On 31 December 2015, COGO, CSGWI and SAIF Subsidiary entered into the JV Agreement, pursuant to which the parties agreed to establish the JV Company to develop residential and commercial properties by way of building industrialization at the Land in Hefei. The JV Company will be owned indirectly by COGO as to 45%, CSGWI as to 45% and SAIF Subsidiary as to 10%.