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Appendix Iv Property Valuation

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Appendix Iv Property Valuation APPENDIX IV PROPERTY VALUATION The following is the text of a letter and valuation certificates, prepared for the purposes of incorporation in this prospectus received from Vigers Appraisal and Consulting Limited, an independent value, in connection with its valuation as at 31 August 2007 of the captioned property interests held by Ming Fai International Holdings Limited in Hong Kong, the PRC and Singapore. Vigers Appraisal and Consulting Limited International Property Consultants 10/F The Grande Building 398 Kwun Tong Road Kowloon Hong Kong 22 October 2007 The Directors Ming Fai International Holdings Limited 3/F Mai Kei Industrial Building No. 5 San Hop Lane Tuen Mun, New Territories Hong Kong Dear Sirs, In accordance with your instructions for us to value the property interests held by Ming Fai International Holdings Limited (referred hereinafter to as the “Company”) together with its subsidiaries (referred hereinafter collectively as the “Group”) in Hong Kong Special Administrative Region (“Hong Kong”), the People’s Republic of China (the “PRC”) and Singapore, 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 market value of such property interests as at 31 August 2007 (the “Date of Valuation”) for incorporation into this prospectus. Our valuation is our opinion of market value of the property interests 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”. – IV-1 – APPENDIX IV PROPERTY VALUATION In valuing Property No. 1 in Group I and Property Nos. 4 to 6 in Group II, we have valued each of these property interests by Direct Comparison Approach assuming sale of each of these properties which are currently owner occupied with the benefit of immediate vacant possession and by making reference to comparable sales transactions as available in the relevant markets. In valuing the property interests in Group II except for those mentioned in the above paragraph, which are held and occupied by the Group in the PRC, we have adopted a combination of the market and depreciated replacement cost approach in assessing the land portion of the property and the buildings and structures standing on the land respectively. Hence, the sum of the two results represents the market value of the property interests as a whole. In the valuation of the land portion, reference has been made to the standard land prices in Shenzhen and Luoding City in Guangdong Province and sales evidences as available to us in the locality. As the nature of the buildings and structures cannot be valued on the basis of market value, they have therefore been valued on the basis of their depreciated replacement costs. The depreciated replacement cost approach considers the current cost of replacement (reproduction) of the buildings and improvements less deductions for physical deterioration and all relevant forms of obsolescence and optimization. The approach is subject to adequate potential profitability of the business. Our opinion of value for each individual property does not necessarily represent the amount that might be realised in the market from the disposal of that particular property. However, the depreciated replacement cost approach generally furnished the most reliable indication of value for property in the absence of a known market based on comparable sales. This approach is subject to adequate potential profitability of the business. For property interests in Group III and IV which are rented by the Group in the PRC and Singapore, we have assigned no commercial value to them mainly due to the prohibition against assignment, the lack of substantial profit rents or the short term nature of such interests. Our valuation has been made on the assumption that the owners sell the property interests in the market without the benefit of a deferred terms contract, leaseback, joint venture, management agreement or any other similar arrangement which could serve to increase the values of the property interest. Furthermore, no account has been taken of any option or right of pre-emption concerning or affecting the sale of the property interests and no forced sale situation in any manner is assumed in our valuation. In valuing the property in Hong Kong, the Government Leases of which expire before 30 June 1997, we have taken account of the provisions contained in Annex III of the Joint Declaration of the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the People’s Republic of China on the question of Hong Kong and the New Territories Leases (Extension) Ordinance 1988 that such leases will be extended without premium until 30 June 2047 and that an annual rent of three per cent. of the rateable value will be charged from the date of extension. – IV-2 – APPENDIX IV PROPERTY VALUATION In the course of our valuation, we have assumed that the owners have free and uninterrupted rights to use, occupy or assign the property interests for the whole of the unexpired term of the respective land use rights. Furthermore, we have also assumed that all consents, approvals and licences from relevant PRC government authorities for development of the property interests were granted without any onerous conditions or undue delay. Except for the Hong Kong property mentioned in Group I of the report, we have not caused title searches to be made for the property interests at the relevant government bureau in the PRC. However, we have been provided with extracts of title documents relating to the property interest. We have not searched the original documents to verify the ownership, encumbrances or the existence of any subsequent amendments which do not appear on the copies handed to us. All documents have been used for reference only. All dimensions, measurements and areas included in the valuation certificate are based on information contained in the documents provided to us by the Group and therefore are only approximations. In undertaking our valuation of the property interests, we have relied on the legal opinion provided by the Group’s legal adviser, Zhong Lun Law Firm (the “PRC Legal Opinion”). Based on the Legal Opinion, details of the current status of titles, grant of major approvals, licenses and documents of the property interests are set out in the valuation certificates. We have relied to a considerable extent on information provided by the Group and have accepted advice given to us on such matters as planning approvals or statutory notices, easements, tenure, occupation, lettings, site and floor areas and other relevant matters. We have no reason to doubt the truth and accuracy of the information provided to us by the Group. We have also advised by the Group that no material factors have been concealed or omitted from the information supplied, and have no reason to suspect that any material information has been withheld. We consider that we have been provided with sufficient information to reach an informed view. We have inspected the exterior and, where possible, the interior of the premises. However, no structural survey has been made and we are therefore unable to report whether the property interests are free from rot, infestation or any other structural defects, though in the course of our inspections we did not note any serious defects. No tests were carried out on any of the services. In valuing the property interests, we have complied with all the requirements set out in Chapter Five, Practice Notes 12 and 16 to the Rules Governing the Listing of Securities issued by The Stock Exchange of Hong Kong Limited. In addition, our valuations are prepared in accordance with the HKIS Valuation Standards on Properties (First Edition 2005) published by the Hong Kong Institute of Surveyors (“HKIS”). No allowance has been made in our valuation for any charge, mortgage or amount owing on the property interest nor for any expenses or taxation which may be incurred in effecting a sale. Unless otherwise stated, it is assumed that the property interests are free from encumbrances, restrictions and outgoings of an onerous nature which could affect their values. – IV-3 – APPENDIX IV PROPERTY VALUATION Unless otherwise stated, all monetary amounts stated are in Hong Kong Dollars. The exchange rate used in valuing the property interests in the PRC as at 31 August 2007 was HK$1.00=RMB0.9698. There has been no significant fluctuation in the exchange rates for RMB against Hong Kong Dollars between that date and the date of this letter. We enclosed herewith our summary of valuation and valuation certificates. Yours faithfully, For and on behalf of Vigers Appraisal & Consulting Limited Raymond Ho Kai Kwong Registered Professional Surveyor MRICS MHKIS MSc(e-com) Executive Director Note: Raymond K. K. Ho, Chartered Surveyor, MRICS, MHKIS, MSc (e-com) has 20 years experience in undertaking valuation of properties in Hong Kong and has over 13 years’ experience in the valuation of properties in the PRC. He also has extensive valuation experience of over 10 years in the valuation of leased properties in Singapore. – IV-4 – APPENDIX IV PROPERTY VALUATION SUMMARY OF VALUATION Group I – Property interest held and occupied by the Group in Hong Kong Capital Value Interest attributable to the Market Value as at Attributable Group as at 31 August 2007 to the Group 31 August 2007 1. Units A to F on 3rd Floor, Units HK$10,380,000 100% HK$10,380,000 A to F on 4th Floor and Units C, E and F on 6th Floor and Car Parking Space Nos.
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