Mr. Deng has extensive experience in real estate investment and financing (including foreign investment in real estate), real estate transactions, bulk property transactions, corporate mergers and acquisitions, urban renewal projects, commercial property operation, construction projects, real estate and construction project litigation, etc.

Real Estate Transactions

• Apart from extensive work in real estate business, Mr. Deng has also handled a variety of M&As in manufacturing, health care and finance and is capable of providing whole-process professional legal services, including due diligence, scheme design, tax planning, negotiation and transaction document preparation involved in investment and M&A deals.

• Among the major real estate projects Mr. Deng has advised on, the largest has a total transaction amount of more than CNY 50 billion, and one transaction involves nearly 50 counterparts and more than 60 parcels of land. Properties under these mandates include commercial and residential buildings, building complexes, industrial properties, hotels, office buildings, ports and wharves, with transactions involved ranging from net land transactions to transactions of construction in progress, uncompleted residential buildings and completed and operating properties, from equity transactions to asset transactions, and from domestic transactions to cross-border transactions. Stakeholders of the projects include both real estate companies and non-real estate companies, and some of them are listed companies, famous central enterprises and global top 500 companies.

M&As of Real Estate Projects

• Provided due diligence legal services to China Vanke Co., Ltd. for its acquisition of Guangxin Asset Package (CNY 55.1 billion)

• Provided due diligence, scheme design and transaction document preparation legal services to China Vanke Co., Ltd. for its acquisition of Shenzhen Forrest International Apartment

• Provided legal services such as due diligence and revision of transaction documents for China Vanke Co., Ltd. in its acquisition of Blackstone Inc.’s domestic commercial real estate arm, with the transaction amount exceeding CNY 10 billion

• Provided due diligence and other legal services for the proposed acquisition of a commercial and residential real estate project in Shanghai by China Resources Land Ltd.

• Provided due diligence and transaction document preparation legal services for the proposed acquisition of an urban renewal project in Ganzhou, Jiangxi by Zhonghai Hongyang Real Estate Co., Ltd.

• Provided due diligence, transaction document preparation and other legal services to Ping An Real Estate Company Ltd. for its investment in a package of projects, including Agile Group Holdings Limited’s projects in Zhongshan, Qingyuan, Huizhou and Weihai

• Provided due diligence and other legal services for acquisition of certain commercial property in Shenyang by Shenzhen Chow Tai Fook Jewellery Manufacturing Company Limited

• Provided legal services to a Hong Kong listed company for its acquisition of unfinished residential flats in Shenzhen

• Provided legal services for the Wuhan Ping An Building transfer project of Ping An Life Insurance Company of China Ltd.

• Provided legal services for Lenovo (Beijing) Co., Ltd. in respect of its transfer of equity interests in Huizhou Dayawan Industrial Development Co., Ltd. (the main assets of the company are 80,000 square meters of plant)

• Provided legal services to Pacemaker Investments Limited for the custom order for its TESCO Guangzhou Zhongshan Avenue Project

M&As in Other Industries (Big Health, Finance, Fast Consumer Products, etc.)

• Provided due diligence legal services for proposed acquisition of a health industry group in Guangzhou by China Resources Land Ltd.

• Provided due diligence and transaction document preparation legal services to China Resources Land Ltd. for its acquisition of a joint venture hospital in Nanning, Guangxi

• Provided legal services to China Resources Co., Ltd. for its acquisition of 51% equity interests in and capital increase of Shenzhen International Trust Co., Ltd.

• Provided legal services to China Resources (Holdings) Co., Ltd. for its acquisition of Shenzhen International Trust & Investment Co., Ltd.

• Provided due diligence legal services for the acquisition of Linyi Commercial Bank and a city commercial bank in Shandong by China Resources Bank

• Provided special legal services to China Resources Beverage (Holding) Co., Ltd., a Hong Kong company, for restructuring of its domestic equity structure by way of capital increase

• Provided due diligence and transaction document preparation legal services for acquisition of Jialinshan Mineral Water Plant in Zhuhai, a soymilk production company in Sichuan and other businesses by China Resources Yibao Food and Beverage (Shenzhen) Co., Ltd.

