Guangzhou R&F Properties Co., Ltd. is engaged in the development of residential and commercial properties for sale in China, and its target customers are members of China’s middle class. The Company also develops hotels, office buildings and shopping malls in Guangzhou, Beijing and other cities, which are held as investment properties. The Company’s investment portfolio includes hotels and shopping malls, five of which were opened during the year ended December 31, 2008. Guangzhou R&F Properties Co., Ltd. has developed approximately 30 commercial and residential and property projects, including R&F Square, R&F Peach Garden, R&F Ying Long Plaza, The Ritz-Carlton Guangzhou and Grand Hyatt Guangzhou.