Located in Xuzhou, Jiangsu Province, this project has an aggregate site area of approximately 286,096 m and expected GFA of approximately 600,000 m . Of this, Phase I will be approximately 400,000 m and Phase II will be approximately 200,000 m . Construction of this project commenced in August 2007 and is expected to be completed in 2010. As of 30 November 2007, total investment in this project was approximately RMB252 billion. This project was constructed by China Railway Xuzhou Properties Development Co., Ltd., an indirect subsidiary owned by two of our direct subsidiaries, China Railway Real Estate Group Co., Ltd. and China Railway Construction Group Co., Ltd. This project has approximately RMB1.33 billion in estimated total development cost excluding the RMB0.41 billion in land costs. As of 30 November 2007, we had completed approximately 5% of the construction of this project.