Appendix Iv Property Valuation

APPENDIX IV PROPERTY VALUATION

The following is the text of a letter, summary of values and valuation certificates received from Dudley Surveyors Limited, prepared for the purpose of incorporation in this prospectus, in connection with its valuation as at 31 May 2007 for the property interests of the Group in the PRC.

Checklist 1.F

Date: 29 June 2007 App1A39 Co3rdSch (I)34 Co3rd The Directors Sch(I)46 App1A9(3) Times Ltd. 4th Floor Nos. 20-24 Kwai Wing Road Kwai Chung New Territories Hong Kong

Dear Sirs,

In accordance with your instructions to us to value the property interests of Times Ltd. and its subsidiaries (hereinafter referred to as “the Group”) have interests in the People’s Republic of China (“PRC”), 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 the market values of such property interests as at 31 May 2007 (the “date of valuation”).

Our valuation of each of the concerned properties have been based on the Market Value Ch.5 5.06(8) which is defined as “the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.”

In forming our opinion of the market values of the property interests, we have adopted the P.N.12 (8.1) direct comparison method by making reference to the comparable transactions as available in the relevant market. In addition, due to the nature of buildings and structures constructed thereon, there are no readily identifiable market comparable and the property cannot be valued by comparison with open market transactions. Hence, we have adopted the Depreciated Replacement Cost (DRC) Approach in assessing the value of the property interests. This approach of valuation is based on an estimate of the open market value for the existing use of the land, plus the current gross replacement costs including fees and financing costs of the buildings and structures erected thereon, less allowance for physical deterioration and all relevant forms of obsolescence. The DRC Approach furnishes the most reliable indication of value for property in the absence of a known market based on comparable.

IV-1 APPENDIX IV PROPERTY VALUATION

In valuing the property interest in Group 2 which is currently under construction, we have assumed that they will be developed and completed in accordance with the Group’s latest development proposal provided to us. In arriving at our opinion of value, we have taken into account the construction costs and professional fees relevant to the stage of construction as at the date of valuation and the remainder of the costs and fees to be expended to complete the development.

We have attributed no commercial value to the property interests in Group 3 which is rented by the Group, due to the short-term nature of the leases or the prohibition against assignment or sub-letting or otherwise due to the lack of substantial profit rents.

Our valuations have been made on the assumption that the property interests can be sold in Ch.5 5.06(1)(k) the open market in their existing state without the benefit of deferred terms contracts, leasebacks, joint ventures, management agreements or any similar arrangements which could serve to affect the values of the property interests. In addition, no account has been taken of any options or rights of pre-emption concerning or affecting the sale of the property interests and no forced sale situation in any manner is assumed in our valuations.

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

In valuing the property interests, we have complied with all the requirements contained in Ch.5 (5.05) Chapter 5 and Practice Note 12 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and The HKIS Valuation Standards on Properties (1st Edition 2005) published by the Hong Kong Institute of Surveyors.

We have been provided with copies of the title documents relating to the property interests. P.N.12 (8.2) However, we have not inspected the original documents to verify ownership or to verify any amendments which may not appear on the copies handed to us. We have relied to a considerable extent on information given by your Group and the legal opinion of the Group’s PRC legal advisors, Commerce & Finance Law Offices ( ), and have accepted advice given to us on such matters as the properties to be valued, planning approvals or statutory notices, easements, tenure, particulars of occupancy, site and floor areas, attributable interests and all other relevant information.

Dimensions, measurements and areas included in this valuation certificate are based on information contained in the documents provided to us and are therefore approximations only. We have not been able to carry out on-site measurements to verify the correctness of the site and the floor areas of the properties and we have assumed that the site and the floor areas shown on the documents handed to us are correct.

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We have inspected the exteriors and, where possible, the interiors of the properties. No structural survey has been made but in the course of our inspection, we did not notice any serious defects. We are therefore not able 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.

We have no reason to doubt the truth and accuracy of the information provided to us by the Group which is material to the valuation. We have relied on the Group’s confirmation that no material facts have been omitted from the information supplied.

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

Our valuations are summarized below and the valuation certificates are attached.

Yours faithfully, Ch.5 5.08(2)(a) For and on behalf of P.N.12 (4.1) Dudley Surveyors Limited Ellen Y. T. LO B.Sc. (Est. Man.), MRICS, MHKIS Registered Professional Surveyor (GP) Managing Director

Note: Ms. Ellen Y. T. Lo, who is a Chartered Surveyor and a China Real Estate Appraiser, has over 25 years’ experience Ch.5 5.06(7), in the valuation of properties in Hong Kong and the PRC. 5.08(2)(b) P.N.12 (4.1)(4.2)

IV-3 APPENDIX IV PROPERTY VALUATION

SUMMARY OF VALUES

Group 1 — Property interests held and occupied by the Group in the PRC

Market Value in Existing State Market Value attributable to in Existing Interest the Group State as at attributable to as at No. Property 31 May 2007 the Group 31 May 2007 RMB % RMB

1. Land and buildings 41,300,000 100% 41,300,000 located at No. 31 An Yi Road East An Yi Town Bao Ying District Jiangsu Province The PRC

2. Land and buildings 108,000,000 100% 108,000,000 located at the western side of East Station Road East and southern side of Ren Min Road Central Shuyang District Suqian City Jiangsu Province The PRC

