CB Richard Ellis and Galaxy Real Estate Form Strategic Partnership

PR Log (Press Release) – Aug 30, 2007 – Beijing, China - August 31, 2007 -- Galaxy Real Estate recently announced that it has entered into a strategic partnership with CB Richard Ellis, the world's largest real estate services company, in relation to the Galaxy Centre in Shenzhen, a new commercial landmark in the Central Business District of the city. This partnership will allow Galaxy Real Estate to leverage the industry leading expertise and experience of CB Richard Ellis via the appointment of CB Richard Ellis as the asset manager and marketing consultant in relation to the development. A recent signing ceremony associated with the initiative was attended by Mr. Chris Brooke, President & CEO of CB Richard Ellis in Greater China, and Mr. Huang Chulong, Chairman of Galaxy Real Estate.

Galaxy Centre is situated in a prime location in Shenzhen, at the heart of the new administrative, commercial and financial hub of the city. The project is being developed by Galaxy Real Estate, a leading property developer in Shenzhen with over 20 years of experience. With a total gross floor area of over 120,000 square metres, the Galaxy Centre is anticipated to become a landmark mixed use complex within Shenzhen, integrating high quality office, retail and hotel uses within the development.

In addition to the outstanding design and specification, it is also intended that the Galaxy Centre will feature a first-class lifestyle environment. Galaxy Real Estate has entered into an agreement with Ritz-Carlton Hotels, a world renowned hotel management company,
to manage and operate the hotel within the development. The role of CB Richard Ellis will be to ensure that the property is also leased and operated in accordance with international best practice such that the highest possible standards are achieved from the perspective of office and retail occupiers as well as visitors to the complex.

The structure associated with the Galaxy Centre was topped out on 30th June 2007. The leasing of the project will commence in mid August 2007 and the project is expected to be fully operational by mid 2008.

Mr. Huang Chulong, Chairman of Galaxy Real Estate, said, "The prosperity of the real estate market bears testimony to the rapid economic development of Shenzhen. As the needs of our customers have evolved, we have focused upon the introduction of internationally advanced real estate marketing techniques and management practices. We will not only provide superior facilities to office occupiers and retailers, but will also ensure that they receive high quality levels of service. As such, we are very pleased to be partnering with CB Richard Ellis, the world's largest real estate services firm. By leveraging competitiveness and experience from both parties, we believe that we will be able to create a new landmark project within the commercial real estate sector in Shenzhen."

Mr. Chris Brooke, President & CEO, CB Richard Ellis in Greater China, said, "High quality asset management is key to ensuring that commercial investment properties both meet the needs of occupiers and appreciate in value over time. Given that the real estate sector in Shenzhen is rapidly maturing, we believe that the introduction of international best practice in relation to the development, leasing and management of properties will play a critical role in creating added value and enhancing the competitive edge of individual projects. The collaboration between Galaxy Real Estate and CB Richard Ellis offers significant mutual benefits and, in addition, further demonstrates our continued commitment to providing real estate services aligned with the business interests and strategies of our clients."

Martin Chiu, Managing Director, CB Richard Ellis in Shenzhen, said, "Shenzhen is at the frontier of economic development in China. Many well-known international and domestic organizations have established significant operations in the city, which has facilitated the growth of the local real estate market. In many ways, Shenzhen is taking a leading role in terms of setting standards relating to the development of the real estate market in China. We see our involvement in the Galaxy Centre as an opportunity to combine our local market knowledge with the resources of our global network to both meet the needs of our client and expand our business in Shenzhen."

Over the years, CB Richard Ellis has established itself as a leading real estate service provider in Greater China, currently having offices in Beijing, Shanghai (Puxi and Pudong), Guangzhou, Chengdu, Tianjin, Shenzhen, Hangzhou, Dalian, Hong Kong (Hong Kong Island and Kowloon) and Taipei, as well as approximately 10 project offices and experience in over 60 cities.