Shui On Construction and Materials Limited announce the results of year 2005-06

Shui On Construction and Materials Limited (SOCAM) announced its annual results for the fiscal year 2005-06 at a press conference on 17 July 2006. The company posted a profit of HK$315 million and announced a series of bullish news on business expansion and diversification.

Development of distressed properties in the Chinese Mainland has become a new core business of SOCAM. The company will continue to acquire and develop distressed properties with great potential in prime locations of major cities. Once completed, the projects will either be sold or leased.

Lafarge Shui On Cement (LSOC), a joint venture with Lafarge - one of the world’s largest cement producers, also achieved a major breakthrough. Under the joint venture, cement quality, production processes, environmental work and safety have seen continuous improvement. Meanwhile, the central government’s “Go West” policy has accelerated infrastructure development, driving up demand for cement. SOCAM has a bright outlook for LSOC’s business.

The company recorded significant returns in venture capital investments and will continue to invest in this business to generate medium to long term returns for the company.

KIC and Fudan Technology Industry Sign Cooperation Agreement

On 12 July 2006, Knowledge & Innovation Community (KIC) joined hands with Fudan University by signing a Cooperation Framework Agreement. The tie-up between two such reputable organizations not only attracted the media’s attention, but also the local government’s support. Mr. Shing Sun Hui, Executive Director of Shanghai Shui On Development Limited, Mr. Gui Yong Hao, Vice President of Fudan University, and Mr. Ma Jie Fu, Deputy Governor of Yangpu District made speeches at the signing ceremony.

As stipulated in the cooperation agreement, a joint investment fund set up by KIC and a venture capital company under Fudan University will act as an incubator for digital media and animation companies. The Fudan-KIC investment fund will strive to attract and nurture 100 high-quality enterprises over the next two to three years and endeavor to establish a first-rate digital enterprise hub.

Mr. Shing Sun Hui said, “The cooperation between KIC and Fudan University marks the first step for KIC to collaborate with its neighboring resources. This agreement is a win-win outcome. Fudan University’s wisdom will help KIC to realize its dream of creating an innovative technology community in Shanghai.”

Rui Hong Xin Cheng (Rainbow City) Awarded Gold Medal at Shanghai’s 2006 Most Popular Property Competition

After passing through a series of tough screening and judging, which included assessment by a panel of experts and a popular poll, Rainbow City emerged as a winner in Shanghai’s 2006 Most Popular Property Competition, winning a gold medal.

Rainbow City, which is positioned as an upper middle class property development, has attracted a group of discerning buyers who appreciate a modern lifestyle. The development earned high marks for its excellent quality and thoughtful after-sales services.

One of Shanghai’s most prestigious events for the real estate industry, the Most Popular Property Competition is organized by Shanghai Newspaper Office, and supported by the Shanghai Real Estate Association. Compared with the previous three years, more property developments participated this year, with a total of 250 signing up and 142 joining the exhibition.

The awards ceremony was held at the Shanghai Concert Hall on July 5th. General Manager Mr. Eric Goh received the award on behalf of Rainbow City.