,112,088 sq.ft.) The land use rights of the property were granted for a term of 50 years expiring on March 24, 2061 for industrial use. Notes: 1. Pursuant to two Land Use Rights Certificate Nos. Xu Tu Guo Yong (2011) Di 14325 and 14296, the land use rights of two parcels of land with a total site area of 441,049 sq.m. were granted to Xuzhou Heavy Machinery Co., Ltd. (“Xuzhou Heavy”), a subsidiary held as to 90% by the Company and 10% by Xuzhou Construction Machinery Group Import and Export Co., Ltd. for a term expiring on March 24, 2061 for industrial use. 2. Pursuant to the Construction Land Planning Permit No. Xu Shi Gui De Zi Di 320300201102020, the construction works of the property with a site area of 313.538 mu have been approved for construction. 3. Pursuant to the Construction Works Planning Permit No. 201js13, the construction project is approved with a construction scale of 29,120 sq.m.. 4. Pursuant to the Construction Works Commencement Permit No. Xu Jian Shi Zheng Bian Hai J2011029, the construction works of the property with a construction scale of 29,120 sq.m. have been permitted to commence. 5. [As advised by the Group, the estimated total construction cost for the completion of the proposed portion of the development is approximately RMB [833,290,000] of which RMB [293,352,500] was spent as at the date of valuation.] We have taken into account the said amounts in our valuation. 6. In our opinion, the capital value of the proposed development as if completed as at the date of valuation is RMB [1,008,400,000]. 7. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [Xuzhou Heavy has obtained the Land Use Rights Certificate of the property; and ii. Xuzhou Heavy has obtained all necessary permits or approvals for the construction of the property.

IV-56 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 28. A parcel of land The property comprises a The property is under RMB [183,200,000] located at the parcel of land with a site area construction. east of of approximately [236,935.00] Chang’an sq.m. ([2,550,368] sq.ft.) Avenue, According to the latest Xuzhoun development proposal Economic provided by the Group, the Development property will be developed into Zone, an industrial complex to be Xuzhou, completed in 2012. Upon Jiangsu completion, the property will Province, provide a total gross floor area PRC of approximately 97,760.00 sq.m. (1,052,289 sq.ft.) The land use rights of the property were granted for a term expiring on August 1, 2050 for [research] use. Notes: 1. Pursuant to the Land Use Rights Certificate No. Xu Tu Guo Yong (2010) Di 32680, the land use rights of a parcel of land with a site area of 236,935 sq.m. were granted to XCMG Construction Machinery Co., Ltd. (the “Company”), for a term expiring on August 1, 2050 for [research] use. 2. Pursuant to the Construction Land Planning Permit No. Xu Shi Gui De Di 32030020102113, the property with a site area of 355.403 mu have been approved for construction. 3. As advised by the Group, the estimated total construction cost for the completion of the proposed development is approximately RMB294,060,000 of which RMB43,096,800 was spent as at the date of valuation. We have taken into account the said amounts in our valuation. 4. In our opinion, the capital value of the proposed development as if completed as at the date of valuation is RMB434,100,000. 5. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. [during the valid period of land use rights, the Company is entitled to use, make profit from, transfer, lease, mortgage or by any other legal means dispose of the property.

IV-57 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

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

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 29. A parcel of land The property comprises a The property is RMB [8,900,000] located in parcel of land with a site area vacant. Jiangou Village, of approximately Yunlong District, [20,703.60] sq.m. Xuzhou, ([222,854] sq.ft.). Jiangsu The land use rights of the Province, property were granted for a PRC term expiring on December 1, 2053 for industrial use. Notes: 1. Pursuant to the Land Use Rights Certificate No. Xu Tu Guo Yong (2005) Di 29194, the land use rights of a parcel of land with a site area of 20,703.6 sq.m. were granted to Xuzhou Heavy Machinery Co., Ltd. (“Xuzhou Heavy”), a subsidiary held as to 90% by the Company and 10% by Xuzhou Construction Machinery Group Import and Export Co., Ltd., for a term expiring on December 1, 2053 for industrial use. 2. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advise, which contains, inter-alia, the following information: i. [during the valid period of land use rights, Xuzhou Heavy is entitled to use, earn, transfer, lease, mortgage or by any other legal means dispose of the property.

Capital value in existing state as at No. Property Description and tenure Particulars of occupancy [July 31, 2011] 30. A parcel of land The property comprises a The property is RMB[107,900,000] located north to parcel of land with a site area vacant. Third Rang of approximately North Road, [280,052.00 sq.m. Xuzhou (3,014,480 sq.ft.). Economic The land use rights of the Development property were granted for a Zone, Xuzhou, term expiring on May 24, 2060 Jiangsu for industrial use. Province, PRC Notes: 1. Pursuant to the State-owned Land Use Rights Grant Contract No. 3203012010CR0045 dated on March 25, 2010, the land use rights of a parcel of land with a site area of 280,052 sq.m. were granted to XCMG Technology Branch, a branch company to the Company, for a term expiring on May 24, 2060 for industrial use. As advised, the land premium of the property of RMB107,550,000 has been fully paid. 2. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the land premium of the property has been fully paid; and ii. there is no legal impediment for Xugong Jixie Jianshe Jixie Branch Company to obtain the Land Use Rights Certificate of the property.

IV-58 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Group IV—Properties leased by the Group in the PRC

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 31. Units 4 to 11 of The property comprises The property is No commercial Levels 1 and 2, various retail units on Levels 1 currently occupied by value Xicheng and 2 of a 12-storey the Group for retail Jingxiu, commercial building completed use. No. 21 Huoju in 2004. Avenue, The total gross floor area of Jiulong the property is approximately Yuanqu, 2,316.65 sq.m. (24,936 sq.ft.). Jiulongpo District, The property is leased from an Chongqing, independent third party for two PRC terms both expiring on April 20, 2013 at an annual rental of RMB500,400. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has provided legal title document to prove its rights to lease the property; and ii. the tenancy agreements are legal, valid and binding.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 32. Unit 03, The property comprises a The property is No commercial Level 2, residential unit on Level 2 of a currently occupied by value Building No. 1 6-storey residential building the Group for office of Block 10, completed in 2003. use. Haicheng The gross floor area of the Garden, property is approximately Qianjiang Road 125.00 sq.m. (1,346 sq.ft.). Central, Xiaohe District, The property is leased for an Guiyang, independent third party from a Guizhou term expiring on July 1, 2012 Province, at an annual rental of PRC RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-59 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 33. Unit 3, The property comprises a The property is No commercial Level 7, residential unit on Level 7 of a currently occupied by value Building No. 2 22-storey residential building the Group for office of Block 8, completed in 2006. use. Shanghai City, The gross floor area of the No. 32 Nanping property is approximately West Road, 124.75 sq.m. (1,343 sq.ft.). Nan’an District, Chongqing, The property is leased from an PRC independent third party for a term expiring on December 17, 2011 at an annual rental of RMB28,800. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 34. No. 2 of The property comprises a The property is No commercial Qinglong residential unit on Level 6 of a currently occupied by value Group 1, [residential] development the Group for Shiban Zhen, completed in 2004. residential use. Jiulongpo The gross floor area of the District, property is approximately Chongqing, 270.00 sq.m. (2,906 sq.ft.). PRC The property is leased from an independent third party for a term expiring on October 31, 2011 at an annual rental of RMB15,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided legal title document to prove it’s rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreement is subject to the risk of invalid and the Group may be required to remove from the property; and iii. as confirmed the Group, the property is used for [residential] use, there will be no material impact on the operation of the Group.

IV-60 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 35. Unit 901, The property comprises a The property is No commercial Building No. 4 residential unit on Level 9 of a currently occupied by value of Block 9, 10-storey [residential] building the Group for [office] Chengnan completed in 2009. use. Jiayuan The gross floor area of the Yicheng Yuan, property is approximately Fengtai District, 136.68 sq.m. (1,471 sq.ft.). Beijing, PRC The property is leased from an independent third party for a term expiring on June 19, 2012 at an annual rental of RMB57,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 36. Unit 801, The property comprises a The property is No commercial Building No. 3 residential unit on Level 8 of a currently occupied by value of Block 3, 10-storey [residential] building the Group for [office] Chengnan completed in 2009. use. Jiayuan The gross floor area of the Yicheng Yuan, property is approximately Fengtai District, 104.57 sq.m. (1,126 sq.ft.). Beijing, PRC The property is leased from an independent third party for a term expiring on June 24, 2012 at an annual rental of RMB51,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-61 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 37. Unit 402, The property comprises a The property is No commercial Building No. 2 residential unit on Level 4 of a currently occupied by value of Block 6, 6-storey [residential] building the Group for [office] Shengzhengfu completed in 1998. use. Jiashu Yuan, The gross floor area of the No. 1 Jiefang property is approximately Road, 139.00 sq.m. (1,496 sq.ft.). Chengzhong District, The property is leased from an Xining, independent third party for a Qinghai term expiring on May 31, 2012 Province, at an annual rental of PRC RMB21,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 38. Unit 502, The property comprises a The property is No commercial Building No. 2 residential unit on Level 5 of a currently occupied by value of Block 8, 6-storey residential building the Group for office Jinhai Garden, completed in 2009. use. Jingangcheng, The gross floor area of the Qilihe District, property is approximately Lanzhou, 150.00 sq.m. (1,615 sq.ft.). Gansu Province, The property is leased from an PRC independent third party for a term expiring on August 31, 2012 at an annual rental of RMB18,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-62 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 39. Unit 702, The property comprises a The property is No commercial Building No. 4 residential unit on Level 7 of a currently occupied by value of Block 10, 16-storey residential building the Group for office Jinfu Garden, completed in 2009. use. Jingangcheng, The gross floor area of the Qilihe District, property is approximately Lanzhou, 106.00 sq.m. (1,141 sq.ft.). Gansu Province, The property is leased from an PRC independent third party for a term expiring on August 31, 2012 at an annual rental of RMB12,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 40. Unit 602, The property comprises a The property is No commercial Building No. 1 [residential] unit on Level 6 of a currently occupied by value of Block 42, 6-storey [residential] building the Group for [office] Binhe Xinyuan, completed in 2008. use. Fumin Road, The gross floor area of the Hedong property is approximately District, 180.00 sq.m. (1,938 sq.ft.). Tianjin, PRC The property is leased from an independent third party for a term expiring on December 10, 2012 at an annual rental of RMB33,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-63 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 41. Unit 502, The property comprises a The property is No commercial Block 2, residential unit on Level 5 of a currently occupied by value Xinnan Garden, 6-storey residential building the Group for office Jin’an District, completed in 2007. use. Fuzhou, The gross floor area of the Fujian property is approximately Province, 160.00 sq.m. (1,722 sq.ft.). PRC The property is leased from an independent third party for a term expiring on June 25, 2012 at an annual rental of RMB33,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 42. Level 5, The property comprises Level The property is No commercial No. 327 5 of a 5-storey [residential] currently occupied by value Jiaogong Road, building completed in 1998. the Group for Xihu District, [residential] use. The gross floor area of the Hangzhou, property is approximately Zhejiang 320.00 sq.m. (3,444 sq.ft.). Province, PRC The property is leased from an independent third party for a term expiring on December 31, 2011 at an annual rental of RMB100,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided legal title document to prove it’s rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreement is subject to the risk of invalid and the Group may be required to remove from the property; and iii. as confirmed the Group, the property is used for [residential] use, there will be no material impact on the operation of the Group.

