Is Tianjin Xingtai Ji Ming Real Estate Co., Ltd. the first subsidiary?

Yes, Tianjin Xingtai Ji Ming Real Estate Co., Ltd. is a subsidiary controlled by Tianjin Ji Ming Real Estate Development Co., Ltd., which was once a wholly-owned subsidiary of Capital Real Estate Development (Group) Co., Ltd. in Tianjin. Therefore, it can be said that Tianjin Xingtai Ji Ming Real Estate Co., Ltd. is the first indirect subsidiary.