OODL GROUP BACKGROUND

In an effort to diversify its business and to leverage the growth and prosperity of the People’s Republic of China, Orient Overseas Developments Ltd. (“OODL”) was established as a wholly owned subsidiary of the Orient Overseas (International) Ltd. (“OOIL”).

China continues to be a key area of OODL’s investment target. Over the years, OODL have invested and developed properties in Beijing, Shanghai and Hangzhou. Development Projects in Shanghai and Hangzhou includes Fontainebleau, Joffre Gardens, The Courtyards, Century Metropolis, Ziyun Mansions, Lakeside Garden and Orient Garden, totaling more than 500,000 sqm GFA. In addition, OODL continues to be an investor in Beijing Orient Plaza, a 600,000 sqm mixed used project in the rest of Beijing. Looking ahead, OODL continues to have forward residential projects in Shanghai and Kunshan totaling more than 300,000 sqm GFA.

In November 2001, in order to better structure itself for the future, OODL formed a real estate investment holding company, Orient Overseas (Shanghai) Investment Limited (“OOSIL”) in Shanghai. In August 2003, Shanghai Municipal Foreign Economic Relations and Trade Commission certified OOSIL as Regional Headquarters of Multinational Enterprise. OOSIL is amongst the first 41 of the Regional Headquarters of Multinational Enterprise so recognized.

OODL is committed to continue real estate development and investment projects in China with particular focus in leveraging the potential of the China residential sector.