A subsidiary of Beijing Simon Real Estate Co., Ltd.

Ximeng Assets Holding Co., Ltd. holds two real estate companies: Beijing Ximeng Real Estate Development Co., Ltd. and Beijing Ximeng Real Estate Co., Ltd. The companies entered the Beijing real estate market on 1999 with a registered capital of 90 million yuan. At present, the accumulated assets are nearly 580 million yuan. In the past five years, Ximeng has created a growth miracle: the company's business has developed at an annual growth rate of nearly 100%, and three residential projects, Ximeng Garden, Ximeng Liyuan and Ximeng Pengyuan, have been successfully developed, with a total area of 330,000 square meters. Xinghecheng project has been developed to the third phase, with a total construction area of1120,000 square meters; Simon Tower under construction is designed as a four-star hotel and 5A-class office building, which is expected to be put into use in mid-2006.