On December 25, 2013, the demolition and resettlement compensation agreement signing of Hongwei Village Renovation Project was officially launched and the signing ceremony was held at 10 o'clock in the morning. The signing ceremony of Times Property's first, epoch-making village renovation project ended smoothly with comments of satisfaction frequently coming from local villagers.

Mr. Huang Dong, chief of the National Land Planning Bureau in Luogang District, Guangzhou, Mr. Li Xinqiang, associate counsel of the administrative committee of Guangzhou Development District, Mr. Huang Jilong, executive deputy director of the Three Old Reconstruction Office in Luogang District, Mr. Shum Chiu Hung, president of Times Property, Mr. Bai Xihong, vice president of Times Property, Mr. Li Qiang, vice president of Times Property and local department chiefs of the district and town governments, the planning bureau, the city urban management enforcement bureau, police stations as well as several hundreds of local residents of Hongwei Village attended this signing ceremony.

Mr. Yang Zhiqiang, Party branch secretary of Hongwei Village, Mr. Huang Jilong, executive deputy director of the Three Old Reconstruction Office in Luogang District, Mr. Bai Xihong, vice president of Times Property, and villagers' representatives addressed their own speeches in sequence. Mr. Bai remarked in his speech that "Times Property hopes to make the maiden try of its village renovation projects--Hongwei Village--a highly exceptional one and as a result we have devoted a lot of manpower and material resources to this project. Thanks to the wholehearted cooperation from directors at local village and community committees and strong support from district and town governments as well as from other functional departments on all levels, the renovation plan surpassed its embryo stage and is now in full operation. I'm convinced that follow-up work will benefit a lot from those concrete ground work we have laid and surely the work to follow will be carried out at full speed."

On the scene local residents took an active part in signing agreements with us. 11 villagers' representatives took the lead to sign the agreements and announced complimentary comments on the renovation work we have done. According to the Agreement of Demolition and Resettlement Compensation, we gave each resident RMB 10,000 as a signing award. Villagers said that the launching ceremony really built up their confidence in our brand--Times Property. They also mentioned that Times Property is sure to usher them to a better life.

After the ceremony, Mr. Shum, accompanied by other senior leaders of Times Property, took a visit in the exhibition hall of the Times Hongwei project. After inquiring about the progress of this project, Mr. Shum gave some remarks and instructions to managers in charge.

The launching ceremony ended in full satisfaction on the residents' part. If one browses through its village renovation history, one would easily find how Times Property and local villagers march forward, hand in hand and shoulder to shoulder. The joint efforts of yesterday engender today's good results. Times Property will keep to our belief in becoming a "life stylist" and offer more quality products to the market. We are determined to build Hongwei Village a picturesque landscape in Jiulong Town, Luogang District.