Shui On Land, Shanghai
The Group owns about 1.8% of Shui On Land Ltd (“SOL”) which was received on the conversion of convertible redeemable participating preference shares into ordinary shares upon the initial public offering (“IPO”) of SOL in October 2006. The Group’s interest in another 1.7% of SOL has been sold at the IPO. The Group also holds US$27 million of bonds issued by SOL. SOL is a leading property developer in China, focusing on city core, large-scale, urban mixed use developments and integrated residential development projects.

The Group has invested US$33 million in International Commerce and Trade Plaza (“ICT Plaza”), a 290,000 square metres wholesale commercial trade center in Urumqi, Xinjiang, China. Urumqi is the commercial and trade center of Xinjiang and the Central Asian region. The investment is structured so as to generate a fixed flow of dividend and interest income.

Other investments include holdings of bonds issued by the majority owners of the 360-room 5-star Crowne Plaza hotel and a mixed-use retail/hotel proposed development, both in Beijing, China.