Changtai Jinhongbang

The project is a comprehensive resort and residential development project, with a focus on hot spring resort facilities together with ancillary residential, commercial and recreational facilities in a rare prime area in Changtai County, Zhangzhou, Fujian Province, the PRC, with convenient transportation access. The size of the site for Phase I is around 3.33 square kilometers, and Phase II around 4.13 square kilometers.

The investment was made through equity investment representing 15 per cent. in CJRE, together with a put option to sell one third of such equity holding to the second largest shareholder in CJRE at a pre-determined price representing a 25 per cent. premium on the original investment cost. The Company will seek to exit the investment in due course by supporting a trade sale of the business.