3. Unit 101 on Level 1 and 38,300,000 100% 38,300,000 Units 202 & 203 on Level 2 of Wu Ling Street Central Vegetable Market Cheng Xiang Town Tai Cang City Jiangsu Province The PRC

4. Commercial units located 185,800,000 100% 185,800,000 at Gong Yuan Road and Ren Min Road Qidong City Jiangsu Province The PRC

IV-4 APPENDIX IV PROPERTY VALUATION

Market Value in Existing State Market Value attributable to in Existing Interest the Group State as at attributable to as at No. Property 31 May 2007 the Group 31 May 2007 RMB % RMB

5. Land and Buildings on 63,400,000 100% 63,400,000 Basement Floor of Ren Min Plaza Danyang City Jiangsu Province The PRC

Sub-total: 436,800,000

Group 2 — Property interest held by the Group for development in the PRC

Market Value in Existing State Market Value attributable to in Existing Interest the Group State as at attributable to as at No. Property 31 May 2007 the Group 31 May 2007 RMB % RMB

6. A parcel of Land located at 28,150,000 100% 28,150,000 Qiupu Road Central Chizhou City Anhui Province The PRC

7. A parcel of Land located at 10,800,000 100% 10,800,000 the eastern side of Tong Fu Road and the southern side of De Er Logistic Nantong Development District Nantong City Jiangsu Province The PRC

Sub-total: 38,950,000

IV-5 APPENDIX IV PROPERTY VALUATION

Group 3 — Property interests rented and occupied by the Group in the PRC

Market Value in Existing State as at No. Property 31 May 2007 RMB

8. Land and buildings located at No commercial value the northwestern side of Qiu Yu Road East and Yang Zi Jiang Road Central Yangzhou City Jiangsu Province The PRC

9. Levels 1-2 of a commercial No commercial value building located at No. 89 Huai De Road South Changzhou City Zhejiang Province The PRC

10. Levels 1 to 5 of No commercial value “Wan Jia Le Shopping Centre” No. 39 Tong Guan Road North Xin Pu Area Lian Yun Gang City Jiangsu Province The PRC

11. Basement, Levels 1 to 4 of No commercial value Huai Qi Composite Building No. 136 Huai Hai Road East Huaian City Jiangsu Province The PRC

12. Levels 1-2 of Commodity Market Phase 2, No commercial value No. 94 Gu Lou Road North Taixing Town Taixing City Jiangsu Province The PRC

IV-6 APPENDIX IV PROPERTY VALUATION

Market Value in Existing State as at No. Property 31 May 2007 RMB

13. Levels 1-2, 5-6 of No commercial value Guo Mao Building Da Jie Road West Dong Shan Town Jiang Ning District Nanjing City Jiangsu Province The PRC

14. Levels 1-4 and car parking area of No commercial value Gao Xin Technology Plaza No. 687 Shi Xin Road Central Xiaoshan Area Hangzhou City Zhejiang Province The PRC

15. No. 331 Zhong Yang Road No commercial value Gu Lou Area Nanjing City Jiangsu Province The PRC

16. Levels 1-2 of No commercial value “Jinhua Commercial City” located at No. 288 Ba Yi Nan Street Jinhua City Zhejiang Province The PRC

17. The whole building located at No commercial value the northeastern corner of Yong Kang Road and Lu Xiang Road North Song Ling Town Wu Jiang City Jiangsu Province The PRC

IV-7 APPENDIX IV PROPERTY VALUATION

Market Value in Existing State as at No. Property 31 May 2007 RMB

18. The whole building located at No commercial value No. 768 Yang Liu Qing Road Chang Zheng Town Putuo District Shanghai The PRC

19. Levels 1-2 and ancillary area of No commercial value “Times Plaza” located at Qing Feng Road Central and Dong Xing Street Tong Xiang City Zhejiang Province The PRC

20. Basement, Levels 1-3 No commercial value Nos. 259-267 Tian He Road and Nos. 107-108 Da Qiao Road North Jiangyin City Jiangsu Province The PRC

21. Levels 1-4 of No commercial value “Jiu Zhou Commercial Building” No.161 Qing Nian Road West Taizhou City Jiangsu Province The PRC

22. Levels 1-3 of No commercial value “Zhong Yin Hai Hua Plaza” No. 59 Jian Jun Road Central Yancheng City Jiangsu Province The PRC

IV-8 APPENDIX IV PROPERTY VALUATION

Market Value in Existing State as at No. Property 31 May 2007 RMB

23. Levels 1-3 and 5 of a No commercial value commercial building located at Nos. 376 Jie Fang Road East Haimen City Jiangsu Province The PRC

24. Levels 1-2 of a composite building No commercial value located at No. 78 Huai Hai Road North Huaian City Jiangsu Province The PRC

25. Various buildings located at No commercial value No. 135 Xi Da Street Jiangyan City Jiangsu Province The PRC

26. Basement, Levels 1-2 of a commercial building No commercial value located at No. 114 Gong Nong Road South Zhen Zhou Town Yizheng City Jiangsu Province The PRC

27. Levels 1-2 of “Chang Shu Hua Sha Plaza” No commercial value No. 45 Fang Ta Street Changshu City Jiangsu Province The PRC

28. Level 1 of a composite building No commercial value located at No. 71 Yan An Road Wuhu City Anhui Province The PRC

IV-9 APPENDIX IV PROPERTY VALUATION

Market Value in Existing State as at No. Property 31 May 2007 RMB

29. Levels 1-3 of “Guan Yun No commercial value Commercial Building” No. 9 Sheng Li Road Central Yi Shan Town Guanyun District Jiangsu Province The PRC

