APPENDIXIV PROPERTY VALUATION

The following is the text of a letter, summary of values and valuation certificate, prepared for the purpose of incorporation in this prospectus received from Jones Lang LaSalle Corporate Appraisal and Advisory Limited, an independent property valuer and consultant, in connection with its valuation as at 31 March 2012 of the property interests of the Group.

29 June 2012 The Board of Directors Bolina Holding Co., Ltd.

Dear Sirs,

In accordance with your instructions to value the properties in which Bolina Holding Co., Ltd. (the “Company”) and its subsidiaries (hereinafter together referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”) and Hong Kong, we confirm that we have carried out inspections, made relevant enquiries and searches and obtained such further information as we consider necessary for the purpose of providing you with our opinion of the capital values of the property interests as at 31 March 2012 (the “date of valuation”).

Our valuation of the property interests represents the 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”.

We have valued the property interests in Group II by direct comparison approach assuming sale of the property interests in their existing state with the benefit of immediate vacant possession and by making reference to comparable sales transactions as available in the relevant market.

Where, due to the nature of the buildings and structures of Part A of the property in Group I and the particular locations in which it is situated, there are unlikely to be relevant market comparable sales readily available. The property interest has therefore been valued on the basis of its depreciated replacement cost.

Depreciated replacement cost is defined as “the current cost of replacing an asset with its modern equivalent asset less deductions for physical deterioration and all relevant forms of obsolescence and optimization.” It is based on an estimate of the market value for the existing use of the land, plus the current cost of replacement (reproduction) of the improvements, less deductions for physical deterioration and all relevant forms of obsolescence and optimization. The depreciated replacement cost of the property interest is subjected to adequate potential profitability of the concerned business.

In valuing the property interest of Part B of the property in Group I which is currently under construction, we have assumed that it will be developed and completed in accordance with the latest development proposals provided to us by the Group. In arriving at our opinion of value, we have taken into account the construction cost and professional fees relevant to the stage of construction as at the date of valuation and the remainder of the cost and fees to be expended to complete the development.

We have attributed no commercial value to the property interests in Group III and Group IV, which are leased by the Group, due either to the short-term nature of the lease or the prohibition against assignment or sub-letting or otherwise due to the lack of substantial profit rent.

Our valuation has been made on the assumption that the seller sells the property interests in the market without the benefit of a deferred term contract, leaseback, joint venture, management agreement or any similar arrangement, which could serve to affect the values of the property interests.

No allowance has been made in our report for any charge, mortgage or amount owing on any of the property interests valued nor for any expense 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.

— IV-1 — APPENDIXIV PROPERTY VALUATION

In valuing the property interests, we have complied with all requirements contained in Chapter 5 and Practice Note 12 of the Rules Governing the Listing of Securities issued by The Stock Exchange of Hong Kong Limited; the RICS Valuation – Professional Standards published by the Royal Institution of Chartered Surveyors; the HKIS Valuation Standards on Properties published by the Hong Kong Institute of Surveyors; and the International Valuation Standards published by the International Valuation Standards Council.

We have relied to a very considerable extent on the information given by the Group and have accepted advice given to us on such matters as tenure, planning approvals, statutory notices, easements, particulars of occupancy, lettings, and all other relevant matters.

We have been provided with a copy of tenancy agreement relating to the property interest in Hong Kong and have caused searches to be made at the Hong Kong Land Registries. However, we have not searched the original documents to verify the ownership or to ascertain any amendment.

We have been shown copies of various title documents including State-owned Land Use Rights Certificates, Building Ownership Certificates and official plans relating to the property interests and have made relevant enquiries. Where possible, we have examined the original documents to verify the existing title to the property interests in the PRC and any material encumbrance that might be attached to the property interests or any tenancy amendment. We have relied considerably on the advice given by the Company’s PRC legal advisers – Jingtian & Gongcheng Attorneys at Law, concerning the validity of the property interests in the PRC.