• Provided due diligence and transaction document preparation legal services for proposed acquisition of a property company in Guangzhou by a subsidiary of Longfor Group Holdings Limited

Overall Planning for Interests in Urban Renewal/Old Town, Old Factory and Old Village Reconstruction, Shanty Town Reconstruction and Land Consolidation

• Mr. Deng has rich experience in the transformation of old cities and villages, urban renewal, shanty town reconstruction and land consolidation, among other projects, with particularly keen insights into urban renewal and transformation of old cities in the Guangdong-Hong Kong-Macao Bay Area, and can provide clients with full-process legal services, including due diligence, project risk assessment and advice, scheme design, transaction document preparation, project closing, etc. He has participated in hundreds of urban renewal projects involving the transformation of factories, urban villages and old residential areas, among others, serving a wide range of clients, including developers, investors, village joint-stock companies and other owners/right holders.

Representing Developers

Old Village Projects

• Provided legal services throughout the whole process for the Nanhua Village Shanty Town Reform Project (the largest ever shanty town reform project in Shenzhen) of Fuhe Company run by Shenzhen Futian District People’s Government

• Advised China Resources Land Ltd. on a variety of challenging issues relating to its urban renewal projects in Hubei Village, Luohu District, Shenzhen

• Provided legal services for the Yitian Silicon Valley New Town Project of Shenzhen Yitian Industrial Park Development Co., Ltd. (also known as urban renewal of Huanggekeng Industrial Zone)

• Provided legal services of due diligence, scheme design and transaction document preparation to COFCO Shenzhen Co., Ltd. for its acquisition of the Shenzhen Longgang Elian Urban Reconstruction Project by purchasing equity interests in the project

• Provided legal services to Guangzhou Fangrong Real Estate Co., Ltd., an affiliate of Fangxing Real Estate Co., Ltd., for the cooperation on a project in Nanbu Village, Pingshan New Area, Shenzhen

• Provided legal services for Shenzhen Baoxin Real Estate Co., Ltd.’s investment in the urban renewal project of Cuizhu Yayuan Hotel located in Luohu District, Shenzhen

• Provided legal services for the Shenzhen Longjin Urban Renewal Project of EPJ Land Shenzhen Co., Ltd.

• Provided legal services of transfer and transaction document preparation for Longy Land Group Co., Ltd.’s investment in an old village renewal project in Shenzhen

Other Types of Urban Renewal/Old Town, Old Factory and Old Village Reconstruction Projects

• Provided legal services of due diligence and transaction document preparation to China Resources Land Ltd. for its industrial plant reconstruction project in Liwan, Guangzhou

• Provided full legal services for acquisition of several old town, old factory and old village reconstruction projects in Shenzhen and Guangzhou by China Jinmao Holdings Group Limited

• Provided legal services to Shenzhen Dashahe Innovation Corridor Investment Management Co., Ltd., a large state-owned enterprise subordinate to the Nanshan District People's Government, for its Chaguang Urban Renewal Project (with a total demolition area of about 90,000 square meters) and Majialong Urban Renewal Project (with a construction land area of 15,000 square meters)

• Provided legal services throughout the whole process for the urban renewal of HK Yingtou International Co., Limited’s Huaqiang North 200,000 square meters project

• Provided legal services of coordination and transaction document preparation to a private group company in Hong Kong for its investment in an industrial zone reconstruction project in Zhuhai

• Provided legal services for China Fortune Land Development Co., Ltd.’s investment in an old town/old factory/old village  reconstruction project in Guangzhou

Representing Funds

• Provided legal services of due diligence and transaction document preparation for the investment by Ping An Real Estate Co., Ltd. in several old village urban renewal projects in Shenzhen and Guangzhou

• Provided legal services for the acquisition by the Shenzhen Branch of China Cinda Asset Management Co., Ltd. of the Shang You Song Old Industrial Zone Urban Renewal Project in Fuji, Shenzhen

• Provided legal services for the acquisition of the Xinkecheng Industrial Zone Urban Renewal Project in Bao'an by the Shenzhen Branch of China Cinda Asset Management Co., Ltd.

