Proposed JVs in Real Estate projects in Huai'an, Jiangsu, PRC

On 22 April 2014, Wee Hur entered into a non-binding MOU with four individuals in relation to a proposed investment of 37% stake in two projects in Huai'an, Jiangsu, PRC: an on-going mixed-use development project consisting of retail, office and residential properties ("Project 1") and a new proposed mixed-use development project ("Project 2"). Subject to the terms and conditions in the Definitive Agreements, Wee Hur shall invest RMB45 million in Project 1 for a 37% stake and RMB75 million in Project 2 for a 37% stake.

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