We have not carried out detailed measurements to verify the correctness of the areas in respect of the properties but have assumed that the areas shown on the title documents and official site plans handed to us are correct. All documents and contracts have been used as reference only and all dimensions, measurements and areas are approximations. No on-site measurement has been taken.

We have inspected the exterior and, where possible, the interior of the properties. However, we have not carried out investigation to determine the suitability of the ground conditions and services for any development thereon. Our valuation has been prepared on the assumption that these aspects are satisfactory and that no unexpected cost and delay will be incurred during construction. Moreover, no structural survey has been made, but in the course of our inspection, we did not note any serious defect. We are not, however, able to report whether the properties are free of rot, infestation or any other structural defect. No tests were carried out on any of the services.

We have had no reason to doubt the truth and accuracy of the information provided to us by the Group. We have also sought confirmation from the Group that no material factors have been omitted from the information supplied. We consider that we have been provided with sufficient information to arrive an informed view, and we have no reason to suspect that any material information has been withheld.

The site inspection was firstly carried out in the period from 31 May 2011 to 2 June 2011. Subsequent re-inspection of the properties was carried out by Eddie T.W. Yiu and Michael Yu in April 2012. Eddie T.W. Yiu is a Chartered Surveyor and Michael Yu is a Qualified Real Estate Appraiser of China.

Unless otherwise stated, all monetary figures stated in this report are in Renminbi (RMB).

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

Yours faithfully, For and on behalf of Jones Lang LaSalle Corporate Appraisal and Advisory Limited Eddie T.W. Yiu MRICSMHKISRPS(GP) Associate Director

Note: Eddie T.W. Yiu is a Chartered Surveyor who has 18 years’ experience in the valuation of properties in Hong Kong and the PRC as well as relevant experience in the Asia-Pacific region.

— IV-2 — APPENDIXIV PROPERTY VALUATION

SUMMARY OF VALUES

Group I – Property interest held and occupied by the Group in the PRC

Capital value Capital value in Interest attributable to existing state as at attributable to the Group as at No. Property 31 March 2012 the Group 31 March 2012

RMB RMB

1. 5 parcels of land, 127,521,000 100% 127,521,000 various buildings and structures located at Changtai Economic Development Zone Changtai County Zhangzhou City Fujian Province The PRC

Sub-total: 127,521,000 127,521,000

Group II – Property interests held for future development by the Group in the PRC

Capital value Capital value in Interest attributable to existing state as at attributable to the Group as at No. Property 31 March 2012 the Group 31 March 2012

RMB RMB

2. Aparcelofland 2,741,000 100% 2,741,000 located at Changtai Economic Development Zone Changtai County Zhangzhou City Fujian Province The PRC

3. Aparcelofland 2,601,000 100% 2,601,000 located at the eastern side of Donghuan Road Dongshan County Zhangzhou City Fujian Province The PRC

Sub-total: 5,342,000 5,342,000

— IV-3 — APPENDIXIV PROPERTY VALUATION

Group III – Property interests leased and occupied by the Group in the PRC

Capital value Capital value in Interest attributable to existing state as at attributable to the Group as at No. Property 31 March 2012 the Group 31 March 2012

RMB RMB

4. Various buildings Nocommercialvalue 100% Nocommercialvalue located at Liushi Segment Donghuan Road Longwen District Zhangzhou City Fujian Province The PRC

5. Various buildings Nocommercialvalue 100% Nocommercialvalue located at Longwen North Road Lantian Economy Development Zone Longwen District Zhangzhou City Fujian Province The PRC

6. Unit C1 of Zhongxing Nocommercialvalue 100% Nocommercialvalue Square located at Zhongxing Street Xipu Town Dongshan County Zhangzhou City Fujian Province The PRC

Group IV – Property interest leased and occupied by the Group in Hong Kong

Capital value Capital value in Interest attributable to existing state as at attributable to the Group as at No. Property 31 March 2012 the Group 31 March 2012

RMB RMB

7. Suite No.2 on 17th Floor Nocommercialvalue 100% Nocommercialvalue Sino Plaza Nos. 255-257 Gloucester Road Causeway Bay Hong Kong

