Richmond Park Project - Starts handover and occupancy
April 28, 2006

Phase I of Richmond Park has completed construction and passed all statutory inspections. Handover to unit buyers starts on 28 April 2006. The Phase I of the Project consists of three blocks, A1, A2 and A3, and has 408 units. All the units were sold with an average selling price of RMB10,517. Once the ownership is passed to the buyers, the revenue from Phase I can be recognized in the financial statements of CPDH. New Capital's profit-sharing ratio in CPDH is 33.42%.

Phase II-A and Phase III had been launched in the market. Their construction works are scheduled to complete in late 2007.