IV-64 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 43. Units 1003 and The property comprises two The property is No commercial 1004, residential units on Level 10 of currently occupied by value Building No. 2 a 17-storey residential building the Group for office of Block 5, completed in 2008. use. Xingyu The total gross floor area of Mingyuan, the property is approximately No. 55 Youyi 230.00 sq.m. (2,476 sq.ft.). Road, Tianxin District, The property is leased from an Changsha, independent third party for a Hunan term expiring on January 31, Province, 2012 at an annual rental of PRC RMB43,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 44. Unit 102, The property comprises a The property is No commercial Building No. 1 [residential] unit on Level 1 of a currently occupied by value of Block 6, 11-storey [residential] building the Group for Dongfang completed in 2006. [residential] use. Diyuan, The gross floor area of the No. 171 property is approximately Jinjiadun, 135.04 sq.m. (1,454 sq.ft.). Hankou District, Wuhan, The property is leased from an Hubei independent third party for a Province, term expiring on May 31, 2012 PRC at an annual rental of RMB19,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-65 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 45. Unit 703, The property comprises a The property is No commercial Building No. 2 [residential] unit on Level 7 of a currently occupied by value of Block 8, 11-storey [residential] building the Group for Dongfang completed in 2006. [residential] use. Diyuan, The gross floor area of the No. 171 property is approximately Jinjiadun, 131.00 sq.m. (1,410 sq.ft.). Hankou District, Wuhan, The property is leased from an Hubei Province, independent third party for a PRC term expiring on May 31, 2012 at an annual rental of RMB19,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 46. Unit 5-1-5, The property comprises a car The property is No commercial Car park, parking space of a 11-storey currently occupied by value Dongfang residential building completed the Group for storage Diyuan, in 2006. use. No. 171 The gross floor area of the Jinjiadun, property is approximately Hankou District, 24.00 sq.m. (258 sq.ft.). Wuhan, Hubei Province, The property is leased from an PRC independent third party for a term expiring on May 31, 2012 at an annual rental of RMB5,400. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for storage use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-66 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 47. Unit 401, The property comprises a The property is No commercial Building No. 1 residential unit on Level 4 of a currently occupied by value of Block 1, 6-storey residential building the Group for storage Lantian Xiaoqu, completed in 1998. use. Moxiang Street, The gross floor area of the Nanchang, property is approximately Jiangxi Province, 203.22 sq.m. (2,187 sq.ft.). PRC The property is leased from an independent third party for a term expiring on May 10, 2015 at an annual rental of RMB24,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for storage use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 48. East portion of The property comprises a The property is No commercial Level 6, [residential] unit on Level 6 of a currently occupied by value Building No. 2 11-storey [residential] building the Group for of Block 33, completed in 2007. residential use. Jinse The gross floor area of the Gangwan, property is approximately Guancheng 157.00 sq.m. (1,690 sq.ft.). Huizu District, Zhengzhou, The property is leased from an Henan independent third party for a Province, term expiring on May 15, 2012 PRC at an annual rental of RMB31,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-67 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 49. East portion The property comprises a The property is No commercial of Level 3, residential unit on Level 3 of a currently occupied by value Building 11-storey residential building the Group for No.1of completed in 2007. residential use. Block 36, The gross floor area of the Jinse Gangwan, property is approximately Guancheng 184.00 sq.m. (1,981 sq.ft.). Huizu District, Zhengzhou, The property is leased from an Henan Province, independent third party for a PRC term expiring on May 9, 2012 at an annual rental of RMB31,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 50. Unit 12, The property comprises a The property is No commercial Level 1, [residential] unit on Level 1 of a currently occupied by value Building No. 1 6-storey [residential] building the Group for storage of Block 2, completed in 1998. use. No. 74 Nongye The gross floor area of the Road, property is approximately Zhengzhou, 31.00 sq.m. (334 sq.ft.). Henan Province, PRC The property is leased from an independent third party for a term expiring on December 31, 2011 at an annual rental of RMB5,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for storage use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-68 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 51. No. 93 The property comprises a The property is No commercial Tiantai Road, [residential] unit on Level 1 of a currently occupied by value Sanqiao, 6-storey [residential] building the Group for Weiyang completed in 1998. [residential] use. District, The gross floor area of the Xi’an, Shaanxi property is approximately Province, 346.00 sq.m. (3,724 sq.ft.). PRC The property is leased from an independent third party for a term expiring on August 31, 2012 at an annual rental of RMB90,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 52. Unit 1101, The property comprises a The property is No commercial Building No. 6 [residential] unit on Level 11 of currently occupied by value of Block 15, a 27-storey [residential] the Group for Bali Garden, building completed in 2009. [residential] use. Tianqiao The gross floor area of the District, property is approximately Jinan, 169.27 sq.m. (1,822 sq.ft.). Shandong Province, The property is leased from an PRC independent third party for a term expiring on November 30, 2013 at an annual rental of RMB45,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-69 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 53. Unit 110, The property comprises a The property is No commercial Building No. 5 [residential] unit on Level 1 of a currently occupied by value of Block 5, 27-storey [residential] building the Group for Bali Garden, completed in 2009. [residential] use. Tianqiao The gross floor area of the District, property is approximately Jinan, 175.00 sq.m. (1,884 sq.ft.). Shandong Province, The property is leased from an PRC independent third party for a term expiring on November 30, 2013 at an annual rental of RMB45,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 54. Unit 604, The property comprises a The property is No commercial Defeng Gongyu [residential] unit on Level 6 of a currently occupied by value Building, 18-storey [residential] building the Group for Changfeng completed in 2009. [residential] use. Street, The gross floor area of the Xiaoduan District, property is approximately Taiyuan, 198.00 sq.m. (2,131 sq.ft.). Shanxi Province, The property is leased from an PRC independent third party for a term expiring on December 31, 2013 at an annual rental of RMB38,000.

Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-70 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 55. Unit 1204, The property comprises a The property is No commercial Defeng Gongyu [residential] unit on Level 12 of currently occupied by value Building, a 18-storey [residential] the Group for Changfeng building completed in 2009. [residential] use. Street, The gross floor area of the Xiaoduan property is approximately District, 198.00 sq.m. (2,131 sq.ft.). Taiyuan, Shanxi Province, The property is leased from an PRC independent third party for a term expiring on December 31, 2013 at an annual rental of RMB38,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 56. Unit 1604, The property comprises a The property is No commercial Block 14, [residential] unit on Level 16 of currently occupied by value Yuxiang Yuan, a 27-storey [residential] the Group for Tiyu South building completed in 2003. [residential] use. Avenue, The gross floor area of the Yuhua District, property is approximately Shijiazhuang, 118.00 sq.m. (1,270 sq.ft.). Hebei Province, PRC The property is leased from an independent third party for a term expiring on April 30, 2012 at an annual rental of RMB16,800. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-71 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 57. Unit 301, The property comprises a The property is No commercial Building No. 3 [residential] unit on Level 3 of a currently occupied by value of Block 3, 27-storey [residential] building the Group for Yuxiang Yuan, completed in 2003. [residential] use. Tiyu South The gross floor area of the Avenue, property is approximately Yuhua District, 168.00 sq.m. (1,808 sq.ft.). Shijiazhuang, Hebei Province, The property is leased from an PRC independent third party for a term expiring on April 30, 2012 at an annual rental of RMB26,400. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 58. Unit 201, The property comprises a The property is No commercial Building No. 2 [residential] unit on Level 2 of a currently occupied by value of Block 3, 27-storey [residential] building the Group for Yuxiang Yuan, completed in 2003. [residential] use. Tiyu South The gross floor area of the Avenue, property is approximately Yuhua District, 168.00 sq.m. (1,808 sq.ft.). Shijiazhuang, Hebei Province, The property is leased from an PRC independent third party for a term expiring on April 30, 2012 at an annual rental of RMB25,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-72 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 59. Unit D4-10, The property comprises a The property is No commercial Nanguo Fayuan [residential] unit on Level 4 of a currently occupied by value Shangcheng, 18-storey [residential] building the Group for No. 35 Baisha completed in 2005. [residential] use. Avenue, The gross floor area of the Nanning, property is approximately Guangxi 183.00 sq.m. (1,970 sq.ft.). Province, PRC The property is leased from an independent third party for a term expiring on November 16, 2011 at an annual rental of RMB56,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 60. A parking The property comprises a car The property is No commercial space Car Park parking unit in Car Park No. 2 currently occupied by value No. 2, of a single-storey residential the Group for car No. 4-6 building completed in 2005. parking use. Dongbei New The gross floor area of the Street, property is approximately Haerbin, 27.82 sq.m. (299 sq.ft.). Heilongjiang Province, The property is leased from an PRC independent third party for a term expiring on August 13, 2012 at an annual rental of RMB6,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for car parking use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-73 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 61. Unit 1105, The property comprises a The property is No commercial Block C, residential unit on Level 11 of a currently occupied by value Funing Plaza, 25-storey residential building the Group for Qiuhai 1st completed in 2009. residential use. Cross Road, The gross floor area of the Xiuying District, property is approximately Haikou, 153.05 sq.m. (1,647 sq.ft.). Hainan Province, The property is leased from an PRC independent third party for a term expiring on November 22, 2011 at an annual rental of RMB50,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 62. Unit 302, The property comprises a The property is No commercial Level 3, [residential] unit on Level 3 of a currently occupied by value Dongfang 6-storey [residential] building the Group for Shijnd Road, completed in 2003. [residential] use. Xilinhaote, The gross floor area of the Linguolemeng, property is approximately Inner Mongolia 150.00 sq.m. (1,615 sq.ft.). Autonomous Region, The property is leased from an PRC independent third party for a term expiring on November 21, 2011 at an annual rental of RMB18,500. