China Ocean Group Development Limited and Shenzhen Da Xin Property Development Co., Ltd. entered into a cooperation framework agreement for jointly promoting the proposed 'Nanyou Junting Hotel Urban Renewal Project' for urban renewal of small plots in the PRC. Pursuant to the Agreement, the Company will provide its existing marine industry resources to meet the requirements of the government industrial regulatory authorities for the implementation and supervision of the Project. Upon obtaining the approval and completing the final acceptance of the Project, Daxin shall provide a construction area of approximately 2000 square meters within the scope of the Project of the newly built office property to the Company for free use and upon completing the industrial settlement and regulatory responsibilities of the Project, Daxin shall transfer the title of the Property to the Company.