Pan Hong Property Group

Established in 1983, Pan Hong develops residential and commercial properties in Zhejiang and Jiangxi provinces in the PRC. The Group focuses on developing cities with significant growth potential. To date, it has completed six property development projects in Hangzhou and Huzhou cities, Zhejiang Province. Setting its eyes on the growth in the property market in the PRC, especially the developing cities, the Group has accumulated land reserves of approximately 457,635 sq m with a planned gross floor area ("GFA") of approximately 818,774 sq m in Zhejiang and Jiangxi provinces for development over the next three to five years. The Group primarily targets at the middle to upper-middle income group in the respective cities that their projects are located. The Group is currently developing the Wuxing Balidian Market (), the first sole commercial property undertaken by the Group. It is located in the largest town in Huzhou City, occupying a total area of approximately 14,247 sq m and has a GFA of approximately 23,824 sq m. It is an integrated commercial development comprising an agricultural free market, supermarkets, retail shops and dining and leisure/entertainment area, and is the only commercial development in the area.