• Provided legal services to Shenzhen Qianhai Ruida Innovation A&M Fund Management Co., Ltd., a company indirectly owned by Everbright Group, for its investment in the Changmeiling Industrial Zone Urban Renewal Project in Pingdi Subdistrict

• Provided legal services to Huarong Securities Co., Ltd. in its investment in the Shenzhen Nanshan Chaguang Urban Renewal Project

• Provided legal services to Sichuan Development Asset Management Co., Ltd. in its investment in an urban renewal project in Longgang District, Shenzhen

Representing Platform Companies/Intermediaries

• Provided legal services to Shenzhen Zhong Zhengxin Holdings Co., Ltd. regarding introduction of cooperative developers for the Laoshi Town Project in Longgang, Shenzhen

• Provided legal services to Shenzhen Zhong Zhengxin Holdings Co., Ltd. regarding introduction of cooperative developers for an old village transformation project in Henggang, Longgang, Shenzhen

• Provided legal services to Shenzhen Jipeng Real Estate Co., Ltd. for its participation in the Pingshahu New House Village Reconstruction project

• Provided legal services to Shenzhen Dexiang Investment Consulting Co., Ltd. for the introduction of cooperative developers for an old village reconstruction project in Panyu, Guangzhou

Representing Village Corporations

• Provided legal services to Shenzhen Baoan Xindong Cooperative Co., Ltd. for urban renewal cooperation on a village property with an area of over 90,000 square meters

• Provided legal services to Shenzhen Shajing Shayi Shareholding Cooperation Company for its investment in the urban renewal of Shajing Shayi Wan'an Industrial Zone and Western Industrial Zone, Shenzhen

• Provided legal services for the reconstruction of Luohu old village by Shenzhen Luohu Runan Industrial Co., Ltd.

• Acted for Shenzhen Luohu Runan Industrial Co., Ltd. in nearly 100 disputes with property owners over demolition compensation

Representing Owners/Obligees

• Provided due diligence and transaction legal services for the transfer of urban renewal rights of Yajun Optical Factory, a subsidiary of Hong Kong listed company Yajun Optical in Shenzhen, to Ausco

• Provided whole-process legal services to Hong Kong Central Textile Co., Ltd. for its transfer of an old industrial plant reconstruction project in Zhanjiang

• Provided legal services for the Shenzhen Longhua Industrial City Renewal Project of Baolong Automatic Machinery (Shenzhen) Co., Ltd., a Hong Kong funded company

• Provided legal services for the transfer of rights and interests in urban renewal of industrial plants of Jielong Garments (Shenzhen) Co., Ltd., a Hong Kong funded company

• Provided full coordination and transaction legal services for a Hong Kong company’s urban renewal project in Nanshan District, Shenzhen

• Provided whole-process legal services to Spittel (Shenzhen) Co., Ltd. for its transfer of rights and interests in the Liantang Industrial Plant Urban Renewal Project in Shenzhen

Construction Projects

• Mr. Deng provides a full range of legal services in the area of construction, including selection of construction contract templates, bidding, contract drafting and revision, contract performance, construction risk evaluation, final acceptance of construction projects, transfer of construction projects, settlement of construction costs, etc.

• Provided whole-process legal services for the construction of Ping An Real Estate Shekou District Yi Yang Rehabilitation Medical Center and Ping An Wealth Center in Changsha

• Advised China Resources Land Limited on its undertaking (as construction agent) of government investment projects, such as infrastructure, municipal works and utilities works, and drafted a complete set of contract templates

• Advised China Fortune Land Development Co., Ltd. (as construction agent) on the construction of government-supported housing in Shenzhen, and drafted a cooperation agreement between the client and the investor

• Advised CITIC Urban Development & Operation Co., Ltd. on the Zhuhai Jinrun Building Project and the Zhuhai Zhongtai Project, with our services including assisting the client in negotiating with the owner, drafting an investment agreement and a development entrusted management agreement.

• Advised China Resources Breweries Co., Ltd. on its Headquarters Building, R&D Center and Supporting Dormitory Project in Bao'an District, Shenzhen and drafted an agent construction agreement for the project

• Advised Mapletree Investments Pte. Ltd. on its “Southern China Singapore City" project

• Advised CapitaLand on its “Raffles City Shenzhen" project

• Advised CHOW TAI FOOK Jewellery Group Ltd. on a factory project in Shunde

• Advised Dacheng Asset Management Co., Ltd. on the construction of its headquarters building

• Advised Bosera Asset Management Co., Ltd. and China Southern Asset Management Co., Ltd. on the construction of Fund Building

• Advised CHOW TAI FOOK Jewellery Group Ltd. on its Northern Mountain Project in Yantian District, Shenzhen