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-74 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 63. Unit 1505, The property comprises a The property is No commercial Block 22, [residential] unit on Level 15 of currently occupied by value Lundun Cheg, a 18-storey [residential] the Group for West Garden, building completed in 2008. [residential] use. Baijiahu The gross floor area of the Gongyu, property is approximately No. 168 Liyuan 257.09 sq.m. (2,767 sq.ft.). Zhong Road, Jiangning The property is leased from an District, independent third party for a Nanjing, term expiring on November 30, Jiangsu 2011 at an annual rental of Province, RMB72,000. PRC Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 64. Unit 602, The property comprises a The property is No commercial Block 77, [residential] unit on Level 6 of a currently occupied by value Lundun Cheng, 18-storey [residential] building the Group for West Garden, completed in 2008. [residential] use. Baijiahu The gross floor area of the Gongyu, property is approximately No. 168 Liyuan 152.12 sq.m. (1,637 sq.ft.). Zhong Road, Jiangning The property is leased from an District, independent third party for a Nanjing, term expiring on December 1, Jiangsu 2014 at an annual rental of Province, RMB54,000. PRC Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-75 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 65. Unit 602, The property comprises a The property is No commercial Building No. 3 residential unit on Level 6 of a currently occupied by value of Block 16, 6-storey residential building the Group for Kangming completed in 2007. residential use. Yuan, The gross floor area of the Suzhou East property is approximately Road 125.00 sq.m. (1,346 sq.ft.). Wulumuqi, Xinjiang The property is leased from an Uyghur independent third party for a Autonomous term expiring on August 15, Region, 2012 at an annual rental of PRC RMB15,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 66. No. 1 Shahe The property comprises the The property is No commercial Street, Level 1 of a 6-storey residential currently occupied by value Jiuyuan building completed in 1998. the Group for District, residential use. The gross floor area of the Baotou, property is approximately Inner Mongolia 445.32 sq.m. (4,793 sq.ft.). Autonomous Region, The property is leased from an PRC independent third party for a term expiring on July 31, 2012 at an annual rental of RMB78,000. Notes: 1. We have been provided with a legal opinion on the title to the property issued by the Group’s PRC legal advisers, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-76 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 67. Unit 4 on Level The property comprises two The property is No commercial 12 and Unit 2 residential units on Level 12 currently occupied by value on Level 30, and Level 30 of a high-rise the Group for office Building No. 1 residential building completed use. of Block 3, in 2010. Tianhe The total gross floor area of Kaixuancheng, the property is approximately No. 111 Ruilian 298.00 sq.m. (3,208 sq.ft.). Road, Qingyang The property is leased from District, two independent third parties Chengdu, for a common term expiring on Sichuan October 26, 2011 at a total Province, annual rental of RMB84,000. PRC Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 68. Unit 1102, The property comprises a The property is No commercial Building No. 4 residential unit on Level 11 of a currently occupied by value of Block 16, 11-storey residential building the Group for Fenghequyuan, completed in 2005. residential use. Fengtai District, The gross floor area of the Beijing, property is approximately PRC 159.00 sq.m. (1,711 sq.ft.). The property is leased from an independent third party for a term expiring on August 19, 2012 at an annual rental of RMB96,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-77 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 69. Unit 2001, The property comprises a The property is No commercial Block 18, residential unit on Level 20 of a currently occupied by value Fenghequyuan, 20-storey residential building the Group for Fengtai District, completed in 2005. residential use. Beijing, The gross floor area of the PRC property is approximately 89.00 sq.m. (958 sq.ft.). The property is leased from an independent third party for a term expiring on August 19, 2012 at an annual rental of RMB48,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 70. Unit 1701, The property comprises a The property is No commercial No. 101 residential unit on Levels 17-18 currently occupied by value Gongnong of an 18-storey residential the Group for Fourth Village, building completed in 2004. residential use. Shiguang Road, The gross floor area of the Yangpu District, property is approximately Shanghai, 229.00 sq.m. (2,465 sq.ft.). PRC The property is leased from an independent third party for a term expiring on October 30, 2011 at an annual rental of RMB82,800. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-78 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 71. Unit 101, The property comprises a The property is No commercial Block 9, residential unit on Level 1 of a currently occupied by value Wenxinyuan, 7-storey residential building the Group for Dalian Xinxing completed in 1997. residential use. Zhuzhaiqu, The gross floor area of the Qingshan property is approximately District, 147.00 sq.m. (1,582 sq.ft.). Baotou, Inner Mongolia The property is leased from an Autonomous independent third party for a Region, term expiring on September PRC 10, 2012 at an annual rental of RMB24,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 72. Unit 201, The property comprises a The property is No commercial Building No. 5 residential unit on Level 2 of a currently occupied by value of Block 1, 5-storey residential building the Group for Wuyin Xiaoqu, completed in 2010. residential use. Qingshan The gross floor area of the District, property is approximately Baotou, 80.00 sq.m. (8,611 sq.ft.). Inner Mongolia Autonomous The property is leased from an Region, independent third party for a PRC term expiring on March 1, 2012 at an annual rental of RMB14,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-79 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 73. Unit 52, The property comprises a unit The property is No commercial Block 3 of on Level 1 of a 6-storey currently occupied by value Loulin Jie, residential building completed the Group for storage No. 22 in 2010. use. Qinggong Road, The gross floor area of the Qingshan property is approximately District, 140.00 sq.m. (1,507 sq.ft.). Baotou, Inner Mongolia The property is leased from an Autonomous independent third party for a Region, term expiring on March 1, 2012 PRC at an annual rental of RMB25,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for storage use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 74. Unit 501, The property comprises a The property is No commercial Block D3, residential unit on Level 5 of an currently occupied by value Xindongqu, 18-storey residential building the Group for D Zone, completed in 2006. residential use. Fuao Garden, The gross floor area of the Weixing Road property is approximately Shangzhuqu, 125.76 sq.m. (1,354 sq.ft.). Jingyue Kaifa District, The property is leased from an Changchun, independent third party for a Jilin Province, term expiring on August 22, PRC 2013 at an annual rental of RMB36,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-80 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 75. Unit 701, The property comprises a The property is No commercial Building No. 1 residential unit on Level 12 of a currently occupied by value of Block 4, 14-storey residential building the Group for Ziteng Garden, completed in 2004. residential use. No. 241 The gross floor area of the Xianggang property is approximately Road, Wuhan, 191.00 sq.m. (2,056 sq.ft.). Hubei Province, PRC The property is leased from an independent third party for a term expiring on March 31, 2012 at an annual rental of RMB540,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 76. Unit 1205, The property comprises a The property is No commercial Block C, residential unit on Level 12 of a currently occupied by value Qingyueju, 14-storey residential building the Group for Baiyun Gaoerfu completed in 2009. residential use. Garden, The gross floor area of the Huangshi Road, property is approximately Baiyun District, 203.40 sq.m. (2,189 sq.ft.). Guangzhou, Guangdong The property is leased from an Province, independent third party for a PRC term expiring on November 14, 2012 at an annual rental of RMB104,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-81 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 77. Unit 1202, The property comprises a The property is No commercial Hexing residential unit on Level 12 of a currently occupied by value Commercial 26-storey residential building the Group for Building, completed in 2003. residential use. No. 400 Xida The gross floor area of the Jie, property is approximately Nangang 146.00 sq.m. (1,572 sq.ft.). District, Harbin, The property is leased from an Heilongjiang independent third party for a Province, term expiring on PRC September 30, 2011 at an annual rental of RMB70,000. As advised, the lease term will be extended for one year. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property. Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 78. Unit 8, The property comprises a car The property is No commercial Level 1, parking space unit on Level 1 currently occupied by value Block A, of a 5-storey residential the Group for car Hexing Xiaoqu, building completed in 2001. parking use. Hexing Road, The gross floor area of the Nangang property is approximately District, 38.00 sq.m. (409 sq.ft.). Harbin, Heilongjiang The property is leased from an Province, independent third party for a PRC term expiring on September 14, 2011 at an annual rental of RMB19,500. As advised, the lease term will be extended for one year. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for car parking use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-82 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 79. Unit A301, The property comprises a The property is No commercial Fengyaju, residential unit on Level 3 of an currently occupied by value No. 6 Jinlian 11-storey residential building the Group for Road, completed in 2005. residential use. Haikou, The gross floor area of the Hainan Province, property is approximately PRC 157.48 sq.m. (1,695 sq.ft.). The property is leased from an independent third party for a term expiring on February 20, 2012 at an annual rental of RMB37,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 80. Unit 902, The property comprises a The property is No commercial Block 10, residential unit on Level 9 of an currently occupied by value Qiushuiyuan, 11-storey residential building the Group for No. 56 Lianhua completed in 2002. residential use. Jie, Fengtan The gross floor area of the Road, property is approximately Hangzhou, 152.00 sq.m. (1,636 sq.ft.). Zhejiang Province, The property is leased from an PRC independent third party for a term expiring on March 4, 2013 at an annual rental of RMB57,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-83 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 81. Unit 203, The property comprises a The property is No commercial Block 5, residential unit on Level 2 of a currently occupied by value Yuanyi Shidai 9-storey residential building the Group for Garden, completed in 2003. residential use. Shengli Road, The gross floor area of the Hefei, property is approximately Anhui Province, 120.00 sq.m. (1,292 sq.ft.). PRC The property is leased from an independent third party for a term expiring on July 31, 2012 at an annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 82. Unit 101, The property comprises a The property is No commercial Building No. 1 residential unit on Level 1 of an currently occupied by value of Block 8, 8-storey residential building the Group for Xiangjiang completed in 1996. residential use. Garden, The gross floor area of the Nanchang property is approximately Jiangxi Province, 158.00 sq.m. (1,701 sq.ft.). PRC The property is leased from an independent third party for a term expiring on July 31, 2012 at an annual rental of RMB24,800. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-84 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 83. Unit 105, The property comprises a The property is No commercial Block 34, residential unit on Levels 1 to 3 currently occupied by value No. 9 Lingshan of a 3-storey residential the Group for North Road, building completed in 2011. residential/office use. Qixia District, The gross floor area of the Nanjing, property is approximately Jiangsu 210.00 sq.m. (2,260 sq.ft.). Province, PRC The property is leased from an independent third party for a term expiring on May 7, 2012 at an annual rental of RMB120,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential/office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 84. Unit 2-802, The property comprises a The property is No commercial Block 19, residential unit on Level 8 of an currently occupied by value Zongluwan 11-storey residential building the Group for Xiaoqu, completed in 2000. residential use. Nanning, The gross floor area of the Guangxi property is approximately Province, 150.90 sq.m. (1,624 sq.ft.). PRC The property is leased from an independent third party for a term expiring on December 4, 2011 at an annual rental of RMB360,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-85 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 85. Unit 4-5601, The property comprises a The property is No commercial No. 268-5 Shifu residential unit on Level 5 of a currently occupied by value Avenue, 9-storey residential building the Group for Shenhe completed in 2002. residential use. District, The gross floor area of the Shenyang, property is approximately Liaoning 145.00 sq.m. (1,561 sq.ft.). Province, PRC The property is leased from an independent third party for a term expiring on April 15, 2012 at an annual rental of RMB72,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 86. Unit 1102, The property comprises a The property is No commercial Building No. 2 residential unit on Level 11 of a currently occupied by value of Block B1, 32-storey residential building the Group for Kaiyuan completed in 2006. residential use. Garden, The gross floor area of the No. 1 property is approximately Dongdajie, 161.00 sq.m. (1,733 