Sub-total: Nil Nil

Grandtotal: 132,863,000 132,863,000

— IV-4 — APPENDIXIV PROPERTY VALUATION

VALUATION CERTIFICATE

Group I – Property interest held and occupied by the Group in the PRC

Capital value in Particulars of existing state as at No. Property Descriptionandtenure occupancy 31 March 2012 RMB

1. 5 parcels of land, The property comprises 5 Part A of the 127,521,000 various buildings parcels of land with a total site property is currently and structures area of approximately occupied by the 100% interest attributable located at 162,299.3 sq.m. and 11 Group for to the Group: Changtai buildings and various ancillary production, staff RMB127,521,000 Economic structures erected thereon quarter, storage, Development which were completed in office and ancillary Zone various stages between 2006 purposes whilst Part Changtai County and 2010. (“Part A”) B is currently under Zhangzhou City construction. Fujian Province The buildings of Part A have a The PRC total gross floor area of approximately 85,391.39 sq.m.

The buildings of Part A comprise an office building, a dormitory, 7 industrial buildings and 2 warehouses.

The structures of Part A mainly include plant area road, boundary wall, guard houses, sewage tank, natural gas station and car parks.

The land use rights of Part A have been granted for terms of 50 years expiring on 1 September 2055 and 26 June 2057 for industrial use.

In addition to Part A, the property also comprises an industrial building and a warehouse under construction with a total planned gross floor area of approximately 35,835 sq.m. being constructed on one of the land parcels of Part A. (“Part B”)

As advised by the Group, the buildings under construction of Part B are scheduled to be completed in June 2012 and the total construction cost of such buildings is estimated to be approximately RMB41,353,000, of which approximately RMB39,850,000 has been paid up to the date of valuation.

— IV-5 — APPENDIXIV PROPERTY VALUATION

Notes:

For Part A

1. Pursuant to 4 State-owned Land Use Rights Certificates – Tai Guo Yong (2007) Di Nos. 00558 and 00560 to 00562, the land use rights of 4 parcels of land of the property with a total site area of approximately 74,283.3 sq.m. have been granted to Zhangzhou Wanhui Sanitary Ware Co., Ltd. (“Zhangzhou Wanhui”), an indirect wholly-owned subsidiary of the Company, for terms of 50 years expiring on 1 September 2055 for industrial use.

2. Pursuant to a State-owned Land Use Rights Certificate – Tai Guo Yong (2007) Di No. 01419, the land use rights of a parcel of land of the property with a site area of approximately 88,016 sq.m. have been granted to Fujian Wanrong Sanitary Ware Company Limited (“Fujian Wanrong”), an indirect wholly-owned subsidiary of the Company, for a term of 50 years expiring on 26 June 2057 for industrial use.

3. Pursuant to 7 Building Ownership Certificates – Chang Tai Xian Fang Quan Zheng Kai Fa Qu Zi Di Nos. 900300, 90001221, 90000676, 90002097 to 90002099 and 90002953, 9 buildings of the property with a total gross floor area of approximately 78,177.99 sq.m. are owned by Zhangzhou Wanhui.

4. Pursuant to 2 Building Ownership Certificates – Chang Tai Xian Fang Quan Zheng Kai Fa Qu Zi Di Nos. 90002297 and 90002298, 2 buildings of the property with a total gross floor area of approximately 7,213.4 sq.m. are owned by Fujian Wanrong.

5. Pursuant to a Mortgage Contract of MaximumAmount dated 3August 2010, the land use rights of the land parcel under the Land Use Rights Certificate – Tai Guo Yong (2007) Di No. 00561 and 2 buildings under the Building Ownership Certificate – Chang Tai Xian Fang Quan Zheng Kai Fa Qu Zi Di No. 90000676 of the property were subjected to a mortgage in favour of Agricultural Bank of China Limited., Xiamen Canghai Sub-branch (the “Bank”), as security to guarantee the principal obligation under a series of contracts entered into or to be entered into between the Bank and Zhangzhou Wanhui from 3 August 2010 to 2 August 2012 for a maximum amount of RMB35,070,000.

