Our property development work includes identifying viable and suitable opportunities for investment and sourcing for potential land use rights for acquisition and development. To this end, as part of our strategy, we leverage on the knowledge and expertise of the locals in the PRC by entering into joint ventures with our PRC partners to undertake our property development projects in the PRC.

Together with our joint venture partners, we adopt a systematic approach in the identification of suitable sites and the development of the sites. The key stages of our property development process in the PRC are as follows -

	i.	site identification phase;
	ii.	feasibility study and financial analysis phase;
	iii.	land use right acquisition phase;
	iii.	design and project planning phase;
	iii.	construction phase; and
	iii.	marketing phase

Our Group has completed two property developments in the PRC.

One being Tianxing Riverfront Square in Tianjin, which was developed by our PRC subsidiary, Tianjin Tian Xing Real Estate Development Co., Ltd ("TTX Real Estate"). Our Group also has another PRC subsidiary, Tianjin Tian Xing Property Management Co., Ltd ("TTX Property Management") that manages Tianxing Riverfront Square. Our Group owned 69% of TTX Real Estate and TTX Property Management via our Singapore wholly owned subsidiary, KSH Overseas Pte Ltd.

The other being Liang Jing Ming Ju in Beijing, which was developed by our associated company in PRC, Beijing Jin Hua Tong Da Real Estate Development o., Ltd ("JHTD"). Our 58.3% owned subsidiary in Hong Kong, Duford Investment (Hong Kong) Limited, has 32.7% equity interest in JHTD.