1 Project General

　 1.1 Project No.: 083

　 1.2 Project Contact Unit: The Management Committee of Qingxiushan Scenic Spot in Nanning

　 1.3 Negotiating Representative: Deng Weimin/Wang Zhuangyu

　　 Tel.: +86-771-2114674, 2114808

　　 Fax:+86-771-2114686

　　 E-mail:qxzs808@yahoo.com.cn

　　 Add: No.19, Qingshan Road, Nanning 530021

　 1.4 project Site: Within the planned area of Qingxiushan Scenic Spot Area.

　 1.5 Total investment: USD 7.01 million

　 1.6 Anticipated Economic Benefit: The expected investment recovery period is 8.19 years (before income tax), profit margin is 9.3%, the internal rate of return is 8.5%.

　 1.7 Pattern of Cooperation: Joint venture or other patterns.

　 1.8 Progress of project preparation: Project Proposal has been completed.

2 Project Scope, Size and Capital Compositions

　 2.1 Project Scope and Size: The project takes up a total land area of 316500m2, inclusive of entrance area, business street, showing center and the increment service area, etc.

　 2.2 Capital Compositions: To be introduced.

3 Brief Introduction of the Project Contact Unit

　 The Management Committee of Qingxiushan Scenic Spot in Nanning is authorized by the CPC Nanning Committee and the Municipal Government of Nanning to exercise the right of unified administration, management and planning of the Scenic Spot in terms of economy, social affairs, party affairs and administrative work within the area.. It is partially entitled to the right of examination approval at city level.

4 Project Market Analyses

　 After completion, the project will become the major entrance to the attraction area and become a place of great commercial value.

5 Supporting Facilities for the Project

　 Traffic, communications, water and power supply facilities are readily available by the project site.

6 Project Competitive Advantages

　 6.1 Applicable Preferential Policies for the Project

　　 The project is entitled to the preferential policies for open cities along the coastal areas and for the Western Development Program of the central government.

　 6.2 Other Advantages of the Project

　　 Geographical Advantage: The project is located in the southeast of Nanning, connected with the site of the China-Asean Expo by hills.

　　 Brand Advantages: Qingxiushan Scenic Spot Area is a leading tourist scenic spot in Nanning. It was awarded the National Grade AAAA Scenic Spot Area in 2000.