• Advised Mapletree Investments Pte. Ltd. on real estate construction

• Advised Shenzhen Parkland Property Development Ltd. on its integrational construction of commercial, residential, hotel and office buildings and apartments located in Nanshan District, Shenzhen

• Advised on the construction and decoration of the conference center of China (Beijing & Tianjin) Water City

• Advised MSDD on the construction of Auto 4S shops of BMW in Jinjiang and Fujian

• Advised Meizhou Gaodi Digital City on the construction of a digital city in Mezihou

• Advised Gaodi Property Development (Qingdao) Ltd. on the construction of its “Mo Xiang County" commercial and residential project

• Advised Shenzhen Shajing Bogang Co., Ltd. on its co-operative housing building project and government-approved housing project

• Advised Rongxuanan Industry (Shenzhen) Co., Ltd. on the construction of the Futian state tax bureau building

• Advised on several commercial and residential building projects, including Golden Time, Zhongtian International Garden, Luohu Gold Coast, etc.

Real Estate and Construction Litigation

• Mr. Deng has rich experience in contentious matters related to real estate investment and financing, real estate development and sales, construction projects and so on, with a track record of winning cases that showcases his ability to help clients achieve their goals through litigation

• Represented China Resources Construction Co., Ltd. in a construction project dispute

• Represented Ping An Insurance (Group) Co., Ltd. of China in a settlement dispute

• Represented Shenzhen Expander Property Management Co., Ltd. in a cooperative building lawsuit

• Represented Beijing Huaye Co., Ltd. in a dispute over equity transfer

• Represented Beijing Chintone Property Development Co., Ltd. in a dispute over equity transfer

• Represented China Huaxi Enterprises Co., Ltd. in a settlement dispute

• Represented Shenzhen Jincheng Property Group Co., Ltd. as defendant in a  lawsuit concerning settlement of construction costs

• Represented Xiongwei Property (Shenzhen) Co., Ltd. in a series of disputes over an engineering contract

• Represented Huzhou China Resources Textiles Co., Ltd. in a  dispute over the construction quality of a factory building

• Represented Shenzhen Expander Property Management Co., Ltd. in a lawsuit concerning settlement of construction costs

• Represented Shenzhen Expander Property Management Co., Ltd. in a dispute over property of overhead

Restructuring, Mergers and Acquisitions, Relief and Dispute Resolution of Distressed Real Estate Projects

• Mr. Deng has extensive experience in restructuring, mergers and acquisitions, bail-outs and dispute resolution for real estate companies in difficult situations. The projects he has advised on are complex and have a huge scale of debts and assets, involving a variety of modes of restructuring, mergers and acquisitions or relief.

• Represented a TOP10 central real estate company in its acquisition of a distressed enterprise asset package valued at about CNY 30 billion

• Provided whole-process legal services for the overall restructuring of a Guangzhou-based integrated bulk commodity industry group, a Fortune 500 company

• Provided whole-process legal services to Ping An Real Estate Co., Ltd. and Fantasia Holdings Group Co., Ltd. for their claim of creditor's rights to several cooperation projects and cooperation in relief of financial distress, with the amount of the subject matter exceeding CNY 5 billion

• Provided legal services to Shenzhen Anju Jianye Investment & Operating Co., Ltd. for relief of several projects of China Evergrande Group

• Provide contentious and non-contentious legal services to CMBC with respect to the recovery of loan debts from and project restructuring of China Evergrande Group

• Provided legal services to Huo Yingdong’s family in the debt restructuring of Nansha Yu Yuan Cinda in Nansha, Guangzhou

• Provided legal services to Vanke for its participation in the NPL reorganization of the Dongguan Xinghe Legend Weston Project

• Provided legal services to China Cinda Asset Management Corporation for debt restructuring of its Zhongdai project, with our services including agreement revision, post-claim scheme design and subsequent risk disposal

• Provided legal services to China Huarong Asset Management Co., Ltd. for its Yangzhou series restructuring and revitalizing projects

• Provided due diligence, transaction plan and other legal services for real estate development projects of enterprises affiliated to a bankrupt group to be restructured by Foao City Development Corporation

• Provided legal services for the acquisition and reorganization of Wongtee International and other asset packages of subordinate enterprises of Zhongzhi

• Provided legal support to CAC Group for its acquisition and restructuring of the Dongguan Dalong Project

• Provided legal services to Chuangji Lvneng for the equity restructuring of China Securities City Development Management Co., Ltd.