30. “Zao Zhuang Commercial Building” No commercial value No. 195 Zhong Qu Jie Fang Road North Zaozhuang City Shandong Province The PRC

31. Levels 1-2 of No commercial value “Nan Xun Commercial Building” No. 375 Nan Xun Tai An Road Huzhou City Zhejiang Province The PRC

32. Basement, Levels 1-2 of No commercial value “Yuen Hua Xia Commercial Building” No. 67 Tai Bai Road Central Jining City Shandong Province The PRC

33. Levels 1-2 of No commercial value “Jin Hu Commercial Building” No. 38 Jian Kang Road Jinhu District Jiangsu Province The PRC

34. Levels 1-2 of a commercial No commercial value building located at No. 1 Xin Xing Road South Tengzhou City Shandong Province The PRC

IV-10 APPENDIX IV PROPERTY VALUATION

Market Value in Existing State as at No. Property 31 May 2007 RMB

35. Level 2 of “Si Zhou Commercial City” No commercial value No. 2 Si Zhou Street West Sihong District Jiangsu Province The PRC

36. “Wenzhou Commercial City” No commercial value No. 35 Nanjing Road Xin An Town Xinyi City Jiangsu Province The PRC

37. Various buildings located at No commercial value Ma Qiao Street West and Feng Shou Road South Xinghua City Jiangsu Province The PRC

38. Levels 1-3 of a commercial building No commercial value located at Zhen Yang Street He De Town Sheyang District Jiangsu Province The PRC

39. Levels 1-3 of a commercial No commercial value building located at No. 127 Fu Dong Road Central Binhai District Jiangsu Province The PRC

40. “Dong Jiao Market Building” No commercial value Dong Jiao Road Wuhu City Anhui Province The PRC

IV-11 APPENDIX IV PROPERTY VALUATION

Market Value in Existing State as at No. Property 31 May 2007 RMB

41. Level 1 of “Kang Ning Quan Ye Market” No commercial value No. 262 Qing Tan Road Changzhou City Jiangsu Province The PRC

42. Level 1 of “Qing Pu Commercial Building” No commercial value and ancillary structure located at No. 80 Ren Min Road South Huaiyin City Jiangsu Province The PRC

43. No. 214 Jie Fang Road No commercial value West Huaian City Jiangsu Province The PRC

44. Level 1 of a composite building No commercial value No. 9 Bei Hao Tong Cun No. 403 Hao Bei Road Nantong City Jiangsu Province The PRC

45. A commercial building located at No commercial value its junction of Gen Ta Road East and Huan Dong Road North Zhuji City Zhejiang Province The PRC

46. Levels 1-2 of a commercial building No commercial value located at the northern side of Jian Zhong Qiao North Jianhu District Jiangsu Province The PRC

IV-12 APPENDIX IV PROPERTY VALUATION

Market Value in Existing State as at No. Property 31 May 2007 RMB

47. Level 1 of a composite building located at No commercial value No. 49-69 Ren Min Road West Nantong City Jiangsu Province The PRC

48. No. 5 Nan Tong Road No commercial value Taizhou City Jiangsu Province The PRC

49. No. 156 Ying Wu Road No commercial value and northern side of Fu Qian Street Xinghua City Jiangsu Province The PRC

50. Tai Shan Road and Tai Nan Road No commercial value Baoying District Jiangsu Province The PRC

51. Levels 1-2 of a commercial unit No commercial value located at Qing Yang Road Central Sihong District Jiangsu Province The PRC

52. Levels 1-2 of a commercial building No commercial value located at the junction of Yue Jin Road and Bu Xing Street Rugao City Jiangsu Province The PRC

53. Level 1 of “Gardening & Landscaping Training Building” No commercial value No. 25 Qing Nian Road Nantong City Jiangsu Province The PRC

IV-13 APPENDIX IV PROPERTY VALUATION

Market Value in Existing State as at No. Property 31 May 2007 RMB

54. Level 1 of a composite building No commercial value located at No. 59 Gong Nong Road Nantong City Jiangsu Province The PRC

55. A factory complex and ancillary area No commercial value located at Wai Huan Road East Xue Tian Industrial Park Chongchuan District Nantong City Jiangsu Province The PRC

56. District C of Dong Fang Company No commercial value located at Wai Huan Road East Xue Tian Industrial Park Chongchuan District Nantong City Jiangsu Province The PRC

57. Levels 1-3 of a commercial building No commercial value located at No. 038 Zhang Shan Street Fei Cheng City Shandong Province The PRC

58. Levels 1-3 of a commercial building No commercial value located at the “Triangle district” of Railway Station Yun He Town Pi Zhou City Jiangsu Province The PRC

59. Levels 1-3 of a commercial building No commercial value located at No. 111 Huang Hai Road Xiang Shui District Jiangsu Province The PRC

IV-14 APPENDIX IV PROPERTY VALUATION

Market Value in Existing State as at No. Property 31 May 2007 RMB

Group 4 — Property interest rented and occupied by the Group in Hong Kong

60. Part of 4th Floor No commercial value No. 20-24 Kwai Wing Road Kwai Chung New Territories Hong Kong

Grand-total: 475,750,000

IV-15 APPENDIX IV PROPERTY VALUATION

VALUATION CERTIFICATE

Group 1 — Property interests owned by the Group in the PRC

Market Value in Particulars of Existing State Property Description and Tenure Occupancy as at 31 May 2007

