COSCO (H.K.) GROUP

Sino-Ocean Land Holdings Limited ("SORED"), a jointly controlled entity of COSCO International, is a renowned property developer in China. SORED has numerous years of experience in property developments in Beijing. SORED is mainly engaged in developing residences in the mid tier range and premium grade A offices. At present, SORED's properties under construction include Ocean Paradise, Ocean Landscape, Ocean Seasons, Chamsunny Plaza, Ocean International Centre in Beijing and Haihe New Skyline in Tianjin. In addition to major development in Beijing, SORED also explores markets in the Bohai Rim area. SORED has investments in Tianjin, Dalian and Shenyang, as well as in Zhongshan, in the Pearl River Delta.