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The BVI Project has been progressing well. The master plan approval of the project was obtained from the Chief Minister and the Planning Board of the British Virgin Islands. The Group received US$8 million upon the completion of the joint venture agreement in April 2007.
Regarding Panama Project, the Group completed the acquisition contract in June 2007. Recently, the Group has received a verbal offer from an independent third party of the purchase of the Panama Land for approximately US$29,640,000 (approximately HK$231,192,000), representing an increase of approximately 56.5% compared to that of the Group's acquisition price. Although the management has no decisions upon receiving the above offer, it evidences the strong appreciation of the land where the Group’s Panama project situated and favorable prospects of the Panama project.
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