The Hebei Yanjiao Project was disposed and substantial profit before tax was generated.

The non-controlling Tianjin Beichen Project was sold generating a profit before tax of HK$136 million.

A joint venture was set up with Nan Fung Group for acquiring ShanghaiMart.

A club loan and a shareholder’s loan of approximately US$300 million respectively were successfully concluded overseas and a high-interest debt was repaid in the same month.

Site Section 5 of Shanghai Jing City was acquired through government-enterprise cooperation.

The Chongqing Tixiang Town Project was sold and a profit before tax of HK$15.28 million was generated.

25% equities in U Center were disposed to generate a profit before tax of approximately HK$820 million.

A site in Xujianghui Center was replaced with four quality sites in Xuhui Binjiang in Shanghai.

Disposal of non-core assets was commenced. The Chengdu Park Avenue Project was sold generating a profit before tax of approximately HK$359 million. Resources were focused on the development of real estate in the Yangtze River Delta and coastal developed regions.

RMB1.5 billion six-year debentures carrying a coupon rate of 6.5% were issued in China.

Shanghai Urban Development (Group) Co., Ltd. injected 59% of its equites into SIUD which is listed on the main board of the Hong Kong Stock Exchange by way of reverse takeover, hence officially becoming a major asset of the Group.

The Company together with Shanghai Urban Development (Group) Co., Ltd., a company under Shanghai Industrial Holdings Limited, won the auction for a site of potential in Meilong Town in Shanghai’s Minhang District, highlighting the synergy between the parent and the subsidiary.

Shanghai Industrial Holdings Limited (stock code: 0363.HK) acquired 45% shares of the Company and renamed it to Shanghai Industrial Urban Development Group Limited