1. Land and The property comprises a parcel of land Levels 1 to 4 of the RMB41,300,000 buildings located with a site area of approximately 2,495 subject building is at No. 31 An Yi square meters (26,856 sq. ft.). Erected on currently occupied for (100% interest Road East the site is an 11-storey commercial building retailing purposes attributable to the An Yi Town of reinforced concrete construction with a total floor area Group: Bao Ying District completed in around 1993. of approximately RMB41,300,000) Jiangsu Province 4,524 square meters The PRC The total gross floor area of the whole (48,696 sq.ft.), whilst building is approximately 11,886.06 square the remaining floor meters (127,942 sq. ft.). space of the subject building is currently The land use rights of the property was vacant. granted for a term expiring on 10 March 2044 for commercial purposes.

Notes:

1. Pursuant to the Business License No. 0763913 dated 17 January 2004, ( ), was incorporated with a registered capital of US$1,000,000 for a valid period from 15 January 2004 to 14 January 2034 and its scope of business includes commercial use, storage, leasing of owned properties and property management.

2. Pursuant to a State-owned Land Use Rights Certificate — Bao Ying Guo Yong (2004) Zi Di No. 0147 issued by the Bureau of State-owned Land and Resources of Bao Ying District on 9 March 2004, the land use rights of the parcel of land with an area of 2,495 square meters was granted to ( ) for a term expiring on 10 March 2044 for commercial purposes.

3. Pursuant to a Building Ownership Certificate — Bao Fang Quan Zheng An Yi Zi Di No. 211210 issued by the People’s Government of Bao Ying District on 22 September 2005, the ownership of a building with a total gross floor area of 11,886.06 square meters is held by ( ) for commercial purposes.

4. As advised by the Group, the property was acquired on 8 January 2004 at a total consideration of RMB16,000,000.

5. Pursuant to the Tenancy Agreement dated 18 December 2005 entered into between ( ) and ( ), a total gross floor area of approximately 9,563 square meters erected thereon is rented to ( ) for a term of 2 years commencing from 1 January 2006 and expiring on 31 December 2007 at an annual rent of RMB1,000,000.

6. ( ) is a wholly-owned subsidiary of the Group.

7. As advised by the Group, part of the property with a total gross floor area of 310 square meters are sublet to various independent third parties for various terms with the latest expiry date of 31 December 2007 at a total monthly rent of RMB13,450.30.

IV-16 APPENDIX IV PROPERTY VALUATION

8. We have been provided with a legal opinion on the title on the property prepared by the Group’s PRC legal advisor, which contains inter alia, the following information:

i. The Group has legally obtained both the state-owned land use rights certificate and the building ownership certificates of the property, and has the rights to use and occupy the property in accordance with the valid term and usage stipulated by the land use rights certificate and the building ownership certificates.

ii. The Group has the rights to lease, mortgage or otherwise dispose of the property.

iii. The Tenancy Agreement is valid, binding and enforceable under the PRC laws.

iv. The Tenancy Agreement has been registered.

IV-17 APPENDIX IV PROPERTY VALUATION

Market Value in Particulars of Existing State Property Description and Tenure Occupancy as at 31 May 2007

2. Land and The property comprises a parcel of land The property is RMB108,000,000 buildings located with a site area of approximately 17,813.0 currently occupied for at the western square meters (191,739 sq. ft.). Erected on retailing, office and (100% interest side of East the site is a 4-storey commercial/ storage purposes. attributable to the Station Road East residential composite building (excluding Group: and southern side basement floor) of reinforced concrete RMB108,000,000) of Ren Min Road construction completed in around 2006. Central Shuyang District The total gross floor area of the whole Suqian City building is approximately 39,174 square Jiangsu Province meters (421,669 sq. ft.). The PRC The land use rights of the property was granted for a term expiring on 23 February 2046 for commercial part and 23 February 2076 for residential part.

Notes:

1. Pursuant to the Business License No. 0873780 dated 5 September 2005, ( ), was incorporated with a registered capital of HK$20,000,000 for a valid period from 9 August 2005 to 8 August 2035 and its scope of business includes commercial use, storage, leasing of owned properties and property management.

2. Pursuant to a State-owned Land Use Rights Certificate — Shu Guo Yong (2006) Di No. 27023 issued by the People’s Government of Shuyang District on 23 February 2006, the land use rights of the parcel of land with an area of 17,813.0 square meters was granted to ( ) for a term expiring on 23 February 2046 for commercial part and 23 February 2076 for residential part.

3. As advised by the Group, the property was acquired on 12 August 2006 at a total consideration of RMB25,410,000.

4. Pursuant to the Tenancy Agreement dated 18 April 2006 entered into between ( ) and ( ), Levels 1-4 with a total gross floor area of approximately 39,174 square meters erected thereon is rented to ( ) for a term of 10 years at an annual rent of RMB6,480,000 for the first three years. From the fourth year onwards, the annual rent will be increased by 1% for every year.

5. ( ) is a wholly-owned subsidiary of the Group.

6. Pursuant to the Tenancy Agreement, ( ) has the right to sublet the property as a whole or part of to third parties.

7. As advised by the Group, part of the property with a total gross floor area of 3,499 square meters are sublet to various independent third parties for various terms with the latest expiry date of 31 August 2026 at a total monthly rent of RMB371,011.30.

