Is Yin Bei Real Estate Co., Ltd. a state-owned enterprise?

No. One of the criteria for defining a state-owned enterprise is that the government holds more than 50% of the shares, or a minority of the shares, but it has a controlling stake, while the state does not hold shares in Yin Bei Real Estate Co., Ltd., so Yin Bei Real Estate Co., Ltd. is not a state-owned enterprise. Yin Bei Real Estate Co., Ltd. was established on October 30th, 20 12/KLOC-0. It is a wholly-owned limited liability company funded by Bank of Beijing Trade Union.