Real Estate Valuation Report_English Version 1REAL ESTATE APPRAISAL REPORTName of Project Room 1234 unit 1 F11 building 7 xuefushu homeland haidian district Beijing CityEntrusting Party rrff ffhhgAppr

e real estate. The final appraised value is RMB 1,500,000 (one million and five hundred thousand yuan) as of the appraisal date. This appraisal report is only for the entrusting party’s reference purpose and cannot be used as a basis for any transaction or litigation. If you have any questions or comments regarding this appraisal report, please do not hesitate to contact us.

Sincerely yours,

Ma Haiming

Chenjiangbo

Nizhonghai

Appraisers

Beijing Huaxin Real Estimate Appraisal Co., Ltd.

Statement by the AppraisersWe, Ma Haiming, Chenjiangbo and Nizhonghai, hereby declare that we have no interest relationship with the appraised object and the entrusting party, and we have no personal interest in the appraisal result. We have conducted the appraisal in accordance with the relevant laws, regulations and appraisal standards, and we have not accepted any improper request or interference from any party.

Presumption and Restrictive Conditions1. The appraised object is owned by the entrusting party and there is no dispute over its ownership.

2. The appraised object is not subject to any restriction on its transfer and use.

3. The appraised object is not located in any restricted area or area with special development restrictions.

4. The appraised object has no hidden defects or potential risks that may affect its value.

5. The appraisers have conducted the appraisal on the basis of the information and data provided by the entrusting party, and have not verified the authenticity and accuracy of such information and data.

Appraisal Result Report1. Appraisal Object

Name: Room 1234, unit 1, F/11, building 7, Xuefushu Homeland, Haidian District, Beijing City

Area: 100 square meters

Use: Residential

Ownership: Owned by the entrusting party

2. Appraisal Date

The appraisal date is April 2, 2014.

3. Appraisal Methods

The appraisers have adopted the market comparison approach to appraise the value of the real estate. Specifically, the appraisers have collected and analyzed the transaction prices and relevant information of similar properties in the surrounding area, and made necessary adjustments based on the differences in location, age, decoration, floor, orientation, etc. of the appraised object.

4. Appraisal Result

Based on the above appraisal methods and procedures, the appraisers have assessed the value of the appraised object as follows:

Appraised Value: RMB 1,500,000 (one million and five hundred thousand yuan)

5. Basis of Appraisal

The basis of appraisal is the market value of the appraised object as of the appraisal date. The appraisers have referred to the transaction prices and relevant information of similar properties in the surrounding area, and made necessary adjustments based on the differences in location, age, decoration, floor, orientation, etc. of the appraised object.

6. Appraisal Purpose

The purpose of appraisal is to provide the entrusting party with a reference basis for the real estate market price.

7. Appraisal Assumptions

The appraisal assumptions are as follows:

(1) The appraised object is in normal physical condition and has no hidden defects or potential risks that may affect its value.

(2) The appraised object is not subject to any restriction on its transfer and use.

(3) The appraised object is located in a normal market environment and there is no abnormal fluctuation in the real estate market.

(4) The appraised object is not affected by any external factors that may affect its value.

8. Appraisal Conclusion

The appraisers have conducted the appraisal in accordance with the relevant laws, regulations and appraisal standards, and have adhered to the principles of independence, impersonality, equity, legitimacy and cautiousness. The appraised value is RMB 1,500,000 (one million and five hundred thousand yuan) as of the appraisal date.

Appraisal Technical Report1. Introduction

The appraisal technical report is a detailed description of the appraisal methods, procedures and analysis used by the appraisers in the appraisal process.

2. Appraisal Methods

The appraisers have adopted the market comparison approach to appraise the value of the real estate. Specifically, the appraisers have collected and analyzed the transaction prices and relevant information of similar properties in the surrounding area, and made necessary adjustments based on the differences in location, age, decoration, floor, orientation, etc. of the appraised object.

3. Appraisal Procedures

The appraisal procedures are as follows:

(1) Preliminary Investigation

The appraisers have conducted a preliminary investigation of the appraised object, including its location, size, use, ownership, physical condition, etc. The appraisers have also collected relevant information and data from the entrusting party.

(2) Data Collection

The appraisers have collected and analyzed the transaction prices and relevant information of similar properties in the surrounding area, including the location, age, decoration, floor, orientation, etc. of the properties.

(3) Market Comparison

The appraisers have compared the appraised object with the similar properties in the surrounding area, and made necessary adjustments based on the differences in location, age, decoration, floor, orientation, etc. of the appraised object.

(4) Appraisal Conclusion

Based on the above procedures, the appraisers have reached the appraisal conclusion.

4. Appraisal Analysis

The appraisal analysis is as follows:

(1) Location

The appraised object is located in Xuefushu Homeland, Haidian District, Beijing City, which is a mature residential area with convenient transportation and complete living facilities. The location is relatively good compared with the surrounding area.

(2) Age

The appraised object was built in 2006, and it has been used for 8 years. The age is relatively new compared with the surrounding area.

(3) Decoration

The appraised object is in good decoration condition, and it has been well maintained by the owner. The decoration is relatively good compared with the surrounding area.

(4) Floor

The appraised object is located on the 11th floor, which is relatively high compared with the surrounding area. The view is good and the noise is relatively low.

(5) Orientation

The appraised object is facing south, which is relatively good compared with the surrounding area.

5. Appraisal Conclusion

Based on the above analysis, the appraisers have reached the appraisal conclusion that the appraised value of the real estate is RMB 1,500,000 (one million and five hundred thousand yuan) as of the appraisal date.

Appendix1. Relevant Documents

(1) Ownership Certificate

(2) Property Certificate

(3) Building Plan

(4) Transaction Prices and Relevant Information of Similar Properties in the Surrounding Area

2. Appraisal Standard

The appraisal has been conducted in accordance with the relevant laws, regulations and appraisal standards, including the "Real Estate Appraisal Standards" and the "Uniform Standards of Real Estate Appraisal"