IV-18 APPENDIX IV PROPERTY VALUATION

8. We have been provided with a legal opinion on the title on the property prepared by the Group’s PRC legal advisor, which contains inter alia, the following information:

i. The Group has legally obtained the state-owned land use rights certificate and the building ownership certificate of the property, and has the rights to use and occupy the property in accordance with the valid term and usage stipulated by the land use rights certificate.

ii. The Group has the rights to use, transfer, lease, mortgage or otherwise dispose of the property.

iii. The Tenancy Agreement is valid, binding and enforceable under the PRC laws.

iv. The Tenancy Agreement has been registered.

IV-19 APPENDIX IV PROPERTY VALUATION

Market Value in Particulars of Existing State Property Description and Tenure Occupancy as at 31 May 2007

3. Unit 101 on Level The property comprises three parcels of The property is RMB38,300,000 1 and Units 202 & land with a total site area of approximately currently occupied for 203 on Level 2 of 1,990.4 square meters (21,425 sq. ft.). retailing, office and (100% interest Wu Ling Street Erected on the site is a 4-storey storage purposes. attributable to the Central Vegetable commercial building of reinforced concrete Group: Market construction completed in around 1999. RMB38,300,000) Cheng Xiang Town Tai Cang City The property comprises 3 commercial units Jiangsu Province on Level 1 and Level 2 of a commercial The PRC building. The total gross floor area is approximately 6,674.43 square meters (71,844 sq. ft.).

The land use rights of the property was granted for a term expiring on 29 September 2041 for commercial purposes.

Notes:

1. Pursuant to the Business License No. 0877514 dated 29 June 2006, ( ), was incorporated with a registered capital of US$3,000,000 for a valid period from 13 December 2005 to 12 December 2035 and its scope of business includes interior decoration and property management.

2. Pursuant to a State-owned Land Use Rights Certificate — Tai Guo Yong (2006) Di No. 422061050 issued by the People’s Government of Tai Cang City on 11 July 2006, the land use rights of the parcel of land with an area of 23.3 square meters was granted to ( ) for a term expiring on 29 September 2041 for commercial purposes.

3. Pursuant to a State-owned Land Use Rights Certificate — Tai Guo Yong (2006) Di No. 422061051 issued by the People’s Government of Tai Cang City on 11 July 2006, the land use rights of the parcel of land with an area of 697.4 square meters was granted to ( ) for a term expiring on 29 September 2041 for commercial purposes.

4. Pursuant to a State-owned Land Use Rights Certificate — Tai Guo Yong (2006) Di No. 422061052 issued by the People’s Government of Tai Cang City on 11 July 2006, the land use rights of the parcel of land with an area of 1,269.7 square meters was granted to ( ) for a term expiring on 29 September 2041 for commercial purposes.

5. Re: Units 101, 202 and 203

Pursuant to a Building Ownership Certificate — Tai Fang Quan Zheng Cheng Xiang Zi Di No. 00054073 issued by the Planning and Construction Bureau of Tai Cang City ( ) on 20 June 2006, the ownership of the units with a total gross floor area of 6,674.43 square meters was held by ( ) for non-domestic use.

6. As advised by the Group, the property was acquired on 14 April 2006 at a total consideration of RMB26,200,000.

7. The property is subject to a mortgage in favour of ( ) for a consideration of RMB35,000,000 dated 31 October 2006.

8. Pursuant to the Tenancy Agreement dated 20 January 2006 entered into between ( ) and ( ), Levels 1-2 of the subject building with a total gross floor area of approximately 6,630 square meters erected thereon is rented to ( ) for a term of 2 years commencing from 20 February 2006 at an annual rent of RMB1,500,000.

IV-20 APPENDIX IV PROPERTY VALUATION

9. ( ) is a wholly-owned subsidiary of the Group.

10. As advised by the Group, part of the property with a total gross floor area of 52.9 square meters are sublet to various independent third parties for various terms with the latest expiry date of 19 April 2010 at a total monthly rent of RMB71,533.33.

11. We have been provided with a legal opinion on the title on the property prepared by the Group’s PRC legal advisor, which contains inter alia, the following information:

ii. The property was subject to a mortgage in favour of ( ).

iii. During the mortgage term, the Group has the rights to mortgage and transfer the property is subject to the approval from the mortgagee bank.

iv. The Tenancy Agreement is valid, binding and enforceable under the PRC laws.

v. The Tenancy Agreement has been registered.

IV-21 APPENDIX IV PROPERTY VALUATION

Market Value in Particulars of Existing State Property Description and Tenure Occupancy as at 31 May 2007

4. Commercial units The whole development comprises a parcel The property is RMB185,800,000 located at Gong of land with a site area of approximately currently occupied for Yuan Road and 66,257.5 square meters (713,196 sq. ft.) retailing and storage (100% interest Ren Min Road for commercial, residential and office use purposes. attributable to the Qidong City completed in around 2006. Group: Jiangsu Province RMB185,800,000) The PRC The property comprises 2-levels of commercial podium with a total gross floor area of approximately 18,580 square meters (199,995 sq. ft.).

The land use rights of the property was granted for a term commencing from 20 May 2003 and expiring on 20 May 2043 for commercial, residential, and office purposes.