6. Pursuant to a Mortgage Contract of MaximumAmount dated 26 September 2010, the land use rights of 2 land parcels under the Land Use Rights Certificates – Tai Guo Yong (2007) Di Nos. 00558 and 00562, 3 buildings under the Building Ownership Certificates – Chang Tai Xian Fang Quan Zheng Kai Fa Qu Zi Di Nos. 90001221, 90002097 and 90002099 of the property and the land use rights of a land parcel under the Land Use Rights Certificate – Tai Guo Yong (2007) Di No. 00559 of property no. 2 were subjected to a mortgage in favour of Industrial Bank Co., Ltd., Zhangzhou Branch (the “Bank”), as security to guarantee the principal obligation under a series of contracts entered into or to be entered into between the Bank and Zhangzhou Wanhui from 26 September 2010 to 26 September 2012 for a maximum amount of RMB15,000,000.

7. Pursuant to a Mortgage Contract of Maximum Amount, the land use rights of a land parcel under the Land Use Rights Certificate – Tai Guo Yong (2007) Di No. 00560 and 2 buildings under the Building Ownership Certificates – Chang Tai Xian Fang Quan Zheng Kai Fa Qu Zi Di Nos. 90002098 and 900300 of the property were subjected to a mortgage in favour of Industrial and Commercial Bank of China Co., Ltd., Zhangzhou Branch (the “Bank”), as security to guarantee the principal obligation under a loan contract (2011 Nian (Ying Ye) Zi Di No. 0004) entered into between the Bank and Zhangzhou Wanhui for a maximum amount of RMB35,000,000. The term of the principal obligation is 12 months commencing from the withdrawal date.

8. Pursuant to a Mortgage Contract of Maximum Amount dated 21 April 2011, the land use rights of the land parcel under the Land Use Rights Certificate – Tai Guo Yong (2007) Di No. 01419 and 2 buildings under the Building Ownership Certificates – Chang Tai Xian Fang Quan Zheng Kai Fa Qu Zi Di Nos. 90002297 and 90002298 of the property were subject to a mortgage in favour of Agricultural Bank of China Limited, Xiamen Canghai Sub-branch (the “Bank”), as security to guarantee the principal obligation under a series of contracts entered into or to be entered into between the Bank and Fujian Wanrong from 21 April 2011 and 20 April 2014 for a maximum amount of RMB2,400,000.

— IV-6 — APPENDIXIV PROPERTY VALUATION

For Part B

9. Pursuant to 2 Construction Work Planning Permits – Jian Zi Di Nos. 350625201100053 and 350625201200017, an industrial building and a warehouse with a total planned gross floor area of approximately 35,835 sq.m. has been approved for construction.

10. Pursuant to 2 Construction Work Commencement Permits – Tai Kai Nos. 350625201107060101 and 350625201204150101, permission by the relevant local authority is given to commence the construction work.

11. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. The Group legally and validly owns the land use rights of the property and is the exclusive legal user of the land parcels of the property. Within the use terms, the Group has the rights to occupy, use, lease, transfer, mortgage or otherwise dispose of the land use rights of the property by other legal means in accordance with the laws;

b. The Group has the rights to occupy and use the land parcels of the property despite they are subject to the mortgages as mentioned in notes 5 to 8. Upon obtaining the prior written consent from the mortgagees, the Group has the rights to lease or transfer the land use rights of the property;

c. TheGrouphasfullypaidthelandpremiumofthelanduserights of the property and the Group’s occupation and use on the land parcels of the property are not against the relevant provisions of PRC laws. The land use rights of the property are not subject to any compulsory confiscation, lawsuit, dispute or other material adverse condition;

d. The Group legally and validly owns the ownership of the buildings mentioned in notes 3 and 4 and is the exclusive legal owner of such buildings. The Group has the rights to occupy, use, lease, transfer, mortgage or otherwise dispose of the buildings mentioned in notes 3 and 4 in accordance with the laws;

