As of December 31, 2013, we operated one hotel, namely, Holiday Inn Hangzhou Xiaoshan, and had plans to operate six additional hotels, two of which we expect will be managed by us under our “Run Zhou” or “潤洲” brand and the remaining four we expect will be managed by internationally-renowned hotel operators namely, Hilton, Fairmont, JW Marriott and Swissoˆtel.

Moreover, we have plans to develop and operate serviced apartments in our International Office Center (Plot A3) project, which we expect will be managed by internationally-renowned property management companies, namely, Swissôtel, Ascott Group and Fairmont. Hangzhou Qiandao Lake Run Zhou Resort Hotel occupies a total GFA of 37,028 sq.m.. Construction of the project is expected to be completed in October 2015.