New Mandarine City is the Group's largest development project in Shanghai. It includes residential complexes and expansive retail space. New Mandarine City is being developed in five phase. The development, which is undertaken by Shanghai Xinsheng, in which the Company has a 90.25% attributable interest, will be developed into a quality, large-scale residential and commercial complex comprising residential blocks, villas, retail shops, a 4,000 sq.m. shopping mall. The planned green coverage rate is approximately 45%. On its completion, the Directors believe that the entire New Mandarine city development will be one of the largest residential developments in the neighbourhood.

New Mandarine City is located in the centre of Xinzhuang, Shanghai, with Baocheng Road to the east, Chunshen Road to the south, Mincheng Road to the west and Xinzhu Road to the north. New Mandarine City is part of the "New Shanghai City" development in Xinzhuang, a newly developed high end residential area in Shanghai southeast. The developments are mainly target at medium to high income PRC in stores and home-buyers who desire to live in a quality environment. With Xinzhuang Subway Station is located approximately 500 metres away, from which it takes only 15 minutes to get to Shanghai town centre.

The table below sets forth certain summary information of New Mandarine City Phase I as of the completion date.