e. The Group has the rights to occupy and use the buildings mentioned in notes 3 and 4 despite they are subject to the mortgages as mentioned in notes 5 to 8. Upon obtaining the prior written consent from the mortgagees, the Group has the rights to lease or transfer such buildings;

f. The Group’s occupation and use on the buildings mentioned in notes 3 and 4 are not against the relevant provisions of PRC laws. Such buildings are not subject to any compulsory confiscation, lawsuit, dispute or other material adverse condition; and

g. The Group has obtained the relevant construction permits in respect of the construction work of the buildings under construction of Part B. The construction work complies with the relevant provisions of the PRC laws.

— IV-7 — APPENDIXIV PROPERTY VALUATION

VALUATION CERTIFICATE

Group II – Property interests held for future development by the Group in the PRC

Capital value in Particulars of existing state as at No. Property Descriptionandtenure occupancy 31 March 2012 RMB

2. Aparcelofland The property comprises a The property is 2,741,000 located at parcel of land with a site area currently vacant. Changtai of approximately 19,692.3 100% interest attributable Economic sq.m. to the Group: Development RMB2,741,000 Zone The land use rights of the Changtai County property have been granted for Zhangzhou City a term of 50 years expiring on Fujian Province 1 September 2055 for industrial The PRC use.

Notes:

1. Pursuant to a State-owned Land Use Rights Certificate – Tai Guo Yong (2007) Di No. 00559, the land use rights of a parcel of land with a site area of approximately 19,692.3 sq.m. have been granted to Zhangzhou Wanhui Sanitary Ware Co., Ltd. (“Zhangzhou Wanhui”), an indirect wholly-owned subsidiary of the Company, for a term of 50 years expiring on 1 September 2055 for industrial use.

2. Pursuant to a Mortgage Contract of Maximum Amount dated 26 September 2010, the land use rights of the property and the land use rights of 2 land parcels under the Land Use Rights Certificates – Tai Guo Yong (2007) Di Nos. 00558 and 00562 and 3 buildings under the Building Ownership Certificates – Chang Tai Xian Fang Quan Zheng Kai Fa Qu Zi Di Nos. 90001221, 90002097 and 90002099 of property no. 1 were subjected to a mortgage in favour of Industrial Bank Co., Ltd., Zhangzhou Branch (the “Bank”), as security to guarantee the principal obligation under a series of contracts entered into or to be entered into between the Bank and Zhangzhou Wanhui from 26 September 2010 to 26 September 2012 for a maximum amount of RMB15,000,000.

3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. The Group legally and validly owns the land use rights of the property and is the exclusive legal user of the land parcel of the property. Within the use term, the Group has the rights to occupy, use, lease, transfer, mortgage or otherwise dispose of the land use rights of the property by other legal means in accordance with the laws;

b. The Group has the rights to occupy and use the land parcel of the property despite it is subject to the mortgage as mentioned in note 2. Upon obtaining the prior written consent from the mortgagee, the Group has the rights to lease or transfer the land use rights of the property; and

c. The Group has fully paid the land premium of the land use rights of the property and the Group’s occupation and use on the land parcel of the property are not against the relevant provisions of PRC laws. The land use rights of the property are not subject to any compulsory confiscation, lawsuit, dispute or other material adverse condition.

— IV-8 — APPENDIXIV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in Particulars of existing state as at No. Property Descriptionandtenure occupancy 31 March 2012 RMB

3. Aparcelofland The property comprises a The property is 2,601,000 located at the parcel of land with a site area currently vacant. eastern side of of approximately 17,015.2 100% interest attributable Donghuan Road sq.m. to the Group: Dongshan County RMB2,601,000 Zhangzhou City The land use rights of the Fujian Province property have been granted for The PRC a term of 50 years expiring on 28 April 2052 for industrial use.

Notes:

1. Pursuant to a State-owned Land Use Rights Certificate – Dong Guo Yong (2007) Di No. 1684, the land use rights of a parcel of land with a site area of approximately 17,015.2 sq.m. have been granted to Fujian Wanrong Sanitary Ware Company Limited, an indirect wholly-owned subsidiary of the Company, for a term of 50 years expiring on 28 April 2052 for industrial use.

2. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. The Group legally and validly owns the land use rights of the property and is the exclusive legal user of the land parcel of the property. Within the use term, the Group has the rights to occupy, use, lease, transfer, mortgage or otherwise dispose of the land use rights of the property by other legal means in accordance with the laws; and

b. The Group has fully paid the land premium of the land use rights of the property and the Group’s occupation and use on the land parcel of the property are not against the relevant provisions of PRC laws. The land use rights of the property are not subject to any compulsory confiscation, lawsuit, dispute or other material adverse condition.

— IV-9 — APPENDIXIV PROPERTY VALUATION

VALUATION CERTIFICATE

Group III – Property interests leased and occupied by the Group in the PRC

Capital value in Particulars of existing state as at No. Property Descriptionandtenure occupancy 31 March 2012 RMB

4. Various buildings The property comprises four The property is No commercial value located at 3-storey workshops, 3 single- currently occupied Liushi Segment storey warehouses and 2 by the Group for Donghuan Road single-storey ancillary production, storage Longwen District buildings completed in various and ancillary Zhangzhou City stages between 1981 and 1997. purposes. Fujian Province The PRC The property has a total lettable area of approximately 28,819 sq.m.

The property is leased to Zhangzhou Wanjia Ceramic Industry Co., Ltd. (“Zhangzhou Wanjia”), an indirect wholly- owned subsidiary of the Company, from an independent third party for a term of 12 years commencing from 1 March 2002 and expiring on 28 February 2014.

Notes:

1. Pursuant to a Tenancy Operation Contract (ॡ༣຾ᐄΥΝࣣ) dated 7 February 2002, a sanitary ware production line asset (including the property) was leased to Zhangzhou Wanjia from an independent third party (the “Lessor”) for a term of 12 years commencing from 1 March 2002 and expiring on 28 February 2014 at an annual rent of RMB1,500,000 for the first year, RMB1,750,000 for the second year and RMB2,000,000 for the third to twelfth year.

2. We have been provided with a legal opinion regarding the legal validity of the Tenancy Operation Contract by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. The Lessor has not provided the relevant building ownership certificate of the property, however, the Group has obtained a Confirmation Letter from the relevant property administration authority which confirms that the owner (being the subsidiary of the Lessor) is the sole and legal owner of the property and it is entitled to lease the property to any lessees;

b. According to a Consent Letter provided by the owner of the property, the Lessor is entitled to lease the property to the Group;

c. Based on the abovementioned Confirmation Letter, the relevant property administration authority has already confirmed the owner’s legal title ownership to the property. The owner or its authorized party has leased the property in accordance with the Confirmation Letter, therefore, the Group should not be asked to move out from the property; and

d. The lease of the property should be registered with the relevant government authorities in accordance with the PRC laws and regulations. However, the legal validity of the Tenancy Operation Contract will not be affected due to the absence of registration.

— IV-10 — APPENDIXIV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in Particulars of existing state as at No. Property Descriptionandtenure occupancy 31 March 2012 RMB

5. Various buildings The property comprises two The property is No commercial value located at single-storey and two 3-storey currently occupied Longwen workshops completed in 2009 by the Group for North Road and 2010. production purpose. Lantian Economy Development Zone The property has a total Longwen District lettable area of approximately Zhangzhou City 34,900.45 sq.m. Fujian Province The PRC The property is leased to Zhangzhou Wanjia Ceramic Industry Co., Ltd. (“Zhangzhou Wanjia”), an indirect wholly- owned subsidiary of the Company, from an independent third party for a term of 10 years commencing from 31 August 2010 and expiring on 30 August 2020, at an annual rent of RMB5,000,000, RMB5,250,000, RMB5,500,000 and RMB5,750,000 for the first, second, third and fourth year respectively and RMB6,000,000 for the fifth to tenth year, exclusive of water and electricity charges.