Land Investment

• Mr. Deng has rich experience in city planning, land expropriation and demolition, and project transactions.

• Advised the People’s Government of Dinghu District, Zhaoqing on land purchasing, storage and development

• Advised China Minmetals Corporation on primary development of land and construction of Logistics New Town

• Advised Shenzhen International Holding Ltd. on land investment for several road logistics port projects in Shenyang, Tianjin, Xi’an, Wuxi and Nanchang

• Advised Mapletree Investments Pte. Ltd. on building investment

• Advised Shenzhen Sanofipasteeur Biological Product Co., Ltd. on land bidding

• Advised Shenzhen Shajing Bogang Co., Ltd. and Warmson Property Co., Ltd. on land development and operation

• Advised Jiangyin Goods and Materials Trade Center on land resumption

• Advised the People’s Government of Longgang District, Shenzhen on primary development of land for a new bicycle cluster base

• Advised Xiongwei Property Development Co., Ltd. on the idle land of the Zhongneng Yayuan housing estate

• Advised the People’s Government of Longgang District, Shenzhen on land ownership issues

Real Estate Development and Foreign Investment in Real Estate

Real Estate Development

• Advised the Shenzhen-based subsidiary of New World China Land Ltd. on several real estate development projects

• Advised COFCO Property (Group) Co., Ltd. on its Jinyun project and Hongyun Project

• Advised Guangdong Liantai Property Development Ltd. on pre-cooperation relating to the United Nations International Humanitarian Rescue Guangxi project

• Advised Zhuhai Haitian Property Ltd. on the development, property management, construction cost settlement and sales settlement of a property development project

• Advised CIMC on its Jiangmen Zhongtian International Garden project

• Advised Shenzhen Jincheng Property Group Ltd. on its Yangzhou Eastern Lily Garden project

• Advised Beijing Chintone Investment Management Co., Ltd. on several housing construction projects

• 7.2 Foreign Investment in Real Estate

• Advised Capita Malls Asia Co. Ltd on multiple legal issues

• Advised Mapletree Investments Private Limited on multiple legal investment issues

• Advised Cheuk Nang (Holdings) Ltd on real estate development and construction

• Advised Bangjie Real Estate Development (Hangzhou) Co., Ltd on commercial and residential land bidding and idle land disposal

• Advised SOCAM Development Limited on its bidding for the land used for a real estate project in Daxing, Panyu, Guangzhou

• Acted for Dongguan Maersk Container Industry Co., Ltd. in a construction dispute in Dongguan

• Advised Shenzhen Sanofi Pasteur Biological Products Co., Ltd. (France) on its bidding for land located in the Longgang Industrial Zone in Shenzhen

Commercial Real Estate and Operations

• Mr. Deng provides diverse legal services for attraction of investment in and management of shopping malls, hotels, office buildings, ports, residences, etc. and counts among his clients heavyweight companies such as CapitaMalls, Capitaland and Mapletree.

• Acted as legal counsel for six complex projects of Capitaland

• Advised Raffles on investment attraction and business operation

• Acted as legal counsel for Mapletree for its Vivo City project in Foshan and advised it on engineering and investment attraction

• Advised Gemdale One Avenue Property Co., Ltd. on its Tianyuan Center Street project

• Advised on the transfer of, attraction of investment in and operation of an office building with a total floor area of more than 400 thousand square meters located in Nanshan District, Shenzhen

• Advised Bogang Electronic Transaction Center on investment attraction

• Advised Shenzhen City Jincheng Property Group Co., Ltd. on leasing commercial buildings

• Advised Rongxuan’an Property Development (Shenzhen) Co., Ltd. on ordering office buildings , decoration, settlement and proceeding real estate license

• Advised China Resources Trust Co., Ltd. on share transfer

• Advised Shenzhen Bao’an Wanfeng Commercial Building Property Group Co., Ltd. on leasing commercial buildings

• Advised Shenzhen City Wangnianqing Property Development Co., Ltd. on leasing commercial buildings

• Advised Shenzhen City Jialingyu Property Group Co., Ltd. on leasing commercial buildings

Real Estate Investment and Financing

• Mr. Deng provides legal services to a variety of companies in sectors such as trust, insurance, fund management and real estate fund in their real estate investment projects. His full-range services cover financing for various real estate projects of real estate companies and other businesses, establishment and inspection  of fund companies and evaluation of legal risks associated with real estate projects. He also advises on innovative financing methods such as REITs.

