Stanley & Partners, Credit Suisse Golf Friendship Tournament

Stanley & Partners, Credit Suisse Gold Friendship tournament was held in
                  Binhai Golf in the beginning of summer. In Binhai Golf, elites in the
                  business world could gather together to enjoy the leisure time, sharing
                  their successful experiences and enhancing their friendship. This golf
                  tournament was co-organized by Stanley & Partners and Credit Suisse.
                  Many well-known investors in domestic and foreign real estate industry
                  were invited, including Mr. Richard David (Managing Director of
                  Macquarie Property Investment Banking China), Mr. Lim Ming Yan (CEO
                  of Capitaland), Mr. Wu Yonghua (President of Yongye Group), Ms. Yu
                  Xuejing (President of Bank of America), Mr. Xue Xiaolu (Chief Manager of
                  Shanghai House Property Development Co., Ltd.), Mr. Liu Qi (Chief
                  Manager of EXPO Land), and others from HSBC, Shui On Group, SPG,
                  Beijing Tianhong Real Estate Development & Management Corporation,
                  Hong Kong New World Group, Forte, and Zijiang Group. Surely, the
                  organizers: Mr. Thomas Pulley (Managing Director of Credit Suisse,
                  Tokyo), Mr. Eric Golden (Vice President of Credit Suisse, Tokyo), Mr.
                  Stanley K. K. Chan (Managing Director of Stanley & Partners), and Dr.
                  Samson K. T. Chan (Director Senior Vice President of Stanley & Partners)
                  were all attend the tournament.

                   In the following dinner party, all guests were happily enjoying the
                   dinner and sharing their experience in golf. All prizes were awarded and
                   some expert in golf even were award several prizes. Many of them
                   were expecting next tournament.