Notes:

ॡ༣ΥΝ) dated 31 August 2010, the property was leased to Zhangzhou Wanjia from anגPursuant to a Factory Tenancy Contract (ᅀ .1 independent third party (the “Lessor”) for a term of 10 years commencing from 31 August 2010 and expiring on 30 August 2020, at an annual rent of RMB5,000,000, RMB5,250,000, RMB5,500,000 and RMB5,750,000 for the first, second, third and fourth year respectively and RMB6,000,000 for the fifth to tenth year, exclusive of water and electricity charges.

2. We have been provided with a legal opinion regarding the legal validity of the Factory Tenancy Contract by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. The Lessor is the sole owner of the property and has the rights to lease the property, the prescribed use of the property is consistent with the use as agreed in the aforesaid Factory Tenancy Contract and therefore the Group is the exclusive user of the property within the lease term;

b. The Factory Tenancy Contract complies with the requirement of PRC laws and regulations. It is legal, valid and enforceable to both sides of the tenancy; and

c. The lease of the property should be registered with the relevant government authorities in accordance with the PRC laws and regulations. However, the legal validity of the Factory Tenancy Contract will not be affected due to the absence of registration.

— IV-11 — APPENDIXIV PROPERTY VALUATION

VALUATION CERTIFICATE

Capital value in Particulars of existing state as at No. Property Descriptionandtenure occupancy 31 March 2012 RMB

6. Unit C1 of The property comprises a unit The property is No commercial value Zhongxing Square of a 2-storey commercial currently occupied located at building completed in 2006. by the Group for Zhongxing Street commercial purpose. Xipu Town The property has a lettable area Dongshan County of approximately 464 sq.m. Zhangzhou City Fujian Province The property is leased to The PRC Dongshan Wanxing Sanitary Ware Company Limited (“Dongshan Wanxing”), an indirect wholly-owned subsidiary of the Company, from an independent third party for a term of 2 years commencing from 20 September 2010 and expiring on 20 September 2012, at an annual rent of RMB30,000 exclusive of water, electricity and gas charges and management fees.

Notes:

1. Pursuant to a Building Tenancy Contract dated 20 September 2010, the property was leased to Dongshan Wanxing from an independent third party (the “Lessor”) for a term of 2 years commencing from 20 September 2010 and expiring on 20 September 2012, at an annual rent of RMB30,000 exclusive of water, electricity and gas charges and management fees.

2. We have been provided with a legal opinion on the legal validity of the Building Tenancy Contract by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. The property is co-owned by the Lessor and a natural person (together as the “co-owners”) and has been agreed by the co-owners to be leased to the Group. The prescribed use of the property is consistent with the use as agreed in the aforesaid Building Tenancy Contract and the Group is the exclusive user of the property within the lease term;

b. The Building Tenancy Contract complies with the requirement of PRC laws and regulations. It is legal, valid and enforceable to both sides of the leasehold; and

c. The lease of the property has been registered.

— IV-12 — APPENDIXIV PROPERTY VALUATION

VALUATION CERTIFICATE

Group IV – Property interest leased and occupied by the Group in Hong Kong

Capital value in Particulars of existing state as at No. Property Descriptionandtenure occupancy 31 March 2012 HK$

7. SuiteNo.2on The property comprises a unit The property is No commercial value 17th Floor on the 17th floor of a 30-storey currently occupied Sino Plaza commercial building completed by the Group for Nos.255-257 in 1992. office purpose. Gloucester Road Causeway Bay The unit has a gross floor area Hong Kong of approximately 142.9 sq.m. (or 1,538 sq.ft.)

Pursuant to a Tenancy Agreement, the property is leased by Bolina Holding Co., Ltd. (the Company) as Tenant, from Quality Investment Limited (an independent third party) as Landlord, for a term of 2 years commencing from 18 July 2011 and expiring on 17 July 2013, at a monthly rent of HK$63,058, exclusive of rates, Government rent, management fees and air- conditioning charges and other outgoings.

Note:

1. The registered owner of the property is Quality Investment Limited.

— IV-13 —