09:16     PICC P&C<02328> - Announcement (2)                                  

    1.      the Vendor shall obtain the necessary government permits          
    regarding the development and disposal of the Property, and shall         
    pay off the land transfer fee and the related expenses within             
    four months from the date of payment of the deposit of the                
    Consideration;                                                            
                                                                              
    2.      the Vendor and the Company shall enter into a Formal Agreement    
    within five working days after the Vendor obtaining the pre-sale          
    permit of commercial property in Beijing (*) of the Property;             
                                                                              
    3.      the Vendor shall construct and furnish the Property and its       
    adjacent building according to the agreed specifications and              
    schedules set out in the Agreement.                                       
                                                                              
    The Property is still at the stage of construction, which is              
    expected to be completed and delivered to the Company before              
    16 January 2007. The Guarantor guarantees liabilities of the              
    Vendor due to the Company arising from any breach of the Agreement.       
                                                                              
    Consideration                                                             
                                                                              
    The Consideration shall be paid in the following manner:                  
                                                                              
    1.      a deposit equivalent to 20% of the Consideration to be payable    
    within five working days from the date of signing of the Agreement;       
                                                                              
    2.      10% of the Consideration to be payable within ten working         
    days from the date of signing of the Formal Agreement;                    
                                                                              
    3.      36% of the Consideration to be payable in four equal              
    instalments within five working days from the date of completion          
    of the major construction of the 10th, 20th, 30th and 43rd floors,        
    respectively;                                                             
                                                                              
    4.      12% of the Consideration to be payable in four equal              
    instalments within five working days from the date of completion          
    of furnishing the outer parts of 10th, 20th, 30th and 43rd floors,        
    respectively;                                                             
                                                                              
    5.      6% of the Consideration to be payable in four equal               
    instalments within five working days from the date of completion          
    of furnishing every 25% of electrical fixtures;                           
                                                                              
    6.      6% of the Consideration to be payable in four equal               
    instalments within five working days from the date of completion          
    of furnishing every 25% of the public areas;                              
                                                                              
    7.      the remaining balance of 95% of the Consideration after           
    adjustment to be payable within five working days from the date           
    of finalizing such adjustment (expected to be before 16 January           
    2007);                                                                    
                                                                              
    8.      the remaining balance of the Consideration after adjustment       
    to be payable within five working days from the date of issuance          
    of the title documents to the Company (expected to be before              
    16 October 2007) or one year after the delivery of the Property           
    to the Company, whichever is later.                                       
                                                                              
    The Consideration is determined with reference to the estimated           
    total gross floor area of 78,487 square meters at a per square            
    meter consideration of RMB20,500. The final Consideration                 
    payable will be adjustable based on the actual construction area          
    valued according to the actual area measurement report (*)                
    issued by the relevant PRC government department,                         
    which shall be finalized within fifteen working days from the             
    date of passing the defects inspection and the date of delivery           
    of the Property (both expected to be before 16 January 2007).