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									                            FORWARD-LOOKING STATEMENTS

      This prospectus contains forward-looking statements, including, without limitation, words and
expressions such as ‘‘expect,’’ ‘‘believe,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘estimate,’’ ‘‘project,’’ ‘‘anticipate,’’
‘‘seek,’’ ‘‘may,’’ ‘‘will,’’ ‘‘would’’ and ‘‘could’’ or similar words or statements in relation to future
events, our future financial, business or other performance and development, the future development of
our industry and the future development of the general economy of our key markets and globally.

      These statements are based on numerous assumptions regarding our present and future business
strategy and the environment in which we will operate in the future. These forward-looking statements
reflecting our current views with respect to future events are not a guarantee of future performance and
are subject to certain risks, uncertainties and assumptions, including the risk factors described in this
prospectus. These forward-looking statements include, without limitation, statements relating to:

     .     our business and operating strategies and various measures to implement those strategies;

     .     our capital expenditure and property and hotel development plans;

     .     the amount and nature of, and potential for, future development of our business;

     .     our operations and business prospects, including development plans for our existing and/or
           new business (if any);

     .     various business opportunities that we may pursue;

     .     the interpretation and implementation of the existing rules and regulations relating to LAT
           and enterprise income tax and any future changes in the relevant enactment, interpretation or

     .     our financial condition;

     .     the prospective financial information regarding our businesses;

     .     availability and costs of bank loans and other forms of financing;

     .     our dividend policy and dividend distribution plans;

     .     projects under construction or planning;

     .     our capital commitment and budget plans;

     .     the regulatory environment and the general PRC economy outlook;

     .     the performance and future development of the property market and property industry in
           China, particularly in the Pearl River Delta region, the Chengdu-Chongqing region, the
           Central China region, the Yangtze River Delta region, the Pan-Bohai Bay Rim and other
           areas of the PRC in which we may engage in property development;

                                                   – 63 –
                           FORWARD-LOOKING STATEMENTS

     .     changes in political, economic, legal and social conditions in the PRC, including the specific
           policies of the PRC Government and the local authorities in the regions where we operate,
           which affect direct and indirect foreign investment in the real estate industry, land supply,
           availability and cost of financing, pre-sale, pricing and volume of our property development

     .     the timely repayments by our purchasers of mortgage loans guaranteed by us;

     .     changes in competitive conditions and our ability to compete under these conditions;

     .     the performance of the obligations and undertakings of the independent contractors under
           various construction, building, interior decoration and installation contracts;

     .     changes in currency exchange rates;

     .     significant delay in obtaining occupancy permits, proper legal title or approvals and other
           permits for our properties under development or held for future development;

     .     other factors beyond our control; and

     .     our property valuation set forth in ‘‘Appendix IV — Property Valuation Report’’ to this

      Subject to the requirements of applicable laws, rules and regulations, we do not have any
obligation to update or otherwise revise the forward-looking statements in this prospectus, whether as a
result of new information, future events or otherwise. As a result of these and other risks, uncertainties
and assumptions, the forward-looking events and circumstances discussed in this prospectus might not
occur in the way we expect, or at all. Accordingly, you should not place undue reliance on any forward-
looking information. All forward-looking statements contained in this prospectus are qualified by
reference to the cautionary statements set out in this section as well as the risks and uncertainties
discussed in the section entitled ‘‘Risk Factors’’ in this prospectus.

      In this prospectus, statements of or references to the intentions of our Company or any of our
Directors are made as at the date of this prospectus. Any such intentions may potentially change in light
of future developments.

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