liquidation process will commence afterwards. The property fund unitholders will then become REIT unitholders, with a 1:1 conversion ratio. The SEC will relax relevant regulations to assist the conversion

close associates benefited from the sale money of the hotel. In addition, during the process of clarification to the SEC regarding the case above, the four directors and executives of the company, at

close associates benefited from the sale money of the hotel. In addition, during the process of clarification to the SEC regarding the case above, the four directors and executives of the company, at

close associates benefited from the sale money of the hotel. In addition, during the process of clarification to the SEC regarding the case above, the four directors and executives of the company, at

close associates benefited from the sale money of the hotel. In addition, during the process of clarification to the SEC regarding the case above, the four directors and executives of the company, at

close associates benefited from the sale money of the hotel. In addition, during the process of clarification to the SEC regarding the case above, the four directors and executives of the company, at

submit the application thereof. The REIT manager under the first paragraph shall be a person permitted by the SEC Office to be the REIT manager, including any person in the process of submitting an

accommodate these standards with the highest efficiency, taking into account connectivity with other systems and consistency of business process. 8 2. Risk Management and Risk Factors 3 2.1 Overall Risk

completed and the construction of various buildings has progressed by more than 84.63% of the total construction. At present, the project is in the process of the development of utility system including the

completed and the construction of various buildings has progressed by more than 84.63% of the total construction. At present, the project is in the process of the development of utility system including the