On October 20, 2010, Central China Real Estate Limited (Stock Code: 832)(“CCRE”) issued 12.25% senior notes which will mature on 20 October 2015 in the aggregate principal amount of US$300 million.  The senior notes are listed and traded on the Singapore Exchange.  Our firm, as CCRE’s Hong Kong legal adviser, advised CCRE as to Hong Kong laws in relation to this issue of senior notes.