sq.ft.). Shijiazhuang, Hebei The property is leased from an Province, independent third party for a PRC term expiring on October 31, 2011 at an annual rental of RMB48,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-86 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 87. Unit 1001, The property comprises a The property is No commercial Building No. 2 residential unit on Level 6 of a currently occupied by value of Block B, 31-storey residential building the Group for Taihua completed in 2011. residential use. Chengshi The gross floor area of the Plaza, property is approximately No. 125 150.00 sq.m. (1,615 sq.ft.). Zhangfeng Street, The property is leased from an Taiyuan, independent third party for a Shanxi Province, term expiring on June 29, 2012 PRC at an annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 88. Unit 1201, The property comprises a The property is No commercial Block A2, residential unit on Level 12 of a currently occupied by value Shuangfa 23-storey residential building the Group for Wenquan completed in 2003. residential use. Garden, The gross floor area of the Jingjing Gonglu, property is approximately Beicheng 203.00 sq.m. (2,185 sq.ft.). District, Tianjin, The property is leased from an PRC independent third party for a term expiring on June 30, 2012 at an annual rental of RMB40,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-87 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 89. Unit 1202, The property comprises a The property is No commercial Block A2, residential unit on Level 12 of a currently occupied by value Shuangfa 23-storey residential building the Group for Wenquan completed in 2003. residential use. Garden, The gross floor area of the Jingjing Gonglu, property is approximately Beicheng 172.05 sq.m. (1,852 sq.ft.). District, Tianjin, The property is leased from an PRC independent third party for a term expiring on June 30, 2012 at an annual rental of RMB40,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 90. Unit 1304, The property comprises a The property is No commercial Building No. 2 residential unit on Level 13 of a currently occupied by value of Block 1, 31-storey residential building the Group for Longgang completed in 2008. residential use. Garden, The gross floor area of the No. 5 Second property is approximately Rang North 168.00 sq.m. (1,808 sq.ft.). Road west section, The property is leased from an Xi’an, independent third party for a Shan’xi term expiring on July 20, 2012 Province, at an annual rental of PRC RMB22,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-88 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 91. Unit 1404, The property comprises a The property is No commercial Building No. 2 residential unit on Level 14 of a currently occupied by value of Block 1, 31-storey residential building the Group for Longgang completed in 2008. residential use. Garden, The gross floor area of the No. 5 Second property is approximately Rang North 168.00 sq.m. (1,808 sq.ft.). Road west section, The property is leased from an Xi’an, independent third party for a Shan’xi term expiring on July 20, 2012 Province, at an annual rental of PRC RMB22,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 92. Level 1, The property comprises a The property is No commercial No. 364 residential unit on Level 1 of a currently occupied by value Long’an Road, 2-storey building completed in the Group for Jin’an District, 2007. residential use. Fuzhou The gross floor area of the Fujian Province, property is approximately PRC 32.00 sq.m. (344 sq.ft.). The property is leased from an independent third party for a term expiring on May 31, 2012 at an annual rental of RMB42,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-89 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 93. Unit 706, The property comprises a The property is No commercial Block 1, residential unit on Level 7 of a currently occupied by value Jiaojing Sushe, 7-storey residential building the Group for Long’an Road, completed in 2001. residential use. Jin’an District, The gross floor area of the Fujian Province, property is approximately PRC 87.00 sq.m. (936 sq.ft.). The property is leased from an independent third party for a term expiring on June 26, 2012 at an annual rental of RMB16,800. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 94. Unit 1202, The property comprises a The property is No commercial Building No. 2 residential unit on Level 9 of a currently occupied by value of Block B, 10-storey residential building the Group for Zuo’an Gongyu, completed in 2005. residential use. No. 220 The gross floor area of the Second Rang property is approximately West Road, 180.00 sq.m. (1,938 sq.ft.). Kunming, Yunnan The property is leased from an Province, independent third party for a PRC term expiring on September 30, 2011 at an annual rental of RMB36,000. As advised, the lease term will be extended for one year. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-90 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 95. Unit 301, The property comprises a The property is No commercial Building No. 3 residential unit on Level 3 of a currently occupied by value of Block 2, 5-storey residential building the Group for Luneng Taoran completed in 2007. residential use. Shui’an, The gross floor area of the Beijing Zhong property is approximately Road, 134.70 sq.m. (1,450 sq.ft.). Yinchuan, Ningxia, The property is leased from an PRC independent third party for a term expiring on August 14, 2014 at an annual rental of RMB25,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 96. Unit 301, The property comprises a The property is No commercial Block 1, residential unit on Level 3 of a currently occupied by value No. 51 Xidajie, 7-storey residential building the Group for Zhengzhou, completed in 2003. residential/office use. Henan Province, The gross floor area of the PRC property is approximately 150.00 sq.m. (1,615 sq.ft.). The property is leased from an independent third party for a term expiring on October 31, 2011 at an annual rental of RMB45,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential/office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-91 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 97. Unit 301, The property comprises a The property is No commercial Block 3, residential unit on Level 3 of a currently occupied by value No. 51 Xidajie, 7-storey residential building the Group for Zhengzhou, completed in 2003. residential/office use. Henan The gross floor area of the Province, property is approximately PRC 100.00 sq.m. (1,076 sq.ft.). The property is leased from an independent third party for a term expiring on October 31, 2011 at an annual rental of RMB25,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential/office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 98. Unit 12, The property comprises a car The property is No commercial No. 51A parking unit on Level 1 of an currently occupied by value Xidajie, 11-storey residential building the Group for storage Zhengzhou, completed in 2003. use. Henan Province, The gross floor area of the PRC property is approximately 30.00 sq.m. (323 sq.ft.). The property is leased from an independent third party for a term expiring on October 31, 2011 at an annual rental of RMB8,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for storage use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-92 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 99. Unit 602, The property comprises a The property is No commercial Block 2, residential unit on Level 6 of a currently occupied by value Longhu Xiyuan 10-storey residential building the Group for Jiahuige, completed in 2003. residential/office use. No. 133 The gross floor area of the Longhu West property is approximately Road, 153.69 sq.m. (1,654 sq.ft.). Beibuxinqu, Chongqing, The property is leased from an PRC independent third party for a term expiring on November 11, 2014 at an annual rental of RMB44,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential/office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 100. Unit 6, The property comprises a The property is No commercial Tianshan residential unit on Level 1 of a currently occupied by value Jingxuan 6-storey residential building the Group for Xiaoqu, completed in 2009. residential/office use. No. 631 Nanhu The gross floor area of the North Road, property is approximately Urumqi, 187.00 sq.m. (2,013 sq.ft.). Xinjian Province, PRC The property is leased from an independent third party for a term expiring on May 31, 2012 at an annual rental of RMB48,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential/office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-93 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 101. Unit 1922, The property comprises a The property is No commercial Jianhui Jiayuan, residential unit on Level 29 of a currently occupied by value No. 457 29-storey residential building the Group for Qiyi Road, completed in 2009. residential use. Xining, The gross floor area of the Qinghai property is approximately Province, 155.00 sq.m. (1,668 sq.ft.). PRC The property is leased from an independent third party for a term expiring on October 1, 2013 at an annual rental of RMB24,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 102. Unit 103, The property comprises a The property is No commercial Block 35, residential unit on Level 1 of a currently occupied by value Mogouyan 7-storey residential building the Group for Xiaoqu, completed in 1972. residential use. Qilihe District, The gross floor area of the Lanzhou, property is approximately GansuProvince, 110.00 sq.m. (1,184 sq.ft.). PRC The property is leased from an independent third party for a term expiring on December 31, 2011 at an annual rental of RMB18,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-94 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 103. Unit 401, The property comprises a The property is No commercial Block A, residential unit on Level 4 of a currently occupied by value Jindeyuan, 20-storey residential building the Group for Huaxi Avenue completed in 2004. residential use. north section, The gross floor area of the Guiyang, property is approximately Guizhou 123.00 sq.m. (1,324 sq.ft.). Province, PRC The property is leased from an independent third party for a term expiring on August 1, 2012 at an annual rental of RMB27,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 104. Unit 601, The property comprises a The property is No commercial Block A, residential unit on Level 6 of a currently occupied by value Jindeyuan, 20-storey residential building the Group for Jianzhuxiang, completed in 2004. residential use. Huaxi Avenue The gross floor area of the north section, property is approximately Guiyang, 123.00 sq.m. (1,324 sq.ft.). Guizhou Province, The property is leased from an PRC independent third party for a term expiring on April 1, 2012 at an annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-95 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 105. Unit 1, The property comprises a The property is No commercial Building No. 3 residential unit on Level 1 of a currently occupied by value of Block 9, 6-storey residential building the Group for Jinxi Mingzhai, completed in 2002. residential use. No. 29 The gross floor area of the Tongsheng property is approximately Road, 144.00 sq.m. (1,550 sq.ft.). Chengdu, Sichuan The property is leased from an Province, independent third party for a PRC term expiring on March 31, 2012 at an annual rental of RMB31,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 106. Unit 101, The property comprises a The property is No commercial Building No. 2 residential unit on Level 1 of a currently occupied by value of Block 5, 6-storey residential building. the Group for Dashun residential use. The gross floor area of the Tiancheng, property is approximately No. 236 Shan 240.00 sq.m. (2,583 sq.ft.). Avenue, Lixia District, The property is leased from an Jinan Shandong independent third party for a Province, term expiring on February 28, PRC 2013 at an annual rental of RMB96,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-96 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 107. Unit 302, The property comprises a The property is No commercial Block 6, residential unit on Level 3 of a currently occupied by value Xianglin Jiayuan, 10-storey residential building the Group for No. 658 completed in 2008. residential use. Shaoshan The gross floor area of the South Road, property is approximately Tianxin District, 140.00 sq.m. (1,507 sq.ft.). Changsha, Hunan Province, The property is leased from an PRC independent third party for a term expiring on December 31, 2011 at an annual rental of RMB31,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 108. Levels 1 to 3, The property comprises a The property is No commercial No. 17 D Zone, residential unit on Levels 1 to 3 currently occupied by value Yuhua Jidian of a 3-storey residential the Group for Market, building completed in 2007. residential/storage Yuhua District, use. The gross floor area of the Changsha, property is approximately Hunan 120.00 sq.m. (1,292 sq.ft.). Province, PRC The property is leased from an independent third party for a term expiring on December 31, 2011 at an annual rental of RMB20,400. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreement may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential/storage use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-97 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 109. Unit 804, The property comprises a The property is No commercial Building No. 2 residential unit on Level 8 of a currently occupied by value of Block 2, 18-storey residential building the Group for Mingren Yuyuan, completed in 2003. residential use. Linquan Road, The gross floor area of the Yahai District, property is approximately Hefei, 142.75 sq.m. (1,537 sq.ft.). Anhui Province, PRC The property is leased from an independent third party for a term expiring on April 29, 2012 at an annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 110. Unit 401, The property comprises a The property is currently No commercial Building No. residential unit on Level 4 of a occupied by the Group value 5 of Block 1, 6-storey residential building for residential use. Xinhai completed in 1999. Xiaoqu, The gross floor area of the Fuzhou property is approximately North Road, 86.56 sq.m. (932 sq.ft.). Yinchuan, Ningxia, The property is leased from an PRC independent third party for a term expiring on May 1, 2012 at an annual rental of RMB24,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-98 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 111. Unit 2206, The property comprises a The property is No commercial Block B, residential unit on Level 4 of a currently occupied by value Jinfeng Guoji, 26-storey residential building the Group for intersection of completed in 2007. residential use. Taikang Road The gross floor area of the and Minggong property is approximately Road, 90.00 sq.m. (969 sq.ft.). Zhengzhou, Henan The property is leased from an Province, independent third party for a PRC term expiring on April 8, 2012 at an annual rental of RMB31,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 112. Unit 201, The property comprises a The property is No commercial Block 1, residential unit on Level 2 of a currently occupied by value Huicheng 6-storey residential building the Group for Dongfang completed in 2007. residential use. Shuidou, The gross floor area of the No. 508 property is approximately Yuanyang 108.00 sq.m. (1,163 sq.ft.). Road, Jin’an District, The property is leased from an Fuzhou, independent third party for a Fujian Province, term expiring on April 30, 2012 PRC at an annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-99 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 113. Unit 19-2, The property comprises a The property is No commercial Block 1, residential unit on Level 19 of a currently occupied by value Jiazhou 26-storey residential building the Group for Chengshi completed in 2006. residential use. Garden, The gross floor area of the Longxizhen property is approximately Yubei District, 138.00 sq.m. (1,485 sq.ft.). Chongqing, PRC The property is leased from an independent third party for a term expiring on April 19, 2012 at an annual rental of RMB42,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 114. Unit 1302, The property comprises a The property is No commercial East Unit of residential unit on Level 13 of a currently occupied by value Block 107, 25-storey residential building the Group for Yuanyi Yujing, completed in 2010. residential use. Wulanchabu The gross floor area of the East Road, property is approximately Saihan District, 129.27 sq.m. (1,391 sq.ft.). Huhhot, Inner Mongolia The property is leased from an Autonomous, independent third party for a PRC term expiring on May 26, 2012 at an annual rental of RMB24,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-100 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 115. Unit 2501, The property comprises a The property is No commercial No. 249 residential unit on Level 25 of a currently occupied by value Hanyun Road, 25-storey residential building the Group for Huangshi East completed in 2006. residential use. Road, The gross floor area of the Baiyun Road, property is approximately Baiyun District, 129.18 sq.m. (1,390 sq.ft.). Guangzhou, Guangdong The property is leased from an Province, independent third party for a PRC term expiring on April 13, 2012 at an annual rental of RMB31,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 116. Unit 503, The property comprises a The property is No commercial Building No. 2 residential unit on Level 5 of a currently occupied by value of Block 4, 6-storey residential building the Group for Huaqiao Xincun, completed in 2000. residential use. Yinghua Road, The gross floor area of the Xuanwu District, property is approximately Nanjing, 110.00 sq.m. (1,184 sq.ft.). Jiangsu Province, The property is leased from an PRC independent third party for a term expiring on April 30, 2012 at an annual rental of RMB36,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-101 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 117. Unit 101, The property comprises a The property is No commercial Building No. 1 residential unit on Level 1 of a currently occupied by value of Block 5, 6-storey residential building the Group for No. 17 completed in 2000. residential use. Gongshanghe, The gross floor area of the Tianqiao property is approximately District, 103.00 sq.m. (1,109 sq.ft.). Jinan, Shandong The property is leased from an Province, independent third party for a PRC term expiring on April 4, 2012 at an annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 118. Unit 704, The property comprises a The property is No commercial Block 8, residential unit on Level 7 of a currently occupied by value Sanxiang 7-storey residential building the Group for Xiaoqu, completed in 2005. residential use. Shaoshan The gross floor area of the South Road, property is approximately Yuhua District, 125.71 sq.m. (1,353 sq.ft.). Changsha, Hunan Province, The property is leased from an PRC independent third party for a term expiring on April 19, 2012 at an annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-102 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 119. Unit 702, The property comprises a The property is No commercial Building No. 3 residential unit on Level 7 of a currently occupied by value of Block 16, 11-storey residential building the Group for Fenghequyuan, completed in 2006. residential use. Fengtai District, The gross floor area of the Beijing, property is approximately PRC 127.00 sq.m. (1,367 sq.ft.). The property is leased from an independent third party for a term expiring on April 30, 2012 at an annual rental of RMB90,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 120. Unit 401, The property comprises a The property is No commercial Building No. 3 residential unit on Level 4 of a currently occupied by value of Block 6, 6-storey residential building the Group for Xita Xiaoqu, completed in 1996. residential use. Huichun Road, The gross floor area of the Heping District, property is approximately Shenyang, 160.00 sq.m. (1,722 sq.ft.). Liaoning Province, The property is leased from an PRC independent third party for a term expiring on May 1, 2012 at an annual rental of RMB33,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-103 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 121. Room 501 of The property comprises a The property is No commercial Unit 3, residential unit on Level 5 of a currently occupied by value Block 17, 6-storey residential building the Group for [office Government completed in 1989. and residential] uses. Family Building, The gross floor area of the No. 1 Jiefang property is approximately Road, 87.00 sq.m. (936 sq.ft.). Chengzhong District, The property is leased from an Xining, independent third party for a Qinghai term expiring on May 31, 2012 Province, at an annual rental of PRC RMB18,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential/office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 122. Room 101 of The property comprises a The property is No commercial Unit 4, residential unit on Level 1 of a currently occupied by value Block 23, 7-storey residential building the Group for office Binhe Xinyuan, completed in 1999. and residential uses. Fumin Road, The gross floor area of the Hedong District, property is approximately Tianjin, 84.00 sq.m. (904 sq.ft.). PRC The property is leased from an independent third party for a term expiring on June 6, 2012 at an annual rental of RMB24,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential/office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-104 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 123. Room 707, The property comprises a The property is No commercial Block 1, residential unit on Level 7 of a currently occupied by value Jinri Jiayuan, 16-storey residential building the Group for Hangzhou, completed in 2000. residential use. Zhejiang The gross floor area of the Province, property is approximately PRC 51.00 sq.m. (549 sq.ft.). The property is leased from an independent third party for a term expiring on January 15, 2012 at an annual rental of RMB18,900. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 124. Room 808, The property comprises a The property is No commercial Block 9, residential unit on Level 8 of a currently occupied by value Xingyu 14-storey residential building the Group for office Linmingyuan, completed in 2004. and residential uses. No. 155 Youyi The gross floor area of the Road, property is approximately Tianxin District, 80.00 sq.m. (861 sq.ft.). Changsha, Hunan Province, The property is leased from an PRC independent third party for a term expiring on February 20, 2013 at an annual rental of RMB16,800. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential/office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-105 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 125. A Garage on The property comprises a The property is No commercial Level 1, garage on Level 1 of a currently occupied by value Nantian residential development the Group for storage Residential completed in 2008. use. Zone, The gross floor area of the Moxiang Street, property is approximately Nanchang, 30.00 sq.m. (323 sq.ft.). Jiangxi Province, PRC The property is leased from an independent third party for a term expiring on March 8, 2012 at an annual rental of RMB3,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for storage use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 126. Room 202 of The property comprises a The property is No commercial Unit 2, residential unit on Level 2 of a currently occupied by value Block 4, 6-storey residential building the Group for office Xibei Zhengquan completed in 1999. and residential uses. Building, The gross floor area of the Hubin Garden, property is approximately Xingqing 180.00 sq.m. (1,938 sq.ft.). District, Yinchuan, The property is leased from an Ningxia Hui independent third party for a Autonomous term expiring on May 23, 2012 Region, at an annual rental of PRC RMB44,400. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential/office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-106 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 127. Unit D1-11, The property comprises a retail The property is No commercial Nanguo Garden unit on Levels 1 to 2 of a currently occupied by value Arcade, 4-storey commercial building the Group for office No. 35 Baisha completed in 2003. and residential uses. Main Road, The gross floor area of the Nanning, property is approximately Guangxi 142.00 sq.m. (1,528 sq.ft.). Province, PRC The property is leased from an independent third party for a term expiring on January 7, 2012 at an annual rental of RMB22,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential/office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 128. Room 702 of The property comprises a The property is No commercial Unit 1, residential unit on Level 7 of a currently occupied by value Block 40, 11-storey residential building the Group for office Linhe Fengjing completed in 2005. and residential uses. Residence, The gross floor area of the Changchun, property is approximately Jilin Province, 108.00 sq.m. (1,163 sq.ft.). PRC The property is leased from an independent third party for a term expiring on March 31, 2012 at an annual rental of RMB24,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential/office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-107 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 129. Room 252, The property comprises a The property is No commercial No. 338-9 residential unit on Level 5 of a currently occupied by value Fengtian Street, 6-storey residential building the Group for Shenhe District, completed in 2001. residential use. Shenyang, The gross floor area of the Liaoning property is approximately Province, 109.46 sq.m. (1,178 sq.ft.). PRC The property is leased from an independent third party for a term expiring on February 28, 2012 at an annual rental of RMB21,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 130. Room 302 of The property comprises a The property is No commercial Unit 1, residential unit on Level 3 of a currently occupied by value Block 6, 18-storey residential building the Group for Shujun Garden, completed in 2003. residential use. Jieyuan West The gross floor area of the Road, property is approximately Nankai District, 167.56 sq.m. (1,804 sq.ft.). Tianjin, PRC The property is leased from