Notes:

1. Pursuant to the Business License No. 0873397 dated 27 June 2006, ( ), was incorporated with a registered capital of US$5,000,000 (US$750,000 net received) for a valid period from 20 December 2005 to 20 December 2035 and its scope of business includes leasing of owned properties and property management.

2. Pursuant to a Contract for Sale and Purchase dated 18 July 2006 and entered into between ( ) and ( ), a total gross floor area of 18,580 square meters was acquired by ( )ata consideration of RMB95,000,000. The land use rights of the property was granted to ( ) for a term commencing from 20 May 2003 and expiring on 20 May 2043.

3. As advised by the Group, the property was acquired on 18 July 2006 at a total consideration of RMB95,000,000.

4. Pursuant to a Building Ownership Certificate- Qidong Fang Quan Zheng Hui Long Zi Di No. 064548 issued by the People’s Government of Nantong City on 16 May 2007, the ownership of a building with a gross floor area of 6,121.95 square meters is held by ( ).

5. Pursuant to a State-owned Land Use Rights Certificate- Qi Guo Yong (2007) Zi Di No. 0757 issued by the Bureau of State-owned Land and Resources of Qidong City on 7 June 2007, the land use rights of the parcel of land with an area of 3,348.20 square meters was granted to ( ) for a term expiring on 20 May 2043 for commercial & service purposes.

6. Pursuant to a State-owned Land Use Rights Certificate- Qi Guo Yong (2007) Zi Di No. 0758 issued by the Bureau of State-owned Land and Resources of Qidong City on 7 June 2007, the land use rights of the parcel of land with an area of 6,744.20 square meters was granted to ( ) for a term expiring on 20 May 2043 for commercial & service purposes.

7. Pursuant to the Tenancy Agreement dated 18 July 2006 entered into between ( ) and ( ), Levels 1-2 of the subject building with a total gross floor area of approximately 18,580 square meters erected thereon is rented to ( ) for a term of 5 years commencing from 20 February 2006 at an annual rent of RMB7,600,000 per annum for the first 3 years. From the fourth year onwards the yearly rental will be increased by 1% for every year.

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8. ( ) is a wholly-owned subsidiary of the Group.

9. Pursuant to the Tenancy Agreement, ( ) has the right to sublet the property as a whole or part of to third parties.

10. As advised by the Group, part of the property with a total gross floor area of 1,251.13 square meters are sublet to various independent third parties for various terms with the latest expiry date of 31 October 2018 at a total monthly rent of RMB293,095.80.

11. We have been provided with a legal opinion on the title on the property prepared by the Group’s PRC legal advisor, which contains inter alia, the following information:

i. The Group has legally obtained both the state-owned land use rights certificates and the building ownership certificate of the property, and has the rights to use and occupy the property in accordance with the valid term and usage stipulated by the land use rights certificate and the building ownership certificates.

ii. The Group has the rights to transfer, lease and mortgage or otherwise dispose of the property.

iii. The Tenancy Agreement is legal, binding and enforceable under the PRC laws.

iv. The Tenancy Agreement has been registered.

IV-23 APPENDIX IV PROPERTY VALUATION

Market Value in Particulars of Existing State Property Description and Tenure Occupancy as at 31 May 2007

5. Land and The property comprises a parcel of land The property is RMB63,400,000 Buildings on with a site area of approximately 12,717.6 currently occupied for Basement Floor of square meters (136,892 sq. ft.). Erected on retailing and storage (100% interest Ren Min Plaza the site is a commercial podium on the purposes. attributable to the Danyang City basement floor of reinforced concrete Group: Jiangsu Province construction completed in around 2001. RMB63,400,000) The PRC The gross floor area of approximately 12,685.9 square meters (136,551 sq. ft.).

The land use rights of the property was granted for a term expiring on 19 August 2041 for commercial purposes.

Notes:

1. Pursuant to the Business License No. 0991638 dated 1 November 2006, ( ), was incorporated with a registered capital of HK$8,000,000 for a valid period from 20 June 2006 to 19 June 2036 and its scope of business includes property management.

2. Pursuant to a State-owned Land Use Rights Certificate — Dan Guo Yong (2006) Di No.05229 issued by the People’s Government of Danyang City on 17 July 2006, the land use rights of the parcel of land with an area of 12,717.6 square meters was granted to ( ) for a term expiring on 19 August 2041 for commercial purposes.

3. Pursuant to a Building Ownership Certificate — Dan Fang Quan Zheng Yun Yang Zi Di No. 01022275 issued by the People’s Government of Danyang City on 6 July 2006, the ownership of a building with a gross floor area of 12,685.9 square meters is held by ( ).

4. As advised by the Group, the property was acquired on 30 June 2006 at a total consideration of RMB41,460,000.

5. Pursuant to a Mortgage Certificate — Dan Fang Yun Yang Ta Zi Di No.2007443 issued by the People’s Government of Danyang City on 31 January 2007, the property is subject to a mortgage in favour of ( ) for a term commencing from 20 October 2006 to 20 October 2009 at a consideration of RMB23,280,000.

6. Pursuant to the Tenancy Agreement dated 18 July 2006 entered into between ( ) and ( ), the whole basement with a gross floor area of approximately 12,390 square meters erected thereon is rented to ( ) for a term of 2 years commencing from 21 July 2006 at an annual rent of RMB2,800,000 per annum for the first 3 years. From the fourth year onwards the yearly rental will be increased by 1% for every year.

7. ( ) is a wholly-owned subsidiary of the Group.

