SOHO Shangdu, phase II (the west wing) of which was completed in 2006 and phase III (the east wing) which was completed in the third quarter of 2007. SOHO Shangdu, with a total planned GFA of approximately 172,176 sq. m., is located in Beijing CBD. It will comprise a low-rise “shopping street” and two high-rise office buildings. As at 30 June 2007, approximately 99.6% of the GFA of SOHO Shangdu had already been pre-sold or sold.

Jianwai SOHO, which will comprise 24 buildings upon completion, has a total planned GFA of 683,821 sq. m. and is one of the largest developments in Beijing CBD. We expect the area to become one of the busiest commercial areas in central Beijing. As of 30 June 2007, construction of 22 of the 24 buildings had been completed and the remaining two buildings of 73,163 sq. m. GFA are expected to be completed by the end of October 2007. As at 30 June 2007, approximately 98.4% of the GFA of Jianwai SOHO had been pre-sold or sold.

SOHO Newtown, our first project, was completed in 2001. SOHO Newtown, with a total planned GFA of approximately 471,300 sq. m., is located in Beijing CBD. SOHO Newtown was the first project to introduce the SOHO concept in the PRC. As at 30 June 2007, 99.1% of commercial and residential GFA of SOHO Newtown had been sold.

Commune by the Great Wall, a boutique hotel which we consider to be a showcase project, is located beside the Great Wall. It has a total planned GFA of 30,544 sq.m. and comprises 11 unique houses, each of which was designed by a renowned Asian architect, 32 additional houses, a conference centre with two restaurants, a spa operated by Anantara and a children’s club. Commune by the Great Wall was named “A New Architectural Wonder of China” by Business Week in 2005, and was the only hotel in Mainland China listed on the Conde´ Nast Travelor’s “100 Hot Hotels in the World” in 2004. Commune by the Great Wall is managed by the Kempinski Group.

Boao Canal Village, a resort community with a total planned GFA of 36,561 sq. m. and comprising 115 houses and one conference centre with two restaurants. The project is located within Boao Forum for Asia Special Planning District, which is the permanent venue of the Boao Forum for Asia. As at 30 June 2007, 59 of the 115 houses have been sold and the remaining 56 houses and the conference centre are expected to be put on sale over the medium term. Hainan Liteng, a company controlled by Mr. Pan, is the property manager of all 115 houses and the conference centre. We have further engaged the Kempinski Group to provide hotel management services to the conference centre, the 55 unsold houses and 56 of the houses sold where the owners wish to have the same services.