房地产估价报告书

REAL ESTATE APPRAISAL REPORT

Name of Project: Appraisal report on the evaluation of the value of Real Estate of Room0302，Unit11,Building1,No.196（Shangjie District）,Changzhi Road,

Taiyuan City

Entrusting Party: ————————

Appraising Institution: ————————CO., LTD

Appraisers: ————————

Appraisal Working Date：————————

Appraisal Report No.: ————————

————————CO., LTD（seal）

Contents

1.Letter to the entrusting party (3)

2.Statement by the appraisers (4)

3.Presumption and restrictive conditions (5)

4.Appraisal result report (6)

5.Appraisal technical report (11)

6.Appendix (19)

Letter to the Entrusting Party

Dear Ms. Yang Fang ,

We accepted your appointment to conduct the appraisal on your real estate that you have entrusted us. The appraised object is the real estate located at Room0302, Unit11,Building1,No.196（Shangjie District）,Changzhi Road, Taiyuan City with the building area of 141.70 square meters.

The appraisal date is July 08, 2010.

Purpose of Appraisal: Supplying the reference basis of real estate market price for the entrusting party’s knowledge

Appraisal Result: The appraisers have assessed the value of the above-mentioned real estate on the basis of independence, impersonality, equity, legitimacy and cautiousness, adhering to on-spot inspection of the real estate as well as comprehensive collection of related market information and appraised object information, in the light of general analysis the elements which will influence the market value of the real estate, comply with state regulations on real estate appraisal, real estate appraisal rules and given appraisal purpose as well as by utilizing logical appraisal processes and methods. The appraisal result of the appraised object on July 08, 2010 is as follows (currency: RMB):

Unit Price of the appraised object：RMB7623 Yuan/Square Meter

Total Price of the appraised object: RMB1,080,200.00 Yuan

Capitalization (the capital form of Chinese numerals): RMB one million nine eighty thousand and two hundred Yuan)

For detailed appraisal results, process and related explanation, please refer to the ‘Appraisal Result Report’and ‘Appraisal Technical Report’.

Taiyuan Wuyuetong Real Estate Appraisal Co., Ltd

July 13, 2010 Taiyuan Wuyuetong Real Estate Appraisal CO., LTD（seal）

Statement by the Appraisers

We hereby solemnly declare the following:

1.All of the information which has been shown in this report is authentic and

accurate.

2.All of the analyses, comments and conclusions which have been shown in this

report have been presented, given and drawn through our impartial analysis and professional knowledge. However, all of them have been restricted by the presumptions and restrictive conditions which have been explained in this report.

3.We have not had the interest conflict with the appraised object, nor have common

interests with or prejudice against the entrusting party.

4.According to Real Estate Appraisal Rules which is the State Standard of the

People's Republic of China, we presented analyses, given comments, drawn conclusions and compose the report eventually.

5.The on-site inspection of the appraised object has been done by our appraisers

through which they are responsible for the objectivity, authenticity and impartiality of the inspection results. However, unless otherwise agreed, the scope of on-site inspection is restricted to appearance and use status of the appraised object. The appraisers do not shoulder the responsibility for investigating the structure and quality of the building as well as for examining other overlaid, unexposed and unreachable parts of the appraised object. The appraisers who take charge of on-site inspection are Duan Zhihong and Chai Hongbin.

6.Not any important and professional assistance has been offered to the appraisal

report.

7.The appraisal is based on the relevant documents supplied by the entrusting party

who shall be held liable for the authenticity, completeness and consequences incurred. The appraisers shall be only held liable for the operation process and fairness of the appraisal method adopted.

8.The registered real estate appraisers who take charge of the appraisal:

Duan Zhihong

RegisterDate of expiration：September 2010 (seal)

Chai Hongbin

Registered Public Real Estate Appraiser of P. R. China (Registration No.: 1420070031) Date of expiration：September 2010(seal)

Presumption and Restrictive Conditions

1.The entrusting party obtained the appraised object legally and the appraised

object is in sound condition at the appraisal time and is used legally, safely and normally at its optimal status.

2.The real estate market at the appraisal time operates publicly, equally and

voluntarily.

3.Any operation mode and procedure relating to the appraised object shall comply