Zhongan Group Co., Ltd.

Zhong An Real Estate Limited is a Hong Kong-based investment holding company. The Company, along with its subsidiaries, is engaged in property development, leasing and hotel management. During the year ended December 31, 2007, the area of property sold and delivered by the Company included 102,897 square meters. As of December 31, 2007, the area for pre-sale by the Company was approximately 203,874 square meters, which included 152,767 square meters in New White Horse Apartment, Hangzhou, Zhejiang Province; 11,005 square meters in Green Harbour, Phase 1A, Hefei City, Anhui Province, and 26,874 square meters in Vancouver City, Phase 2 - North Section, Huaibei City, Anhui Province. In June 2007, the Company acquired Gain Large Enterprises Limited and Plenty Management Limited, which are engaged in investment holding. (Source: ARS)