an independent third party for a term expiring on January 31, 2012 at an annual rental of RMB48,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-108 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 131. Room 602, The property comprises a The property is No commercial No. 21 of 1100 residential unit on Level 6 of a currently occupied by value Nong Jiangpu 9-storey residential building the Group for Road, completed in 2009. residential use. Yangpu District, The gross floor area of the Shanghai, property is approximately PRC 136.00 sq.m. (1,464 sq.ft.). The property is leased from an independent third party for a term expiring on December 31, 2011 at an annual rental of RMB75,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 132. Room 101 of The property comprises a The property is No commercial Unit 1, residential unit on Level 1 of a currently occupied by value Block 9, 7-storey residential building the Group for Haihong completed in [1999]. residential use. Residence, The gross floor area of the Gongren New property is approximately Village, 130.00 sq.m. (1,399 sq.ft.). Tangjiahun, Hangkou, The property is leased from an Wuhan, independent third party for a Hubei Province, term expiring on February 24, PRC 2012 at an annual rental of RMB24,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-109 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 133. Room 302 of The property comprises a The property is No commercial Unit 2, residential unit on Level 3 of a currently occupied by value Block 3, 6-storey residential building the Group for Phase 3 of completed in 2003. residential use. Xiangjiang The gross floor area of the Garden, property is approximately Sanyanqiao 136.00 sq.m. (1,464 sq.ft.). Road, Jianghan The property is leased from an District, independent third party for a Hankou, term expiring on May 5, 2012 Wuhan, at an annual rental of Hubei Province, RMB33,600. PRC Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 134. Room 10203 of The property comprises a The property is No commercial Level 2, residential unit on Level 2 of a currently occupied by value Block 5, 32-storey residential building the Group for Shanglinyuan completed in 2008. residential use. Residence, The gross floor area of the No. 966 property is approximately Beierhuan East, 144.00 sq.m. (1,550 sq.ft.). Xi’an, Shaanxi The property is leased from an Province, independent third party for a PRC term expiring on March 14, 2012 at an annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-110 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 135. Nos. 1-2, The property comprises a The property is No commercial Block 4, residential unit on Level 1 of a currently occupied by value Jinse Chitang, 6-storey residential building the Group for No. 359 completed in 2005. residential use. Shuhan Road, The gross floor area of the Jinniu District, property is approximately Chengdu, 119.32 sq.m. (1,284 sq.ft.). Sichuan Province, The property is leased from an PRC independent third party for a term expiring on April 24, 2013 at an annual rental of RMB48,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 136. Room 302, The property comprises a The property is No commercial Unit 1 of residential unit on Level 3 of a currently occupied by value Block 13, 6-storey residential building the Group for Luting Yayuan, completed in 2001. residential use. Panyu District, The gross floor area of the Guangzhou, property is approximately Guangdong 103.26 sq.m. (1,111 sq.ft.). province, PRC The property is leased from an independent third party for a term expiring on February 9, 2012 at an annual rental of RMB27,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-111 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 137. Room 103, The property comprises a The property is No commercial Block 1, residential unit on Levels 1 and currently occupied by value Baijiahu 2 of a 4-storey residential the Group for Xiyuan, building completed in 2003. residential use. No. 18 Hubin The gross floor area of the Road, property is approximately Jiangning 260.26 sq.m. (2,801 sq.ft.). District, Nanjing, The property is leased from an Jiangsu independent third party for a Province, term expiring on April 22, 2014 PRC at an annual rental of RMB57,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 138. Room 1-2-201, The property comprises a The property is No commercial Block E, residential unit on Level 2 of a currently occupied by value Riyue Huating, 30-storey residential building the Group for No. 728 Xinhua completed in 2009. residential use. West Road, The gross floor area of the Jianghan property is approximately District, 149.50 sq.m. (1,609 sq.ft.). Wuhan, Hubei Province, The property is leased from an PRC independent third party for a term expiring on August 31, 2012 at an annual rental of RMB42,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-112 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 139. Room 302 of The property comprises a The property is No commercial Unit 2, Block 3, residential unit on Level 3 of a currently occupied by value Longchang 6-storey residential building the Group for Residence, completed in 2009. residential use. Luoyang Road, The gross floor area of the Nanchang, property is approximately Jiangxi 100.10 sq.m. (1,077 sq.ft.). Province, PRC The property is leased from an independent third party for a term expiring on December 31, 2011 at an annual rental of RMB18,800. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 140. A residential The property comprises a The property is No commercial unit on Level 2, residential unit on Level 2 of a currently occupied by value Nos. 27-30 4-storey residential building the Group for Dongsan completed in 2006. residential use. Street, The gross floor area of the Huijing Garden, property is approximately Panyu District, 127.90 sq.m. (1,377 sq.ft.). Guangzhou, Guangdong The property is leased from an Province, independent third party for a PRC term expiring on December 31, 2011 at an annual rental of RMB27,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-113 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 141. Room 201, The property comprises a The property is No commercial Block 11, residential unit on Level 2 of a currently occupied by value Yunxixiang Hill, 7-storey residential building the Group for Zhuaitang completed in 2008. residential use. Town, The gross floor area of the Xihu District, property is approximately Hangzhou, 175.00 sq.m. (1,884 sq.ft.). Zhejiang Province, The property is leased from an PRC independent third party for a term expiring on July 19, 2012 at an annual rental of RMB43,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 142. Room 305 of The property comprises a The property is No commercial Unit 4, residential unit on Level 3 of a currently occupied by value Block 7, 7-storey residential building the Group for Jinqing Yuan, completed in 2006. residential use. No. 2 Tongde The gross floor area of the Street, property is approximately Qingyang 124.80 sq.m. (1,343 sq.ft.). District, Chengdu, The property is leased from an Sichuan independent third party for a Province, term expiring on March 1, 2012 PRC at an annual rental of RMB24,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-114 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 143. Room 801 of The property comprises a The property is No commercial Unit 3, Block 24, residential unit on Level 8 of a currently occupied by value Feicuijun South 11-storey residential building the Group for Zone, completed in 2007. residential use. Xigongshanghe The gross floor area of the Road, property is approximately Tianqiao 145.89 sq.m. (1,570 sq.ft.). District, Jinan, The property is leased from an Shandong independent third party for a Province, term expiring on February 28, PRC 2012 at an annual rental of RMB42,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 144. Room 1602 of The property comprises a The property is No commercial Unit 1, residential unit on Level 16 of a currently occupied by value Block 2, 33-storey residential building the Group for Chengji completed in 2007. residential use. Jingmao The gross floor area of the Center, property is approximately Nanjing Road, 179.00 sq.m. (1,927 sq.ft.). Heping District, Tianjin, The property is leased from an PRC independent third party for a term expiring on April 30, 2012 at an annual rental of RMB42,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-115 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 145. Room 302 of The property comprises a The property is No commercial Unit 5, residential unit on Level 3 of a currently occupied by value Block 13, 6-storey residential building the Group for Dama New completed in 2006. residential use. Village, The gross floor area of the Taiyuan, property is approximately Shanxi Province, 120.00 sq.m. (1,292 sq.ft.). PRC The property is leased from an independent third party for a term expiring on April 7, 2012 at an annual rental of RMB16,800. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 146. Room 2 of The property comprises a The property is No commercial Level 26, residential unit on Level 26 of a currently occupied by value Block 2, 34-storey residential building the Group for No. 358 Shifu completed in [2008]. residential use. Main Road, The gross floor area of the Shenyang, property is approximately Liaoning 137.37 sq.m. (1,479 sq.ft.). Province, PRC The property is leased from an independent third party for a term expiring on February 5, 2012 at an annual rental of RMB43,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-116 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 147. Room H07-3-1B, The property comprises a The property is No commercial Yahe Zhineng, residential unit on Level 1 of a currently occupied by value No. 169 8-storey residential building the Group for Fengzheng completed in 2005. residential use. First Road, The gross floor area of the Weiyang property is approximately District, 163.00 sq.m. (1,755 sq.ft.). Xi’an, Shaanxi The property is leased from an Province, independent third party for a PRC term expiring on April 9, 2012 at an annual rental of RMB36,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 148. Room 1-2-402, The property comprises a The property is No commercial Block 4, residential unit on Level 4 of a currently occupied by value Zhongheng 6-storey residential building the Group for Garden, completed in 1998. residential use. Erdao Street, The gross floor area of the Zhengzhou, property is approximately Henan 140.00 sq.m. (1,507 sq.ft.). Province, PRC The property is leased from an independent third party for a term expiring on August 31, 2012 at an annual rental of RMB42,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-117 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 149. Room 408, The property comprises a The property is No commercial Block 9, residential unit on Level 4 of a currently occupied by value Phase 1, 6-storey residential building the Group for Wanzhen completed in 2004. residential use. Xiaoyaoyuan, The gross floor area of the Maanshan property is approximately South Road, 105.60 sq.m. (1,137 sq.ft.). Hefei, Anhui Province, The property is leased from an PRC independent third party for a term expiring on August 25, 2012 at an annual rental of RMB34,800. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 150. A residential The property comprises a The property is No commercial unit of Level 1, residential unit on Level 1 of a currently occupied by value No. 130 7-storey residential building the Group for Changan Road, completed in 2009. residential use. Huli District, The gross floor area of the Xiamen, property is approximately Fujian 160.00 sq.m. (1,722 sq.ft.). Province, PRC The property is leased from an independent third party for a term expiring on May 24, 2012 at an annual rental of RMB45,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-118 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 151. Unit 1104, The property comprises a The property is No commercial Jingyuan residential unit on Level 11 of a currently occupied by value Xincheng, 30-storey residential building the Group for Xingsha completed in 2009. residential use. County, The gross floor area of the Changsha, property is approximately Hunan Province, 90.00 sq.m. (969 sq.ft.). PRC The property is leased from an independent third party for a term expiring on September 6, 2012 at a annual rental of RMB12,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 152. Unit 1-3-1 on The property comprises a The property is No commercial Level 3, [residential] unit on Level 3 of a currently occupied by value Chunfeng Yuan, 6-storey [residential] building the Group for Lumingdao completed in 1997. [residential] use. Estate, The total gross floor area of Yuliangzhou the property is approximately District, 130.00 sq.m. (1,399 sq.ft.). Xiangfan, Hubei Province, The property is leased from an PRC independent third party for a term expiring on March 1, 2012 at a total annual rental of RMB12,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-119 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 153. Unit 504, The property comprises a The property is No commercial Block B, [residential] unit on Level 5 of currently occupied by value Liziyuan, a 7-storey [residential] building the Group for Liziyuan Road, completed in 1997. [residential] use. Zhu Village, The total gross floor area of Tianhe District, the property is approximately Guangzhou, 30.50 sq.m. (328 sq.ft.). Guangdong Province, The property is leased from an PRC independent third party for a term expiring on March 1, 2012 at a total annual rental of RMB18,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 154. Room No.2 on The property comprises a The property is No commercial Level 3, residential unit on Level 3 of a currently occupied by value Unit 1, Block 8, 6-storey residential building the Group for No.9 Guoxiang completed in 2009. residential use. Huayuan, The gross floor area of the Linghang Road, property is approximately Liuzhou, 127.20 sq.m. (1,369 sq.ft.). Guangxi Province, The property is leased from an PRC independent third party for a term expiring on September 10, 2011 at a annual rental of RMB14,400. As advised, the lease term will be extended for one year. