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| Investment in a Residential Project in Chengdu |
| In May 2010, Prax Capital (USD Fund) invested in a residential project in Chengdu, the capital city of Sichuan Province and the most important economic centers, transportation and communication hubs in Southwestern China with Heneng Group to develop the 400,000 square-meter residential project in the Longquanyi District. The target site is strategically located in the National Chengdu Economic and Technological Development Zone, and is well-known for its ecological environment with convenient accessibility, comprehensive amenities and supporting facilities.
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| In addition to providing capital, Prax¡¯s in-depth risk assessment skills and product positioning expertise further improved the project and significantly strengthened Heneng Group¡¯s image and brand name in Chengdu real estate market. In addition, Prax appointed a Chief Financial Officer for the project.
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The Chengdu Project has demonstrated a perfect combination of Heneng¡¯s physical market operation and Prax¡¯s capital management. Heneng has been focused on the projects in the southwest city Chengdu and the northwest city Xi¡¯an, where there is a huge growing potential and strong market demand. This strategic partnership facilitates Prax¡¯s continuous expansion in China. In the meantime, Prax¡¯s resources and strengths both in domestic and international capital markets will bring new energy to Heneng and significantly benefit Heneng¡¯s strategic expansion plan. I have full confidence in our success.
- Mr. Hou Jinqiao, President of Heneng Group
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