CLOSE COOPERATION TO WORK FOR THE FUTURE

Respected Leaders, Guests, Ladies and Gentlemen,

Today we are all together here in The Ascott to celebrate the cooperation between Beijing BFISC and the Singapore Ascott Group and the set up the Beijing Ascott Real Estate Management Co. Ltd. I feel very happy from my heart therefore I thank you all here for your support, efforts and help.

BFISC is the "Window of Beijing" and has the duty to assist the Beijing Government for foreign investment promotion. Through our cooperation with the Singapore Ascott Group we import modern management from Singapore to Beijing and assist the Singapore Ascott Group to establish itself in the Beijing real estate market. This is the success of our common efforts. Today the setup of the company signals the start of our further cooperation, we believe also it is the beginning of a new investment for the Singapore Ascott Group and we will as always give full support to the Singapore Group for more investment projects.

Since 1999 we have cooperated with the Singaporean friends, the first cooperation was for "Beijing Han Lin Ge Asset Co. Ltd.". In this project we successfully applied a new investment policy and through the project we understand the head office of Singapore CAPITALAND Ltd. is a very successful company, facilitating our cooperation until today.

China's accession to WTO will bring better and better use of foreign funds, Beijing's selection for the Olympics will speed up Beijing City development, Beijing needs the support of foreign investors for funds, management and technology.
The setup of Beijing Ascott Real Estate Management Co. brings to Beijing Singaporean standards in service apartment and hotel management, actually making new improvement to the Beijing Metropolis and the investment environment.
We hope in the future we can have more cooperation and Singapore CAPITALAND Ltd. will make further investments in Beijing, we will give more detailed and better service and we will both make more efforts for the 2008 Olympics, we wish your investment will have very good economic result.

Thank you

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