8. As advised by the Group, part of the property with a total gross floor area of 1,642 square meters are sublet to various independent third parties for various terms with the latest expiry date of 31 December 2011 at a total monthly rent of RMB239,023.

IV-24 APPENDIX IV PROPERTY VALUATION

9. We have been provided with a legal opinion on the title on the property prepared by the Group’s PRC legal advisor, which contains inter alia, the following information:

i. The Group has legally obtained both the state-owned land use rights certificate and the building ownership certificate of the property, and has the rights to use and occupy the property in accordance with the valid term and usage stipulated by the land use rights certificate and the building ownership certificate.

ii. The Group has the rights to transfer, lease and mortgage or otherwise dispose of the property during the term of the land use right.

iii. The Tenancy Agreement is valid, binding and enforceable under the PRC laws.

iv. The Tenancy Agreement has been registered.

IV-25 APPENDIX IV PROPERTY VALUATION

Group 2 — Property interest held by the Group for development in the PRC

Market Value in Particulars of Existing State Property Description and Tenure Occupancy as at 31 May 2007

6. A parcel of Land The property comprises a parcel of land The property is RMB28,150,000 located at Qiupu with a site area of approximately 7,596.73 currently a vacant Road Central square meters (81,771 sq. ft.) which is site. (100% interest Chizhou City planned to be developed as a five-storey attributable to the Anhui Province commercial building with a total gross floor Group: The PRC area of approximately 27,100 square RMB28,150,000) meters (291,704 sq. ft.).

The land use rights of the property was granted for a term expiring on 19 August 2053 for commercial and residential purposes.

Notes:

1. Pursuant to the Business License No. 3429012300308 dated 26 December 2006, ( ), was incorporated with a registered capital of RMB37,000,000 and its scope of business includes leasing of owned properties and property management.

2. Pursuant to a State-owned Land Use Rights Certificate — Chi Tu Guo Yong (2006) Di No.16043104828 CHZ-049/2006 issued by the People’s Government of Chizhou City on 15 June 2006, the land use rights of the parcel of land with an area of 7,596.73 square meters is held by ( ) for a term expiring on 19 August 2053 for commercial and residential purposes.

3. As advised by the Group, the property was acquired on 18 May 2006 at a total consideration of RMB26,000,000.

4. After obtaining relevant planning approval from relevant government authority, ( ) should apply for other relevant approvals for proposed development according to the An Hui real estate development procedures in Anhui Province.

5. ( ) is a wholly-owned subsidiary of the Group.

6. We have been provided with a legal opinion on the title on the property prepared by the Group’s PRC legal advisor, which contains inter alia, the following information:

i. The Group has legally obtained the state-owned land use rights certificate and has the rights to transfer, lease and mortgage of the property.

IV-26 APPENDIX IV PROPERTY VALUATION

Market Value in Particulars of Existing State Property Description and Tenure Occupancy as at 31 May 2007

7. A parcel of Land The property comprises a parcel of land The property is 10,800,000 located at the with a site area of approximately 60 mu currently a vacant eastern side of (40,001.77 square meters (430,579 sq.ft.). site. Tong Fu Road and The land use rights of the property was the southern side granted for a term expiring on 29 of De Er Logistic December 2056 for storage purposes.) Nantong Development District Nantong City Jiangsu Province The PRC

Notes:

1. Pursuant to the Business License No. 3206911101746 dated 21 December 2006, ( ), was incorporated with a registered capital of RMB10,000,000 for a valid period from 21 December 2006 to 21 November 2026 and its scope of business includes logistic purposes.

2. Pursuant to the Agreement dated 25 December 2006 entered into between ( ) and ( ) , a parcel of land with an site area of approximately 60 mu was agreed at a consideration of RMB180,000 per mu for logistic purposes.

3. Pursuant to a State-owned Land Use Rights Certificate- Tong Kai Guo Yong (2007) Di No. 0310066 issued by the People’s Government of Nantong City on 15 May 2007, the land use rights of the parcel of land with an area of 40,001.77 square meters is held by ( ) for a term expiring on 29 December 2056 for storage purposes. ( ) is a wholly-owned subsidiary of the Group.

4. We have been provided with a legal opinion on the title on the property prepared by the Group’s PRC legal advisor, which contains inter alia, the following information:

i. The Group has legally obtained the state-owned land use rights certificate and has the rights to transfer, lease and mortgage of the property.

IV-27 APPENDIX IV PROPERTY VALUATION

Group 3 — Property interests rented and occupied by the Group in the PRC

Market Value in Particulars of Existing State Property Description and Tenure Occupancy as at 31 May 2007

8. Land and The property comprises a parcel of land The property is No Commercial Value buildings located with a site area of approximately 9,607.50 currently occupied for at the square meters (103,415 sq. ft.). Erected on retailing, office and northwestern side the site is a 4-storey commercial building storage purposes. of Qiu Yu Road of reinforced concrete construction East and completed in around 2001. Yang Zi Jiang Road Central The total gross floor area of the whole Yangzhou City building is approximately 13,800 square Jiangsu Province meters (148,543 sq. ft.) plus ancillary area The PRC of 8,441.30 square meters (90,862 sq. ft.).

The land use right of the property was granted for a term expiring on 31 July 2037 of southern side and 25 October 2040 of northern side for commercial purposes.

