Shenzhen Investment Holdings Bay Area Development Company Limited enteed into a memorandum of cooperation and two framework agreements with Guangdong Provincial Highway Construction Company Limited. In which the principles of cooperation in relation to the potential development and utilisation of the land along the Guangzhou-Shenzhen Superhighway (the "GS Superhighway") (including the Xintang interchange on GS Superhighway). Both Guangdong Highway Construction and Leatop Real Estate are subsidiaries of Guangdong Provincial Communication Group Company Limited, being a state-owned enterprise established in the PRC. The Documents of Intent are not intended to be legally binding except for provisions concerning confidentiality, serving of notice and the governing law. GS Superhighway is comprised of three sections spanning the Guangzhou, Shenzhen and Dongguan regions. Under the Documents of Intent, it is intended that any potential development project in relation to the land along the GS Superhighway (i) in the Shenzhen region shall be led by the Company (or its designee); (ii) in the Guangzhou region shall be led by Guangdong Highway Construction (or its designee); and (iii) in the Dongguan region shall be led by the party which is able to obtain the development opportunity by leveraging its internal resources. It is also intended that the party which led the development project will hold the majority stake in the equity interests in the relevant project company to be set up to hold and operate the project, and the intended proportion of equity interest shall be as follows: for land development project(s) in the Guangzhou region, the Company (or its designee) and Guangdong Highway Construction (or its designee) will hold 37.5% and 62.5% of the equity interests in the relevant project company(ies) respectively; for land development project(s) in the Shenzhen region, the Company (or its designee) and Guangdong Highway Construction (or its designee) will hold 57.5% and 42.5% of the equity interests in the relevant project company(ies) respectively; for land development project(s) in the Dongguan region, if the project is led by Guangdong Highway Construction, Guangdong Highway Construction (or its designee) and the company (or its designee) will hold 62.5% and 37.5% of the equity interests in the relevant project company(ies) respectively; or if the project is led by the Company, the Company (or its designee) and Guangzhou Highway Construction (or its designee) will hold 57.5% and 42.5% of the equity interests in the relevant project company(ies) respectively.