• Advised China Resources Land Limited on The MixC Zhuhai (including trust financing)

• Advised China Resources Szitic Trust Co., Ltd. on ten real estate financing projects

• Advised China Resources Szitic Trust Co., Ltd. and China Vanke (Shanghai) Co., Ltd. on a “trust and limited partnership" fund

• Advised China Resources Szitic Trust Co., Ltd. and China Resources Land Limited (Kunshan) on a “trust and limited partnership" fund

• Advised China Resources Szitic Trust Co., Ltd. and China Resources Land Limited (Nanjing) on a “trust and limited partnership" fund

• Advised Beijing Chintone Group on trust financing, real estate fund financing and loan for the second and third phases of the New Start Garden Villa Project

• Advised Bosera Asset Management Co., Ltd and China Merchants Bank on a specific asset management plan

• Advised a real estate group’s Nanjing and Ningbo brands on a “trust fund and limited partnership" project

• Advised Bosera Capital Management Co., Ltd. on a specific assets management plan to finance a real estate project

• Provided transaction document drafting services to China Huarong International Holdings Limited for its project in Shenzhen

• Advised Huarong Securities Co., Ltd. on its investment in an affordable housing project located in Chaguang

• Advised Yuanta Asset Management (H.K.) Limited on its investment in an affordable housing project

• Advised Ping An Real Estate Equity Investment Management Co., Ltd. on granting entrusted loans to Evergrande Group Changsha Real Estate. Co., Ltd

• Advised Shenzhen Dasha Innovation Corridor Construction Investment Management Co., Ltd on establishing a real estate fund

• Advised Huatai Asset Management Co., Ltd. on its investments in an insurance fund project of China Merchants Property Co., Ltd.

• Advised Beijing Chintong Investment Management Co., Ltd. on its equity investments in Grand China real Estate Fund Management Co., Ltd.

• Advised Beijing Chintong Investment Management Co., Ltd. on its investments in Beijing International Trust Co. Ltd.

• Advised a member company of Ping An Group on its capital increase

• Advised Ping An Real Estate Co., Ltd. on its equity and debt investments in Zhanjiang Shangpin Investment Co., Ltd. and Zhanjiang Zifu Real Estate Development Co., Ltd.

Legal Counsel for Real Estate Companies on a Retainer Basis

• Mr. Deng acts as legal counsel for numerous central enterprises, private enterprises and listed companies on a retainer basis. Among his clients are:

• China Resources C'estbon Beverage (China) Co., Ltd.

• Beijing Bytedance Network Technology Co., Ltd.’s South China Property Lease Project

• CITIC Ocean Helicopter Co., Ltd.

• Jingdong Zhigu Project of Guangdong Jingdong City Intelligent Industry Innovation Development Co., Ltd.

• ZTE Corporation (a listed company) in the real estate and construction sector

• CITIC Luhe Longteng Investment Co., Ltd.

• CITIC Shantou Binhai New City Investment Development Co., Ltd.

• Zhongxin City Kaizhuhai Investment Co., Ltd.

• China Resources City Transport Facilities Investment Limited

• Shenzhen China Property Co., Ltd.

• China Hongyang Property Group Limited

• Ping An Real Estate Co., Ltd.: Changsha Ping An Wealth Center Project, Shenzhen New City Square Project and Shekou Yiniancheng Healthcare Project

• PowerChina Real Estate Group Ltd.(Shenzhen subsidiary)

• China Jinmao Holdings Group Ltd.(Guangzhou subsidiary)

• Cinda Real Estate Ltd.(Shenzhen subsidiary)

• CMC Real Estate Ltd.(Shenzhen subsidiary)

• China International Marine Containers (Group) Ltd. (Shenzhen subsidiary)

• COFCO Property (Group) Co., Ltd.(Shenzhen subsidiary)

• New World China Land Ltd.(Shenzhen subsidiary)

• Beijing Chintone Investment Management Co., Ltd.

• Shenzhen Jincheng Property Group Ltd.

• Shenzhen Golden Harbor Industry Development Ltd.

• Shenzhen Shajing Bogang Co., Ltd.

• Zhuhai Haitian Property Ltd. (a subordinate enterprise of Minmetals)