November 2013

we entered into two cooperation agreements with the local government authorities in Baita and Tonglu, the PRC, for the development of land in these towns. We believe that we will benefit from the continued urbanization in China through our business expansion into land development in towns and counties in the PRC. The joint venture companies formed and/or to be formed between us and the affiliates of the local government authorities for land development will primarily focus on site selection, master planning and design, and the construction of supporting infrastructure of new towns and will be responsible for all development costs, while the local government will provide assistance and support in the planning, expropriation of land, removal, demolition and resettlement works.