Notes:

1. Pursuant to the Business License No. 0876541 dated 29 March 2005, ( ), was incorporated with a registered capital of RMB29,801,325 for a valid period from 26 May 2000 to 25 May 2030 and its scope of business includes commercial use, storage, leasing of owned properties and property management.

2. Pursuant to a State-owned Land Use Rights Certificate — Yang Guo Yong (2005) Di No. 0795 issued by the People’s Government of Yangzhou City on 1 December 2005, the land use rights of the parcel of land with an area of 9,607.50 square meters was granted to ( ) for a term expiring on 31 July 2037 for the southern side and 25 October 2040 for the northern side for commercial purposes.

3. Re: Unit 101

Pursuant to a Building Ownership Certificate — Yang Fang Quan Zheng Guang Zi Di No. 288276 issued by the Building Management Bureau of Yangzhou City on 1 February 2007, the ownership of a building with a gross floor area of 6,137.67 square meters is held by ( ) for non-domestic use.

4. Re: Units 201, 301 and 401

Pursuant to a Building Ownership Certificate — Yang Fang Quan Zheng Guang Zi Di No. 288277 issued by the Building Management Bureau of Yangzhou City on 1 February 2007, the ownership of a building with a total area of 15,604.45 square meters is held by ( ) for non-domestic use.

5. Re: Unit 101

The property is subject to a mortgage in favour of ( ) for a consideration of RMB22,000,000 dated 19 October 2006.

6. Re: Units 201, 301 and 401

The property is subject to a mortgage in favour of ( ) for a consideration of RMB40,000,000 dated 1 December 2006.

IV-28 APPENDIX IV PROPERTY VALUATION

7. Re: Car Parking Area — Pursuant to the Tenancy Agreement dated June 2003 entered into between ( ), ( ) and ( ), a parcel of collective land with a site area of 8,441.3 square meters was granted to ( ) and subsequently rented to ( ) for construction, and thereafter sublet to ( ) at an annual rent of RMB1,200,000 for commercial and service purposes.

8. As advised by the Group, the Tenancy commencing form 18 August 2003 and expiring on 30 January 2024.

9. Re: Main Building — Pursuant to the Tenancy Agreement dated 18 July 2006 entered into between ( ) and ( ), a total gross floor area of approximately 13,800 square meters erected thereon is rented to ( ) for a term of 2 years commencing from 1 January 2006 and expiring on 31 December 2007 at an annual rent of RMB2,000,000.

10. ( ) is a related company to the Group.

11. As advised by the Group, part of the property with a total gross floor area of 8,446 square meters are sublet to various independent third parties for various terms with the latest expiry date of 27 January 2023 at a total monthly rent of RMB570,023.03

12. We have been provided with a legal opinion on the title on the property prepared by the Group’s PRC legal advisor, which contains inter alia, the following information:

i. In relation to the main Building, ( ) has legally obtained both the state-owned land use rights certificate and the building ownership certificates of the property, and has the rights to use and occupy the property in accordance with the valid term and usage stipulated by the land use rights certificate and the building ownership certificates;

ii. ( ) has the rights to use, transfer, lease, mortgage or otherwise dispose of the property during the term of the land use right;

iii. According to the PRC laws, collective land (car parking area) can be rented after the state-owned land transfer is made. In the circumstance, the said agreement made is subject to the risk of being determined void when disputes arise if ( ) fails to produce the proof of its right to rent to collective land and ( ) cannot occupy the property due to the legal title problem.

iv. The Tenancy Agreements are valid, binding and enforceable under the PRC laws.

v. The Tenancy Agreement has been registered.

IV-29 APPENDIX IV PROPERTY VALUATION

Market Value in Particulars of Existing State Property Description and Tenure Occupancy as at 31 May 2007

9. Levels 1-2 of a The property comprises a commercial unit The property is No Commercial Value commercial on Levels 1 and 2 of a 5-storey currently occupied by building located at commercial building of reinforced concrete the Group for No. 89 Huai De construction completed in around 1997. retailing, office and Road South storage purposes. Changzhou City The property has a total gross floor area of Zhejiang Province approximately 11,770 square meters The PRC (126,692 sq. ft.)

Notes:

1. Pursuant to the Tenancy Agreement dated 9 January 2000 entered into between ( ) and ( ), a total gross floor area of approximately 11,770 square meters (including ancillary area) erected thereon is rented to ( ) for a term of 10 years commencing from 1 May 2000 and expiring on 30 April 2010 at a total annual rent of RMB1,000,000 for the first year (Phase I only) and RMB1,200,000 for Phase I and Phase II for the next four years. From the fifth to seven year, the annual rent will be RMB1,236,000. From the eighth to tenth year, the annual rent will be RMB1,272,000.

2. Pursuant to the Tenancy Agreement, ( ) has the right to sublet the property as a whole or part of to third parties.

3. ( ) is an independent third party to the Group.

4. As advised by the Group, part of the property with a total gross floor area of 2,624.7 square meters are sublet to various independent third parties for various terms with the latest expiry date of 19 April 2010 at a total monthly rent of RMB209,263.

5. We have been provided with a legal opinion on the title on the property prepared by the Group’s PRC legal advisor, which contains inter alia, the following information:

i. Pursuant to a Land Use Rights Certificate and a Building Ownership Certificate, the property is legally owned by the lessor and the lessor has the rights to lease the property to ( ).

ii. The Tenancy Agreement is valid, binding and enforceable under the PRC laws.

iii. The Tenancy Agreement has been registered.

IV-30