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-120 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 155. Room No.505, The property comprises a The property is No commercial Unit 3, Block 5, residential unit on Level 5 of a currently occupied by value Dahua Xincun, 6-storey residential building the Group for No.79 Haixiu completed in 2000. residential use. Middle Road, The total gross floor area of Longhua the property is approximately District, 60.00 sq.m. (646 sq.ft.). Haikou, Hainan Province, The property is leased from an PRC independent third party for a term expiring on July 20, 2012 at a total annual rental of RMB12,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 156. Room No.303, The property comprises a The property is No commercial JIatong Yuan, residential unit on Level 3 of currently occupied by value Zhongting a 6-storey residential building the Group for Street, completed in 2009. residential use. Taijiang The gross floor area of the District, property is approximately Fuzhou, 85.00 sq.m. (915 sq.ft.). Fujian Province, PRC The property is leased from an independent third party for a term expiring on September 2, 2011 at a annual rental of RMB19,000. As advised, the lease term will be extended for one year. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-121 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 157. Unit 3-4-602, The property comprises a The property is No commercial Mingzhu residential unit on Level 6 of a currently occupied by value Huadu, 7-storey residential building the Group for No.203 Jinzhou completed in 2009. residential use. East Road, The gross floor area of the Xinshi District, property is approximately Urumqi, 100.00 sq.m. (1076 sq.ft.). Xinjiang Uyghur The property is leased from an Autonomous independent third party for a Region, term expiring on July 20, 2012 PRC at a annual rental of RMB21,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 158. Room No.801, The property comprises a The property is No commercial Block 1, [residential] unit on Level 8 of a currently occupied by value Linzhao Estate, 16-storey [residential] building the Group for Xigu District, completed in 2006. [residential] use. Lanzhou, The total gross floor area of Gansu Province, the property is approximately PRC 110.00 sq.m. (1184 sq.ft.). The property is leased from an independent third party for a term expiring on March 10, 2012 at a total annual rental of RMB15,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-122 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 159. Room No.501, The property comprises a The property is No commercial Unit 2, [residential] unit on Level 5 of a currently occupied by value Block 16, 6-storey [residential] building the Group for Sanxingyuan completed in 2007. [residential] use. Estate, The total gross floor area of Zhuque South the property is approximately Road, 60.00 sq.m. (646 sq.ft.). Xian, Shanxi Province, The property is leased from an PRC independent third party for a term expiring on April 15, 2012 at a total annual rental of RMB15,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 160. No.9 of Unit 3, The property comprises a The property is No commercial Block 3, [residential] unit on Level 5 of a currently occupied by value Jincui Yuan, 7-storey [residential] building the Group for Zhanqi Estate, completed in 2001. [residential] use. Qingyang The total gross floor area of District, the property is approximately Chengdu, 78.00 sq.m. (840 sq.ft.). Sichuan Province, The property is leased from an PRC independent third party for a term expiring on March 1, 2012 at a total annual rental of RMB15,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-123 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 161. A unit on The property comprises a The property is No commercial Level 12, [residential] unit on Level 12 of currently occupied by value No.14-2, a 21-storey [residential] the Group for Phase 3, building completed in 2004. [residential] use. Kangju Garden, The total gross floor area of Baimahan, the property is approximately Jiulongpo 30.00 sq.m. (323 sq.ft.). District, Chongqing, The property is leased from an PRC independent third party for a term expiring on March 1, 2012 at a total annual rental of RMB10,800. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 162. Room No.8 on The property comprises a The property is No commercial Level 3, [residential] unit on Level 3 of a currently occupied by value Unit 3, 7-storey [residential] building the Group for Block 3, completed in 2001. [residential] use. No.512 The total gross floor area of Baoshan South the property is approximately Road, 60.00 sq.m. (646 sq.ft.). Guiyang Guizhou The property is leased from an Province, independent third party for a PRC term expiring on December 30, 2011 at a total annual rental of RMB13,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-124 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 163. Room No.502, The property comprises a The property is No commercial Unit 1, [residential] unit on Level 5 of a currently occupied by value Block 22, 7-storey [residential] building the Group for Dormitory of completed in 1995. [residential] use. Yunnan Dyeing The total gross floor area of Factory, the property is approximately Xishan District, 80.00 sq.m. (861 sq.ft.). Kunming, Yunnan The property is leased from an Province, independent third party for a PRC term expiring in January 2012 at a total annual rental of RMB14,400. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 164. Room No.402, The property comprises a The property is No commercial Unit 5, [residential] unit on Level 4 of a currently occupied by value Block 26, 7-storey [residential] building the Group for Kangan Estate, completed in 2001. [residential] use. Daoli District, The total gross floor area of Harbin, the property is approximately Heilongjiang 73.00 sq.m. (786 sq.ft.). Province, PRC The property is leased from an independent third party for a term expiring on April 25, 2012 at a total annual rental of RMB15,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-125 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 165. Room No.723, The property comprises a The property is No commercial Door No.7, [residential] unit on Level 3 of a currently occupied by value No.20-5 4-storey [residential] building the Group for Shuxun Street, completed in 2000. [residential] use. Nanhutong, The total gross floor area of Jiefang Main the property is approximately Road, 65.00 sq.m. (700 sq.ft.). Nanguan District, The property is leased from an Changchun, independent third party for a Jilin Province, term expiring on December 30, PRC 2011 at a total annual rental of RMB13,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 166. A unit on The property comprises a The property is No commercial Level 3, [residential] unit on Level 3 of a currently occupied by value Block 12-1, 3-storey [residential] building the Group for No.112 completed in 2006. [residential] use. Huanghe South The total gross floor area of Main Street, the property is approximately Shenyang, 90.00 sq.m. (969 sq.ft.). Liaoning Province, The property is leased from an PRC independent third party for a term expiring on December 30, 2011 at a total annual rental of RMB13,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-126 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 167. A unit on Level 4, The property comprises a The property is No commercial No.93 Jiujinci [residential] unit on Level 4 of a currently occupied by value Road, 5-storey [residential] building the Group for Taiyuan, completed in 2003. [residential] use. Shanxi Province, The total gross floor area of PRC the property is approximately 75.00 sq.m. (807 sq.ft.). The property is leased from an independent third party for a term expiring on December 30, 2011 at a total annual rental of RMB13,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 168. Room No.202, The property comprises a The property is No commercial Unit 3, residential unit on Level 2 of a currently occupied by value Block 29, 6-storey residential building the Group for Xili Estate, completed in 2001. residential use. No.288 The gross floor area of the Zhongshan property is approximately West Road, 70.00 sq.m. (753 sq.ft.). Shijiazhuang, Hebei Province, The property is leased from an PRC independent third party for a term expiring on December 30, 2011 at a annual rental of RMB12,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-127 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 169. Level 2, The property comprises a The property is No commercial Jiangtai Road, residential unit on Level 4 of a currently occupied by value Chaoyang 5-storey residential building the Group for District, completed in 2003. residential use. Beijing, The gross floor area of the PRC property is approximately 20.00 sq.m. (215 sq.ft.). The property is leased from an independent third party for a term expiring on September 1, 2011 at a annual rental of RMB21,600. As advised, the lease term will be extended for one year. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 170. A unit on The property comprises a The property is No commercial Level 2, [residential] unit on Level 2 of a currently occupied by value No.7 Dikou 5-storey [residential] building the Group for Road, completed in 2006. [residential] use. Jinan, The total gross floor area of Shandong the property is approximately Province, 80.00 sq.m. (861 sq.ft.). PRC The property is leased from an independent third party for a term expiring in December 2011 at a total annual rental of RMB18,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-128 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 171. Room No.402, The property comprises a The property is No commercial Western Unit, [residential] unit on Level 4 of a currently occupied by value Block 2, 7-storey [residential] building the Group for No.2 Jiankang completed in 2004. [residential] use. Street, The total gross floor area of Saihan District, the property is approximately Hohhot, 90.00 sq.m. (969 sq.ft.). Inner Mongolia, PRC The property is leased from an independent third party for a term expiring on December 30, 2011 at a total annual rental of RMB14,400. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 172. Room No.302, The property comprises a The property is No commercial No.755 Beier [residential] unit on Level 3 of currently occupied by value Street, an 11-storey [residential] the Group for Chenzai Village, building completed in 2006. [residential] use. Miaoli Town, The total gross floor area of Jinshui District, the property is approximately Zhengzhou, 90.00 sq.m. (969 sq.ft.). Henan Province, PRC The property is leased from an independent third party for a term expiring on January 1, 2013 at a total annual rental of RMB14,400. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-129 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 173. Room No.502 The property comprises a The property is No commercial No.2 Bing, [residential] unit on Level 5 of a currently occupied by value Linyuan 5-storey [residential] building the Group for Xincun, completed in 2005. [residential] use. Tianning The total gross floor area of District, the property is approximately Changzhou, 75.00 sq.m. (807 sq.ft.). Jiangsu Province, The property is leased from an PRC independent third party for a term expiring on October 2, 2011 at a total annual rental of RMB13,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 174. Room No.315, The property comprises a The property is No commercial Block B, [residential] unit on Level 5 of a currently occupied by value Baowen Dasha, 5-storey [residential] building the Group for Zhanxi Road, completed in 2001. [residential] use. Yaohai District, The total gross floor area of Hefei, the property is approximately Anhui Province, 90.00 sq.m. (969 sq.ft.). PRC The property is leased from an independent third party for a term expiring on April 26, 2012 at a total annual rental of RMB14,400. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-130 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 175. Room No.503, The property comprises a The property is No commercial No.120 of [residential] unit on Level 5 of a currently occupied by value 615 Nong, 7-storey [residential] building the Group for Jipu Road, completed in 2009. [residential] use. Baoshan The total gross floor area of District, the property is approximately Shanghai, 35.00 sq.m. (377 sq.ft.). PRC The property is leased from an independent third party for a term expiring on May 30, 2012 at a total annual rental of RMB26,400. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 176. A unit on The property comprises a The property is No commercial Level 3, residential unit on Level 3 of a currently occupied by value No.46 of 3-storey residential building the Group for Block 9, completed in 2003. residential use. Yuanye Qipei The gross floor area of the Shichang, property is approximately Xiaoshan 60.00 sq.m. (646 sq.ft.). District, Hangzhou, The property is leased from an Zhejiang independent third party for a Province, term expiring on June 2, 2012 PRC at a annual rental of RMB21,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-131 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 177. Room 1-6-1302, The property comprises a The property is No commercial Xinxhou residential unit on Level 13 of a currently occupied by value Chengshi 17-storey residential building the Group for office Huayuan completed in 2009. use. (Haojingyuan), The gross floor area of the Liyushan Road, property is approximately Urumqi, 140.00 sq.m. (1,507 sq.ft.). Xinjiang Uyghur The property is leased from an Autonomous independent third party for a Region, term expiring on November 20, PRC 2011 at an annual rental of RMB24,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 178. Room 403, of The property comprises a The property is No commercial Unit 3, Block 1, residential unit on Level 4 of a currently occupied by value Zone B, Youde, 7-storey residential building the Group for office No. 33 Jialing completed in 2008. use. Road, The gross floor area of the Wuhou District, property is approximately Chengdu, 108.00 sq.m. (1,163 sq.ft.). Sichuan Province, The property is leased from an PRC independent third party for a term expiring on August 26, 2012 at an annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-132 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 179. An office unit of The property comprises an The property is No commercial a composite office unit on Level 13 of a currently occupied by value building located commercial building completed the Group for office at No. 120 in 2008. use. Shaoshan The gross floor area of the South Road, property is approximately Changsha, 116.00 sq.m. (1,249 sq.ft.). Hunan Province, PRC The property is leased from an independent third party for a term expiring on October 19, 2011 at an annual rental of RMB24,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 180. Room 601 of The property comprises a The property is No commercial Unit 1, residential unit on Level 6 of a currently occupied by value Block 22, 11-storey residential building the Group for office Guojicheng, completed in 2000. use. Huaizhong The gross floor area of the Road, property is approximately Shijiazhuang, 192.70 sq.m. (2,074 sq.ft.). Hebei Province, PRC The property is leased from an independent third party for a term expiring on April 1, 2012 at an annual rental of RMB48,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-133 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 181. Room 402, The property comprises a The property is No commercial Block 11, residential unit on Level 4 of a currently occupied by value Lunduncheng, 6-storey residential building the Group for office Baijiayuan completed in 2006. use. Xihuanyuan, The gross floor area of the Jiangning property is approximately District, 140.00 sq.m. (1,507 sq.ft.). Nanjing, Jiangsu The property is leased from an Province, independent third party for a PRC term expiring on December 15, 2012 at an annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 182. Room 406, The property comprises a The property is No commercial Block C3, residential unit on Level 4 of a currently occupied by value No. 140 13-storey residential building the Group for office Huangcun completed in 2006. use. West Road, The gross floor area of the Dongpu Town, property is approximately Tianhe District, 89.00 sq.m. (958 sq.ft.). Guangzhou, Guangdong The property is leased from an Province, independent third party for a PRC term expiring on April 1, 2012 at an annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-134 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 183. Room 505 of The property comprises a The property is No commercial Unit 3, residential unit on Level 5 of a currently occupied by value Block 5, 6-storey residential building the Group for office Meigui Yuan, completed in 2000. use. Quanjiao Road, The gross floor area of the Yaohe District, property is approximately Hefei, 90.00 sq.m. (969 sq.ft.). Anhui Province, PRC The property is leased from an independent third party for a term expiring on April 2, 2012 at an annual rental of RMB25,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 184. Room 2-2-5, The property comprises a The property is No commercial Hanghai residential unit on Level 5 of a currently occupied by value Garden, 7-storey residential building the Group for office Hanghai Road, completed in 2001. use. Zhengzhou, The gross floor area of the Henan Province, property is approximately PRC 130.00 sq.m. (1,399 sq.ft.). The property is leased from an independent third party for a term expiring on August 31, 2012 at an annual rental of RMB26,400. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-135 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 185. Room 9-3-402, The property comprises a The property is No commercial Jinhai Garden, residential unit on Level 4 of a currently occupied by value Jingangcheng, 8-storey residential building the Group for office Qilihe District, completed in 2009. use. Lanzhou, The gross floor area of the Ningxia Hui property is approximately Autonomous 89.00 sq.m. (958 sq.ft.). Region, PRC The property is leased from an independent third party for a term expiring on August 5, 2012 at an annual rental of RMB24,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 186. Room 4-2-201, The property comprises a The property is No commercial Huangjia residential unit on Level 4 of a currently occupied by value Yuanlin 25-storey residential building the Group for office Residence, completed in 2009. use. Fengcheng The gross floor area of the First Road, property is approximately Xian, 130.00 sq.m. (1,399 sq.ft.). Shaanxi Province, The property is leased from an PRC independent third party for a term expiring on July 30, 2012 at an annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for office use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-136 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 187. Room No.201, The property comprises a The property is No commercial Unit 15, residential unit on Level 2 of a currently occupied by value Block 201, 6-storey residential building the Group for Yongping completed in 2006. residential use. Estate, The gross floor area of the Daowai District, property is approximately Harbin, 85.00 sq.m. (915 sq.ft.). Heilongjiang Province, The property is leased from an PRC independent third party for a term expiring on May 1, 2012 at a annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 188. Room No.1702, The property comprises a The property is No commercial Block 10, [residential] unit on Level 20 of currently occupied by value Tianhe Shidai a 17-storey [residential] the Group for Estate, building completed in 2004. [residential] use. Guibei Road, The total gross floor area of Jiangnan the property is approximately District, 85.00 sq.m. (912 sq.ft.). Nanning, Guangxi The property is leased from an Province, independent third party for a PRC term expiring on May 25, 2012 at a total annual rental of RMB24,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-137 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 189. Room No.402, The property comprises a The property is No commercial Unit 1, [residential] unit on Level 4 of a currently occupied by value Block 61, 5-storey [residential] building the Group for Songyu Xili, completed in 1992. [residential] use. Chaoyang The total gross floor area of District, the property is approximately Beijing, 52.00 sq.m. (560 sq.ft.). PRC The property is leased from an independent third party for a term expiring on November 14, 2011 at a total annual rental of RMB36,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 190. Room No.7 on The property comprises a The property is No commercial Level 4, residential unit on Level 4 of a currently occupied by value Unit 1, 5-storey residential building the Group for Block 30, completed in 2000. residential use. Kouan Huayuan, The gross floor area of the Qingshan property is approximately District, 145.00 sq.m. (1,561 sq.ft.). Baotou, Inner Mongolia The property is leased from an Autonomous independent third party for a Region, term expiring on August 29, PRC 2012 at a annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-138 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 191. Room No.901, The property comprises a The property is No commercial Unit 1, residential unit on Level 9 of currently occupied by value Block 1, a 19-storey residential building the Group for Phase 4, completed in 2009. residential use. Hankou Garden, The gross floor area of the Wuhan, property is approximately Hubei Province, 130.00 sq.m. (1,399 sq.ft.). PRC The property is leased from an independent third party for a term expiring on December 31, 2011 at a annual rental of RMB25,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 192. Room No.502, The property comprises a The property is No commercial Block 7, [residential] unit on Level 5 of a currently occupied by value No.24-1 Jihong 6-storey [residential] building the Group for Street, completed in 2005. [residential] use. Tiexi District, The total gross floor area of Shenyang, the property is approximately Liaoning 125.00 sq.m. (1,346 sq.ft.). Province, PRC The property is leased from an independent third party for a term expiring on May 7, 2012 at a total annual rental of RMB30,000. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-139 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 193. Room No.402, The property comprises a The property is No commercial Unit 4, [residential] unit on Level 4 of a currently occupied by value Block 3, 6-storey [residential] building the Group for Shifan Estate, completed in 2000. [residential] use. Tianqiao The total gross floor area of District, the property is approximately Jinan, 110.00 sq.m. (1,184 sq.ft.). Shandong Province, The property is leased from an PRC independent third party for a term expiring on June 1, 2012 at a total annual rental of RMB27,600. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 194. Room No.07 on The property comprises a The property is No commercial Level 4, residential unit on Level 4 of an currently occupied by value Unit 1, 8-storey residential building the Group for Block B4, completed in 2005. residential use. Lijiang Huayuan, The gross floor area of the Lijiang Road, property is approximately Xiaohe District, 127.00 sq.m. (1,3679 sq.ft.). Guiyang, Guizhou The property is leased from an Province, independent third party for a PRC term expiring on August 1, 2012 at a annual rental of RMB25,200. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-140 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. APPENDIX IV PROPERTY VALUATION REPORT

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 195. Room No.1003 The property comprises a The property is No commercial on Level 10, residential unit on Level 10 of a currently occupied by value Jingyuanju, 13-storey residential building the Group for Jinan District, completed in 2008. residential use. Fuzhou, The gross floor area of the Fujian Province, property is approximately PRC 90.00 sq.m. (969 sq.ft.). The property is leased from an independent third party for a term expiring on August 24, 2012 at a annual rental of RMB26,400. Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

Capital value in existing state as at No. Property Description and tenancy particulars Particulars of occupancy [July 31, 2011] 196. Room No.802, The property comprises a The property is No commercial Unit 2, [residential] unit on Level 8 of a currently occupied by value Block 1, 19-storey [residential] building the Group for Hongshulin completed in 2009. [residential] use. Garden, The gross floor area of the No235 property is approximately Tiancheng 113.00 sq.m. (1,216 sq.ft.). Road, Jianggan The property is leased from an District, independent third party for a Hangzhou, term expiring on May 26, 2012 Zhejiang at a annual rental of Province, RMB18,000. PRC Notes: 1. We have been provided with a legal opinion on the legality of the tenancy agreement issued by the Group’s PRC legal adviser, which contains, inter-alia, the following information: i. the lessor has not provided any legal title documents to prove its rights to lease the property; ii. if the lessor does not have the rights to lease the property, the lease agreements may be deemed void and the Group may be required to move away from the property; and iii. as confirmed the Group, the property is only used for residential use, there will be no material impact to the business of the Group if they are required to move away from the property.

IV-141