The Company has entered into the Project Management Agreement with ZY International Project Management Limited ("ZY") on 27 September 2006 commencing from 1 October 2006.
Since the beginning of 2006, ZY has been providing consultancy advice to the Company in relation to the management of the Company's investee company, Beijing Far East Instrument Company Limited, which resulted in substantial improvement in the performance of Far East Instrument Company Limited in 2006; with a 29% increase in turnover in the first half year of 2006 and 232% increase in post tax profit as compared to same period in 2005. In addition, ZY introduced an investment opportunity in the economy hotel business to the Company. ZY also assisted the Company in liaising with the local partner of the economy hotel project throughout.
