With the encouraging improvement of the property business, performance in 2010 was gratifying.

The profit attributable to the owners of the Company for 2010 was HK$625 million. The Board recommended a final dividend of HK$0.23 per Share. Together with the interim dividend of HK$0.20 per Share, the total dividend for 2010 will be HK$0.43 per Share (2009: HK$0.50 per Share).

The property business of the Group in 2010 was encouraging. Contracted sales in 2010 was HK$7,573 million, representing an increase of 20% over 2009 and gross margin increased significantly from 12% in 2009 to 31% in 2010. During 2010, the Group acquired five pieces of land in Beijing, Shanghai, Guangzhou, Wuxi and Shijiazhuang with a total GFA of 810,000 sqm to secure the long term development.

The toll road business remained stable in 2010. Due to the fact that two major highway projects in Hebei are at the stage where our joint venture partners are receiving a larger share of the returns to recover their investment costs, the performance of the Group's toll road business in 2010 was tarnished to a certain extent.

We believe that the economy of the PRC in 2011 will continue to grow rapaidly, which will benefit both our toll road and property business. As the Group's property business has entered into the stage of virtuous cycle and can refuel itself, the Group can now allocate more resources in enhancing, investing and developing its toll road business, in particular the expressway projects, in order to maintain its leading position. We believe that the PRC property market is volatile, yet in the long run it will still be growing steadily. The Group will continue to seek for and acquire new land parcels at reasonable prices.

On Behalf of the Board, I would like to express our gratitude to all customers, business partners and shareholders, and thank all employees for their dedication and contribution.

Zen Wei Pao, William
Chairman

Hong Kong, 17 March 2011