CRCC Southeast Investment Construction Co. Ltd. and other parties won the bid for the comprehensive development project of Jiuwang New Town Area and Cultural Tourism Town (Xinfeng New Town Area) in Xinjian District, Nanchang City. With a total investment of approximately RMB 30 billion, the project will be implemented under the model of authorized cooperation + equity cooperation with returns by the way of investment costs + finance costs + entrusted construction management fees. Cooperation period of the project is tentatively scheduled for 10 years. The capital ratio of the project is 20% and the registered capital amounts to RMB 100 million, which will be funded by Nanchang Xinjian District Urban Construction Investment Development Co. Ltd. and the bid winner at an equity proportion of 10%:90%. Nanchang Xinjian District Urban Construction Investment Development Co. Ltd. only contributes the registered capital, and its equity, as special equity, shall not be entitled to dividend of the project company. The project will be developed and constructed in accordance with the principle of "phased implementation and rolling development". The capital fund will be gradually contributed by other shareholders of the project company in accordance with the construction progress and financing needs and in proportion to their shareholding. Funds other than the capital to be invested in the project will be raised by the project company as the financing entity through debt financing.