The board of director of the Company is to announce that Nanjing Landsea Property Management Co., Ltd., an indirect wholly-owned subsidiary of the Company, entered into an investment cooperation agreement (the ``Investment Agreement'') with General Elevator Co., Ltd., an independent third party, pursuant to which a joint venture (the ``Joint Venture'') to be owned as to 20% by Nanjing Landsea Property and 80% by General Elevator was established. The Joint Venture will principally be engaged in special equipment (elevator) installation, modification, repair and inspection and testing services. The Joint Venture has a term of operation of 20 years. The business scope and term of operation of the Joint Venture will be subject to the scope registered with the State Administration for Industry and Commerce of the People's Republic of China (the ``PRC'').